SOURCE: Journal Register Company

September 18, 2007 07:30 ET

Journal Register Company Reports Period Eight Revenues; Announces Third Quarter 2007 Earnings Conference Call

YARDLEY, PA--(Marketwire - September 18, 2007) - Journal Register Company (NYSE: JRC) today reported that Period Eight total revenues from continuing operations for the four weeks ended September 2, 2007, were $35.3 million, down 7.8 percent, as compared to $38.3 million for the four weeks ended August 27, 2006. Excluding results from the Michigan cluster, total revenues decreased 6.5 percent as compared to the prior year period.

Total advertising revenues for Period Eight in 2007 were $26.9 million from continuing operations, down 9.6 percent, as compared to $29.7 million for the four weeks ended August 27, 2006. Excluding the Michigan cluster, results for Period Eight total advertising revenues decreased 8.1 percent.

James W. Hall, Acting Chief Executive Officer, said, "On an overall basis, Period Eight results were similar to Period Seven. Local advertising revenues, our largest category, had the smallest shortfall compared to the year earlier period. Classified advertising continued to struggle and circulation revenues remained stable."

Revenue Performance by Category:

Online

The continued strength in the Company's online operations produced online revenues for Period Eight of $1.5 million, gaining 19.6 percent as compared to Period Eight of 2006. Online revenues accounted for 5.5 percent of total advertising revenue in Period Eight. The Company's Web sites had 4.0 million unique visitors generating 30.0 million page views in Period Eight.

Senior Vice President and Chief Financial Officer Julie A. Beck said, "We continue to be encouraged by the Company's performance in online advertising revenue. We have consistently reported double digit growth every month for 30 consecutive months."

Retail

Retail advertising revenues in Period Eight were down 6.7 percent, as compared to the prior year period. Excluding the results of the Company's Michigan cluster, retail advertising revenues were down 5.2 percent. The dining/entertainment advertising revenue category reported weak results, while the building/hardware/garden stores category showed minor gains for the period.

Classified

Classified advertising revenues for Period Eight decreased 13.1 percent, as compared to the prior year period. Excluding the results from the Michigan cluster, total classified advertising revenues decreased 11.1 percent for the period.

Classified other advertising revenues decreased 3.8 percent in Period Eight, as compared to the prior year period. Excluding the results from the Company's Michigan cluster, classified other advertising revenues increased 0.2 percent in Period Eight.

Classified employment advertising revenues decreased 9.3 percent in Period Eight, as compared to Period Eight of 2006. Excluding results in the Michigan cluster, classified employment advertising decreased 10.0 percent in Period Eight over the prior year Period Eight.

Classified auto advertising revenues were down 15.8 percent, as compared to Period Eight of 2006. Excluding results from the Company's Michigan cluster, classified auto advertising revenues were down 9.1 percent for the period.

Classified real estate advertising revenues decreased 24.2 percent. The Company's classified real estate advertising revenues were down 23.8 percent excluding the results of the Company's Michigan cluster.

National

National advertising revenues, representing approximately four percent of the Company's total advertising revenues, decreased 10.0 percent in Period Eight, as compared to the prior year period. Excluding the results of the Company's Michigan cluster, national advertising revenues decreased 12.7 percent over the prior year Period Eight.

Circulation Revenues

Circulation revenues were essentially flat as compared to the prior year period. Several of the Company's daily newspapers reported increased circulation revenues in Period Eight as compared to the prior year period including: in the Greater Philadelphia Cluster, The Reporter, the Trentonian, the Delaware County Daily Times, and The Phoenix; in the Michigan Cluster, The Macomb Daily and the Royal Oak Daily Tribune; in the Connecticut Cluster, The Register Citizen and The Herald; in the Greater Cleveland Cluster, The News-Herald; and in the NY Mid-Hudson Cluster, the Daily Freeman.

Third Quarter 2007 Earnings Conference Call

Journal Register Company also announced that the Company's third quarter 2007 earnings release conference call will be held at 10:00 a.m. Eastern Time on Thursday, October 18, 2007.

The conference call will be accessible to the general public and the media via live Internet Web cast and a limited number of listen-only, dial-in conference lines.

