SOURCE: Journal Register Company

August 23, 2007 07:30 ET

Journal Register Company Reports Period Seven Revenues

YARDLEY, PA--(Marketwire - August 23, 2007) - Journal Register Company (NYSE: JRC) today reported that total revenues from continuing operations for Period Seven, the five weeks ended August 5, 2007, were $41.5 million, a decrease of 7.7 percent, as compared to $44.9 million for the five weeks ended July 30, 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 Seven in 2007, from continuing operations, were $31.2 million, a decrease of 10.2 percent, as compared to $34.7 million for the five weeks ended July 30, 2006. Excluding the Michigan cluster results for Period Seven, total advertising revenues were down 9.0 percent.

James W. Hall, Acting Chief Executive Officer, said, "Consistent with our expectations as reported last month, we experienced, on a comparative basis, modest improvement in revenues in Period Seven largely due to a pick-up in local advertising. Individual category trends remain mixed throughout the clusters as we continue to work hard to make our revenue improvement programs more effective."

Revenue Performance by Category:

Online

The Company's online revenue for Period Seven was $1.8 million, an increase of 25.4 percent as compared to Period Seven of 2006. Online revenues continued to grow and accounted for 5.8 percent of total advertising revenue in Period Seven. The Company's Web sites had 4.2 million unique visitors generating 38.0 million page views, which is an increase of 16.4 percent from the same period last year.

Retail

Retail advertising revenues were down 8.4 percent in Period Seven, as compared to the prior year period. Excluding the results of the Company's Michigan cluster, retail advertising revenues were down 7.4 percent. The building/hardware/garden stores advertising revenue category continues to show weak results while the medical/healthcare advertising revenue category was up slightly.

Classified

Classified advertising revenues for Period Seven decreased 10.7 percent, as compared to the prior year period. Excluding the results from the Michigan cluster, total classified advertising revenues decreased 8.2 percent for the period.

Classified other advertising revenues decreased 4.7 percent in Period Seven, as compared to the prior year period. Excluding the results from the Company's Michigan cluster, classified other advertising revenues increased 1.4 percent in Period Seven.

Classified employment advertising revenues decreased 3.7 percent in Period Seven, as compared to Period Seven of 2006. Excluding results in the Michigan cluster, classified employment advertising decreased 5.8 percent in Period Seven over the prior year Period Seven.

Classified auto advertising revenues significantly affected the Company's results and were down 20.9 percent, as compared to Period Seven of 2006. Excluding results from the Company's Michigan cluster, classified auto advertising revenues were down 16.3 percent for the period.

Classified real estate advertising revenues decreased 16.5 percent. The Company's classified real estate advertising revenues were down 14.6 percent excluding the results of the Company's Michigan cluster.

National

National advertising revenues, which represent approximately four percent of the Company's total advertising revenues, decreased 26.2 percent in Period Seven, as compared to the prior year period, with continued softness in the telecommunications advertising revenue category.

Circulation Revenues

Circulation revenues increased slightly as compared to the prior year period, with encouraging improvement at the following daily newspapers: in the Greater Philadelphia Cluster, The Trentonian and the Delaware County Daily and Sunday Times; in the Michigan Cluster, The Macomb Daily and The Daily Tribune and in the Connecticut Cluster, The Register Citizen.

Other Revenue

Commercial printing revenues increased 4.8 percent over the prior year Period Seven.

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.


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


                        Period Seven                Year-To-Date (1)
                ============================= =============================
                      Five weeks ended           Thirty-one weeks ended

Revenues:        8/5/2007 7/30/2006  % Change  8/5/2007 7/30/2006  % Change
                ========= ========= ========= ========= ========= =========
Advertising:
 Local          $  16,416 $  17,920      -8.4 $ 114,094 $ 123,756      -7.8

 Classified        13,638    15,274     -10.7    87,611    95,996      -8.7

 National           1,113     1,509     -26.2     8,474    11,283     -24.9
                --------- --------- --------- --------- --------- ---------

Total
 Advertising       31,167    34,703     -10.2   210,179   231,035      -9.0

Circulation         8,600     8,581       0.2    54,511    54,765      -0.5

Other revenue
 (2)                1,713     1,635       4.8    11,601    11,247       3.1
                --------- --------- --------- --------- --------- ---------
Total Revenue
Continuing
 Ops.              41,480    44,919      -7.7   276,291   297,047      -7.0

Discontinued
 Operations (3)         -     3,603               3,309    23,230
                --------- ---------           --------- ---------

Total Company   $  41,480 $  48,522           $ 279,600 $ 320,277


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:
    Judy Brenna
    Director of Investor Relations
    Journal Register Company
    790 Township Line Road
    Yardley, PA 19067
    Tel: (215) 504-4200
    Fax: (215) 504-4201