EX-99 3 ex99form8k.htm PRESS RELEASE Exhibt 99

   EXHIBIT 99

TRIBUNE REPORTS 2003 FIRST QUARTER EARNINGS

CHICAGO, April 16, 2003 — Tribune Company (NYSE: TRB) today reported first quarter 2003 diluted earnings per share (EPS) of $.41 compared with a diluted loss per share of $.33 in the first quarter of 2002. The 2003 first quarter results included a net non-operating gain of $.02 per diluted share. In the 2002 first quarter, Tribune recorded a net non-operating loss of $.09 per diluted share, a restructuring charge of $.05 per diluted share and a one-time $.51 loss per diluted share for the cumulative effect of a change in accounting principle related to the initial application of the impairment provisions of FAS 142.

“Our first quarter results clearly demonstrate the strength of our local mass media franchises—revenues and operating cash flow are both up,” said Dennis FitzSimons, Tribune president and chief executive officer. “During this difficult time, with the war in Iraq dominating news coverage, more and more readers and viewers are turning to our newspapers, television stations and Web sites for news and information they can trust.”

BASIS OF PRESENTATION

Beginning with 2003 results, Tribune is presenting earnings per share amounts on a generally accepted accounting principles (“GAAP”) basis only. This differs from the pro forma earnings per share amounts supplied by broker analysts to databases such as First Call. In addition, Tribune now reports the results of its interactive businesses in the publishing segment in accordance with segment reporting guidelines, following recent organizational changes that integrated the two groups. For comparison purposes, prior year results are also shown on this basis.

The following discussion of “operating profit” for each segment excludes interest income and expense, equity earnings and losses, non-operating items and income taxes. “Operating profit before restructuring charges” is a key metric used by the Company to make decisions about resources to be allocated to its segments and assess their performance.

“Operating cash flow” is defined as operating profit before restructuring charges and depreciation and amortization. Tables accompanying this release include a reconciliation of operating profit to operating cash flow.

“Cash operating expenses” are defined as operating expenses before restructuring charges and depreciation and amortization. Tables accompanying this release include a reconciliation of operating expenses to cash operating expenses.


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FIRST QUARTER 2003 RESULTS

CONSOLIDATED

Tribune’s 2003 first quarter operating revenues increased 5 percent to $1.29 billion from $1.23 billion in the 2002 first quarter. Consolidated cash operating expenses increased 3 percent in the first quarter. Operating cash flow was up 9 percent to $333 million, compared with $307 million in the first quarter of 2002. Tribune’s operating profit before restructuring charges increased 10 percent to $276 million, compared with $252 million in 2002.

PUBLISHING

As a result of various management and reporting changes implemented during 2003, operating results for Tribune’s interactive businesses are reported and monitored as part of the operating results of the publishing segment. Operating results of the former interactive segment are now included in the publishing segment and prior year results are presented on a comparable basis.

Publishing’s first quarter operating revenues were $974 million, up 2 percent from last year’s first quarter. Publishing operating cash flow was $243 million, a 5 percent increase from $231 million in 2002, while cash operating expenses rose by 2 percent. Publishing operating profit before restructuring charges increased 5 percent to $198 million, up from $188 million in 2002.

     Management Discussion

  o

In first quarter 2003, publishing's operating cash flow margin was 25 percent, up 1 percentage point from first quarter 2002, due primarily to higher revenues and lower newsprint expense. Operating cash flow margins improved from the first quarter 2002 in most markets.

  o

Retail print advertising rose by 2 percent for the quarter. Preprints, the primary driver of retail advertising growth in the quarter, increased 13 percent, led by a 16 percent increase in Los Angeles where new preprint facilities for Sunday inserting are now operational. Preprint revenue in Chicago and New York was up 13 percent and 10 percent, respectively. Increases in health care, food and furniture/home furnishing were partially offset by a decline in electronics.

  o

National print advertising was up 6 percent for the quarter. Increases in hi-tech, auto manufacturers, movies/entertainment and financial categories were partially offset by a decrease in travel/resorts.

  o

Classified print advertising decreased 1 percent for the quarter. Help wanted revenue for the group was down 12 percent; Chicago fell 18 percent; Los Angeles was off 15 percent; and New York was down 9 percent. Auto increased 1 percent and real estate was up 12 percent.

  o

Interactive revenues were up 14 percent due to strength in classified and national advertising.

  o

Cash operating expenses increased 2 percent from first quarter 2002. Newsprint and ink expense was 5 percent below 2002 as newsprint cost per ton was down


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5 percent and consumption declined 1 percent. Excluding newsprint, cash operating expenses were up 3 percent.