The Company's earnings announcement will be released via news wire services before the market opens on Thursday, October 18, 2007. The full text of the release will be available on the Journal Register Company Web site, www.JournalRegister.com.

The live Web cast will be accessible through Journal Register Company's Web site, www.JournalRegister.com, and through CCBN's Individual Investor Center and CCBN's StreetEvents for institutional investors at www.streetevents.com. An archive of the Web cast will be available at www.JournalRegister.com for a period of seven days following the call.

To access the conference call, dial (877) 645-6115 at least 10 minutes prior to 10:00 a.m. Eastern time on Thursday, October 18, 2007. International callers should dial (706) 679-5367.

About Journal Register Company

Journal Register Company is a leading U.S. media company. Journal Register Company owns 22 daily newspapers and 346 non-daily publications. Journal Register Company currently operates 227 individual Web sites that are affiliated with the Company's daily newspapers, non-daily publications and its network of employment Web sites. These Web sites can be accessed at www.JournalRegister.com. All of the Company's operations are strategically clustered in six geographic areas: Greater Philadelphia; Michigan; Connecticut; Greater Cleveland; and the Capital-Saratoga and Mid-Hudson regions of New York. The Company owns JobsInTheUS, a network of 19 premier employment Web sites.

Safe-Harbor

This release contains forward-looking information about Journal Register Company that is intended to be covered by the safe harbor for forward-looking statements provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. These statements can be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "project," "plan," "seek," "intend," or "anticipate" or the negative thereof or comparable terminology, and include discussions of strategy, financial projections and estimates and their underlying assumptions, the extent or timing of cost savings, charges, the extent of employees impacted, and statements about the future performance, operations, products and services of the Company. These forward-looking statements involve a number of risks and uncertainties, which could cause actual results to differ materially. These risks and uncertainties include, but are not limited to, the success of the Company's acquisitions, dispositions, the ability of the Company to achieve cost reductions and integrate acquisitions, competitive pressures including competition from non-newspaper forms of media, general or regional economic conditions and advertising trends, the unavailability or a material increase in the price of newsprint and increases in interest rates, the ability of the Company to access credit markets under satisfactory terms, changes in performance that affect financial covenant compliance or funds available for borrowing, technological changes, the adoption of new accounting standards or changes in accounting standards. These and additional risk factors are outlined in the Company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.

Financial Summary follows.

                          JOURNAL REGISTER COMPANY
                        PERIOD EIGHT REVENUE REPORT
                     (Dollars in thousands, unaudited)


                        Period Eight                Year-To-Date (1)
                ============================= =============================
                      Four weeks ended          Thirty-five weeks ended

                 9/2/2007  8/27/2006 % Change  9/2/2007  8/27/2006 % Change
Revenues:       ========= ========= ========= ========= ========= =========

Advertising:

 Local          $  14,732 $  15,793      -6.7 $ 128,826 $ 139,549      -7.7

 Classified        11,123    12,805     -13.1    98,734   108,801      -9.3

 National           1,011     1,123     -10.0     9,485    12,406     -23.5
                --------- --------- --------- --------- --------- ---------

Total
 Advertising       26,866    29,721      -9.6   237,045   260,756      -9.1

Circulation         7,056     7,105      -0.7    61,567    61,870      -0.5

Other revenue
 (2)                1,345     1,430      -5.9    12,946    12,677       2.1
                --------- --------- --------- --------- --------- ---------
Total Revenue
Continuing
 Ops.              35,267    38,256      -7.8   311,558   335,303      -7.1

Discontinued
 Operations (3)         -     3,093               3,309    26,323
                --------- ---------           --------- ---------

Total Company   $  35,267 $  41,349           $ 314,867 $ 361,626

Notes:
(1) The revenues of the Company’s acquisitions are included from the date
    of acquisition in each period presented above.
(2) Other revenue is primarily Commercial Printing revenue.
(3) Discontinued operations represent the divestiture of the Company’s New
    England newspapers.

Contact Information

  • For more information:

    Journal Register Company
    Judy Brenna
    Director of Investor Relations
    Tel: (215) 504-4200

    790 Township Line Road
    Yardley, PA 19067
    Fax: (215) 504-4201