BROADCASTING AND ENTERTAINMENT

Broadcasting and Entertainment’s first quarter operating revenues increased 12 percent to $316 million, up from $284 million in 2002. Operating cash flow was $101 million, up 20 percent from $84 million in 2002. Operating profit before restructuring charges increased 24 percent to $90 million from $73 million last year.

Television's first quarter revenues jumped 13 percent to $289 million, up from $256 million in 2002. Television cash operating expenses increased 8 percent from last year. Television operating cash flow increased 23 percent to $104 million from $85 million last year. Television operating profit before restructuring charges increased 26 percent to $94 million from $75 million last year.

     Management Discussion

  o

In first quarter 2003, television’s operating cash flow margin was 36 percent, an increase of 3 percentage points from first quarter 2002.

  o

The acquisition of KPLR-TV, St. Louis and KWBP-TV, Portland, Ore. was completed on March 21, 2003. In July 2002, the company completed the acquisition of WTTV-TV, Indianapolis. The following discussion of television results excludes these acquisitions.

  o

Television advertising revenues increased 11 percent in the quarter.

  o

Television cash operating expenses were up 6 percent compared with last year. Programming costs increased 6 percent, due to the fall 2002 launch of “Will and Grace” and the addition of Clippers basketball games at KTLA-TV, Los Angeles. Other television cash expenses were up 5 percent compared with last year, due to higher selling costs related to greater revenues and increased promotion, partially offset by lower News and G&A expenses.

  o

In February, the WB Network was the fastest growing network in the key adults 18-34 demographic, up 35 percent, and delivered record ratings in several other key audience segments.


EQUITY RESULTS

Equity loss was $9 million in the first quarter, compared with a loss of $21 million in the first quarter of 2002. First quarter 2002 results included the Company’s $7.5 million share of a restructuring charge for CareerBuilder.

NON-OPERATING ITEMS

In the 2003 first quarter, Tribune recorded a net after-tax non-operating gain of $8 million, or $.02 per diluted share. In the 2003 first quarter, Tribune recorded a pretax loss on derivatives and related investments of $37 million ($23 million after-tax), primarily from marking-to-market the Company’s PHONES derivatives and related AOL Time Warner investment. Tribune also recorded a pretax gain on sales of subsidiaries and


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investments of $50 million ($31 million after-tax) related primarily to the divestiture of the assets of Denver radio station KKHK-FM, now known as KQMT-FM, which were exchanged for the assets of KWBP-TV, Portland, Ore.

In the 2002 first quarter, Tribune recorded a net after-tax non-operating loss of $28 million, or $.09 per diluted share, primarily from marking-to-market the Company’s PHONES derivatives and related AOL Time Warner investment.

ADDITIONAL FINANCIAL DETAILS

Net interest expense for the 2003 first quarter decreased to $49 million, down 8 percent from $53 million in the first quarter 2002. The decrease was due to a reduction in outstanding debt and lower interest rates. Debt at the end of the first quarter, excluding the PHONES, was just under $2.7 billion.

The effective tax rate in the 2003 first quarter was 39 percent, compared with a rate of 39.1 percent in the first quarter of 2002.

Capital expenditures were about $30 million in the first quarter.

FULL YEAR 2003 OUTLOOK

Assuming that there is a rebound in the economy in the second half of the year, the Company anticipates that its full year 2003 diluted earnings per share will be within the range of the current Wall Street analyst estimates of $2.04 to $2.20. This projection assumes that non-operating items will not be material in the remainder of 2003.

WEBCAST OF CONFERENCE CALL

Today at 8 a.m. (CDT), a live Webcast of the 2003 first quarter conference call will be accessible through www.tribune.com and www.ccbn.com. An archive of the Webcast will be available on these sites from April 16 through April 23. More information about Tribune is available at www.tribune.com or by calling 800/757-1694.

TRIBUNE (NYSE: TRB) is one of the country’s premier media companies, operating businesses in broadcasting, publishing and on the Internet. It reaches more than 80 percent of U.S. households, and is the only media company with television stations, newspapers and Web sites in the nation’s top three markets. In publishing, Tribune operates 12 market-leading daily newspapers such as the Los Angeles Times, Chicago Tribune and Newsday plus a wide range of targeted publications including Spanish-language newspapers. In broadcasting, Tribune properties include 26 television stations and Superstation WGN on national cable. These publishing and broadcasting interests are complemented by high-traffic news and information Web sites in 18 of the nation’s top 30 markets.


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This press release contains certain comments or forward-looking statements that are based largely on the Company’s current expectations and are subject to certain risks, trends and uncertainties. Such comments and statements should be understood in the context of Tribune’s publicly available reports filed with the SEC, including the most current annual report, 10-K and 10-Q, which contain a discussion of various factors that may affect the company’s business. These factors could cause actual future performance to differ materially from current expectations. Tribune Company is not responsible for updating the information contained in this press release beyond the published date, or for changes made to this document by wire services or Internet service providers. This press release is being furnished to the Securities and Exchange Commission through a Form 8-K.

MEDIA CONTACT:
Gary Weitman
312/222-3394 (Office)
312/222-1573 (Fax)
gweitman@tribune.com

INVESTOR CONTACT:
Ruthellyn Musil
312/222-3787 (Office)
312/222-1573 (Fax)
rmusil@tribune.com

 


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TRIBUNE COMPANY
FIRST QUARTER RESULTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)

FIRST QUARTER (A)
2003
2002
%
Change

OPERATING REVENUES   $ 1,290,047   $ 1,233,638   5  
OPERATING EXPENSES BEFORE RESTRUCTURING CHARGES  1,013,638   981,904   3  


OPERATING PROFIT BEFORE RESTRUCTURING CHARGES (B)  276,409   251,734   10  
Restructuring Charges (C)    (27,253 ) (100 )


OPERATING PROFIT  276,409   224,481   23  
Net Loss on Equity Investments  (9,014 ) (20,697 ) (56 )
Interest Income  2,075   2,072    
Interest Expense  (50,947 ) (55,092 ) (8 )
Non-Operating Items (D)  12,831   (45,578 ) NM  


Income Before Income Taxes and Cumulative Effect of Change 
    in Accounting Principle  231,354   105,186   120  
Income Taxes  (90,202 ) (41,169 ) 119  


Income Before Cumulative Effect of Change in Accounting Principle  141,152   64,017   120  
Cumulative Effect of Change in Accounting Principle, net of tax (E)    (165,587 ) (100 )


NET INCOME (LOSS)  141,152   (101,570 ) NM  
Preferred Dividends, net of tax  (6,231 ) (6,395 ) (3 )


Net Income (Loss) Attributable to Common Shares  $    134,921   $  (107,965 ) NM  


EARNINGS (LOSS) PER SHARE 
    Basic: 
             Before cumulative effect of change in accounting principle, net  $           .44   $           .19   132  
             Cumulative effect of change in accounting principle, net    (.55 ) (100 )


             Total  $           .44   $         (.36 ) NM  


    Diluted: 
             Before cumulative effect of change in accounting principle, net  $           .41   $           .18   128  
             Cumulative effect of change in accounting principle, net    (.51 ) (100 )


             Total (F)  $           .41   $         (.33 ) NM  


DIVIDENDS PER COMMON SHARE  $           .11   $           .11    


Weighted Average Common Shares Outstanding (G)  306,966   299,089   3  



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(A)

2003 first quarter: Dec. 30, 2002 to March 30, 2003. (13 weeks)
2002 first quarter: Dec. 31, 2001 to March 31, 2002. (13 weeks)


(B)

Operating profit excludes interest income and expense, equity earnings and losses, non-operating items and income taxes. Operating profit before restructuring charges is a key metric used by the Company's chief operating decision maker, as defined by Financial Accounting Standard No. 131 "Segment Reporting," to make decisions about resources to be allocated to a segment and assess its performance.


(C)

In the first quarter of 2002, the Company recorded pretax restructuring charges of $27 million ($17 million after-tax) primarily for various cost reduction initiatives, which reduced diluted earnings per share by $.05.


(D)

The first quarter 2003 included the following non-operating items:


Pretax
Gain (Loss)

After-tax
Gain (Loss)

Diluted EPS
                Loss on derivatives and related investments (1)   $(37,220 ) $(22,779 ) $   (.07)
                Gain on sales of subsidiaries and investments, net (2)   50,279   30,771   .09
                Loss on investment write-downs  (228 ) (139 )  



                Total non-operating items  $ 12,831   $   7,853   $      .02




 

The first quarter 2002 included the following non-operating items:


Pretax
Gain (Loss)

After-tax
Gain (Loss)

Diluted EPS
                Loss on derivatives and related investments (1)   $(45,515 ) $(27,855 ) $   (.09)
                Gain on sale of investment  1,426   872    
                Loss on investment write-downs  (1,489 ) (911 )  



                Total non-operating items  $(45,578 ) $(27,894 ) $   (.09)




(1)  

Loss on derivatives and related investments relates primarily to the net change in fair values of the Company's PHONES derivatives and related AOL Time Warner shares.


(2)  

Gain on sales of subsidiaries and investments relates primarily to the divestiture of the assets of Denver radio station KKHK-FM, now known as KQMT-FM, which were exchanged for the assets of KWBP-TV, Portland, Ore.


(E)

As a result of initially applying the new impairment provisions of FAS 142, the Company recorded a pretax charge of $271 million ($166 million after-tax) in the first quarter of 2002, which decreased diluted EPS by $.51. This cumulative effect relates to certain of the Company's newspaper mastheads, a FCC license and a television network affiliation agreement.


(F)

For the first quarter of 2003, diluted EPS was computed assuming that the Series B convertible preferred shares and the LYONs debt securities were converted into common shares. For the first quarter of 2002, the calculation of diluted EPS did not assume the conversion of the LYONs debt securities because the conversion would have had an antidilutive effect on diluted EPS before the cumulative effect of change in accounting principle. Also, for both years, weighted average common shares outstanding was adjusted for the dilutive effect of stock options. The Company has certain other convertible securities which were not included in the calculation of diluted EPS because their effects were antidilutive. Following are the calculations for the first quarter:


First Quarter
2003
2002
                Net income (loss)   $ 141,152   $(101,570 )
                Additional ESOP contribution required assuming Series B 
                   preferred shares were converted, net of tax  (2,447 ) (2,570 )
                Dividends for Series C, D-1 and D-2 preferred stock  (2,063 ) (2,014 )
                LYONs interest expense, net of tax  1,560    


                Adjusted net income (loss)  $ 138,202   $(106,154 )


   
                Weighted average common shares outstanding  306,966   299,089  
                Assumed conversion of Series B preferred shares into common  16,225   17,225  
                Assumed exercise of stock options, net of common 
                   shares assumed repurchased  6,521   6,025  
                Assumed conversion of LYONs debt securities  6,975    


                Adjusted weighted average common 
                   shares outstanding  336,687   322,339  


                Diluted earnings (loss) per share  $        .41   $      (.33 )



(G)

The number of common shares outstanding, in thousands, at March 30, 2003 was 307,811.


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TRIBUNE COMPANY
BUSINESS SEGMENT DATA (Unaudited)
(In thousands)

FIRST QUARTER
2003
2002
%
Change

PUBLISHING        
     Operating Revenues  $    973,583   $    950,104   2  
     Cash Operating Expenses (A)  (730,990 ) (719,395 ) 2  


     Operating Cash Flow (B) (C)  242,593   230,709   5  
     Depreciation and Amortization Expense  (44,992 ) (42,810 ) 5  


     Operating Profit before Restructuring Charges (C)  197,601   187,899   5  
     Restructuring Charges    (24,923 ) (100 )


     Total Operating Profit (C)  $    197,601   $    162,976   21  
  
BROADCASTING AND ENTERTAINMENT 
     Operating Revenues 
        Television  $    289,256   $    256,348   13  
        Radio/Entertainment  27,208   27,186    


        Total Operating Revenues  316,464   283,534   12  
  
     Cash Operating Expenses (A) 
        Television  (185,323 ) (171,608 ) 8  
        Radio/Entertainment  (29,674 ) (27,432 ) 8  


        Total Cash Operating Expenses   (214,997 ) (199,040 ) 8  
  
     Operating Cash Flow (B)(C) 
        Television  103,933   84,740   23  
        Radio/Entertainment  (2,466 ) (246 ) NM


        Total Operating Cash Flow   101,467   84,494   20  
  
     Depreciation and Amortization Expense 
        Television  (9,895 ) (9,960 ) (1 )
        Radio/Entertainment  (1,375 ) (1,557 ) (12 )


        Total Depreciation and Amortization Expense  (11,270 ) (11,517 ) (2 )
  
     Operating Profit (Loss) (C) 
        Television  94,038   74,780   26  
        Radio/Entertainment  (3,841 ) (1,803 ) 113  


        Total Operating Profit before Restructuring Charges (C)  90,197   72,977   24  
        Restructuring Charges    (1,087 ) (100 )


        Total Operating Profit   $      90,197   $      71,890   25  
  
CORPORATE EXPENSES 
     Operating Cash Flow (B) (C)  $   (10,860 ) $     (8,584 ) 27  
     Depreciation and Amortization Expense  (529 ) (558 ) (5 )


     Operating Loss before Restructuring Charges (C)  (11,389 ) (9,142 ) 25  
     Restructuring Charges    (1,243 ) (100 )


     Total Operating Loss (C)  $   (11,389 ) $   (10,385 ) 10  
  
CONSOLIDATED 
     Operating Revenues  $ 1,290,047   $ 1,233,638   5  
     Cash Operating Expenses (A)  (956,847 ) (927,019 ) 3  


     Operating Cash Flow (B) (C)  333,200   306,619   9  
     Depreciation and Amortization Expense  (56,791 ) (54,885 ) 3  


     Operating Profit before Restructuring Charges (C)  276,409   251,734   10  
     Restructuring Charges    (27,253 ) (100 )


     Total Operating Profit (C)  $    276,409   $    224,481   23


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(A)

Cash operating expenses exclude restructuring charges. The Company uses cash operating expenses to evaluate internal performance. The Company has presented cash operating expenses because it is a common measure used by rating agencies, financial analysts and investors. Cash operating expense is not a measure of financial performance under generally accepted accounting principles (“GAAP”) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.


 

Following is a reconciliation of operating expenses to cash operating expenses for first quarter 2003:


Publishing
Broadcasting and
Entertainment

Corporate
Consolidated
               Operating expenses   $775,982   $226,267   $11,389   $1,013,638  
               Less: depreciation and amortization expenses  44,992   11,270   529   56,791  




               Cash operating expenses  $730,990   $214,997   $10,860   $   956,847  





 

Following is a reconciliation of operating expenses before restructuring charges to cash operating expenses for first quarter 2002:


Publishing
Broadcasting and
Entertainment

Corporate
Consolidated
               Operating expenses before restructuring charges   $762,205   $210,557   $9,142   $981,904  
               Less: depreciation and amortization expenses  42,810   11,517   558   54,885  




               Cash operating expenses  $719,395   $199,040   $8,584   $927,019  





(B)

Operating cash flow is defined as operating profit before restructuring charges and depreciation and amortization. The Company uses operating cash flow along with operating profit and other measures to evaluate the financial performance of the Company's business segments. The Company has presented operating cash flow because it is a common alternative measure of financial performance used by rating agencies, financial analysts and investors. These groups use operating cash flow along with other measures as a way to estimate the value of a company. The Company's definition of operating cash flow may not be consistent with that of other companies. Operating cash flow does not represent cash provided by operating activities as reflected in the Company's consolidated statements of cash flows, is not a measure of financial performance under GAAP and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.


(C)

Operating profit for each segment excludes interest income and expense, equity earnings and losses, non-operating items and income taxes. Operating profit before restructuring charges is a key metric used by the Company's chief operating decision maker, as defined by Financial Accounting Standard No. 131 "Segment Reporting," to make decisions about resources to be allocated to a segment and assess its performance.

Following is a reconciliation of operating profit (loss) to operating cash flow for first quarter 2003:


Publishing
Broadcasting and
Entertainment

Corporate
Consolidated
               Operating profit (loss)   $197,601   $  90,197   $(11,389 ) $276,409  
               Add back: depreciation and amortization expense  44,992   11,270   529   56,791  




               Operating cash flow  $242,593   $101,467   $(10,860 ) $333,200  





 

Following is a reconciliation of operating profit (loss) to operating cash flow for first quarter 2002:


Publishing
Broadcasting and
Entertainment

Corporate
Consolidated
               Operating profit (loss)   $162,976   $71,890   $(10,385 ) $224,481  
               Add back: restructuring charges  24,923   1,087   1,243   27,253  




               Operating profit (loss) before restructuring charges  $187,899   $72,977   $(9,142 ) $251,734  
               Add back: depreciation and amortization expense  42,810   11,517   558   54,885  




               Operating cash flow  $230,709   $84,494   $(8,584 ) $306,619  





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TRIBUNE COMPANY
SUMMARY OF REVENUES (Unaudited)
For Period 3 Ended March 30, 2003
(In thousands)

Period 3 (4 weeks)
Year-to-Date (13 weeks)
2003
2002
%
Change

2003
2002
%
Change

Publishing              
      Advertising 
           Retail  $  92,830   $  93,468   (1 ) $   289,277   $   283,636   2  
           National  55,349   57,380   (4 ) 191,145   179,952   6  
           Classified  76,624   74,841   2   239,086   241,012   (1 )
           Interactive  6,868   5,807   18   20,666   18,058   14  




           Sub-Total  231,671   231,496     740,174   722,658   2  
      Circulation  52,433   51,804   1   169,463   168,548   1  
      Other  20,659   18,575   11   63,946   58,898   9  




      Segment Total (A) (B)  304,763   301,875   1   973,583   950,104   2  




  
Broadcasting & Entertainment 
      Television (C)  99,019   88,891   11   289,256   256,348   13  
      Radio/Entertainment  12,320   11,876   4   27,208   27,186    




      Segment Total (D)  111,339   100,767   10   316,464   283,534   12  




  
Consolidated Revenues (E)  $416,102   $402,642   3   $1,290,047   $1,233,638   5  





(A)

Publishing revenues for 2002 have been reclassified to conform with the 2003 presentation. There was no effect on total revenues.


(B)

Includes Chicago magazine, acquired in August 2002. Excluding this acquisition, publishing revenues increased 1% for the period and 2% for the year-to-date. Excluding this acquisition, retail revenues decreased 1%, national revenues decreased 4% and total advertising revenues were flat for the period. Excluding this acquisition, retail revenues increased 1%, national revenues increased 6% and total advertising revenues increased 2% for the year-to-date.


(C)

Includes WTTV-TV, Indianapolis, acquired in July 2002, KPLR-TV, St. Louis and KWBP-TV, Portland, both acquired in March 2003. Excluding these acquisitions, television revenues increased 9% for the period and 11% for the year-to-date.


(D)

Excluding these acquisitions, broadcasting and entertainment revenues increased 8% for the period and 10% for the year-to-date.


(E)

Excluding acquisitions, consolidated revenues increased 3% for the period and 4% for the year-to-date.



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TRIBUNE COMPANY
SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A)
For Period 3 Ended March 30, 2003
(In thousands)

Period 3 (4 weeks)
Year-to-Date (13 weeks)
2003
2002
%
Change

2003
2002
%
Change

Full Run              
      L.A. Times  195   198   (2 ) 638   637    
      Chicago Tribune  163   164   (1 ) 514   504   2  
      Newsday  109   116   (6 ) 333   375   (11 )
      Other Daily Newspapers (B)  1,033   1,033     3,264   3,240   1  




      Total  1,500   1,511   (1 ) 4,749   4,756    




Part Run 
      L.A. Times  419   409   2   1,400   1,331   5  
      Chicago Tribune  427   403   6   1,286   1,237   4  
      Newsday  141   124   14   410   375   9  
      Other Daily Newspapers (B)  506   482   5   1,527   1,497   2  




      Total  1,493   1,418   5   4,623   4,440   4  




Total Advertising Inches 
      Full Run 
           Retail  424   465   (9 ) 1,349   1,439   (6 )
           National  277   277     919   870   6  
           Classified  799   769   4   2,481   2,447   1  




           Sub-Total  1,500   1,511   (1 ) 4,749   4,756    
      Part Run  1,493   1,418   5   4,623   4,440   4  




      Total  2,993   2,929   2   9,372   9,196   2  




Preprint Pieces 
      L.A. Times  223,364   213,697   5   665,700   639,899   4  
      Chicago Tribune  233,779   229,891   2   760,884   704,731   8  
      Newsday  212,367   208,499   2   671,236   613,015   9  
      Other Daily Newspapers (B)  293,765   270,217   9   909,705   858,314   6  




      Total  963,275   922,304   4   3,007,525   2,815,959   7  




 
(A)

Volume for 2002 has been modified to conform with the 2003 presentation. Volume is based on preliminary internal data, which may be updated in subsequent reports. Advertising volume is presented only for daily newspapers.


(B)

Other daily newspapers include The Baltimore Sun, South Florida Sun-Sentinel, Orlando Sentinel, The Hartford Courant, The Morning Call, Daily Press, The Advocate and Greenwich Time.


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