EX-99 3 a4494499_ex991.txt MEDIA GENERAL EXHIBIT 99.1 EXHIBIT 99.1 Media General Reports Third-Quarter Results RICHMOND, Va.--(BUSINESS WIRE)--Oct. 16, 2003--Media General, Inc. (NYSE: MEG) today reported third-quarter income of $11.7 million, or 50 cents per diluted share, excluding the effect of an accounting change, compared with net income of $9.5 million, or 41 cents per diluted share, in the third quarter of 2002. At the beginning of the third quarter, Media General adopted FIN 46, relating to variable interest entities, which required a non-cash charge of $8.1 million, or 34 cents per diluted share, to recognize the cumulative effect of the accounting change. After the charge, Media General's net income for the quarter was $3.7 million, or 16 cents per diluted share. "Media General's 23.5 percent operating improvement versus last year is mostly attributable to reduced losses from our one-third ownership of SP Newsprint and lower interest expense," said J. Stewart Bryan III, chairman and chief executive. "We were pleased with the performance of all three divisions for the quarter, as well," he said. "Publishing Division revenues increased year-over-year for the fourth consecutive quarter and marked the largest increase this year. While newspaper revenue has not reached the levels we hoped for in 2003, we are encouraged by the growth experienced so far this year. Broadcast Division total revenues were below last year by only $568,000, despite the fact that political billings for the quarter were $6.1 million below last year's third quarter. Broadcast was very successful in generating significant gains in local and national transactional advertising revenues," said Bryan. "Both the Publishing and Broadcast divisions implemented expense management programs earlier this year that included a hiring freeze and restrained discretionary spending. These programs have continued, and, as a result, both divisions reduced expenses compared to their original budgets by 4 percent for the third quarter," Bryan said. Total consolidated revenues of $205 million increased 2.6 percent, compared with revenues of $200 million for last year's third quarter. Segment operating profit totaled $41.8 million, compared with $41.3 million last year. Segment operating cash flow was $53.6 million, compared with $54.9 million in the third quarter of 2002. Publishing segment profit of $28.2 million was 2.6 percent higher than last year's third-quarter. Publishing segment results include the company's 20 percent interest in The Denver Post, which generated income of $170,000 this quarter, compared with income of $128,000 in last year's third quarter. Segment operating cash flow for the quarter was $34.5 million, a slight increase over last year. Publishing Division revenues of $132 million were 3.9 percent above the third quarter of 2002, and advertising revenues for the quarter were 4.6 percent higher. The national, classified, preprint and other advertising categories all experienced solid gains during the quarter, and the retail category was even with last year. The two new malls that opened in Richmond in September had a positive impact on the overall retail environment, but many retail advertisers in other markets remain cautious. Preprint revenues increased 7.1 percent for the quarter. Classified revenue increased 4.1 percent for the quarter. Employment advertising remained soft, while automotive, real estate and other classified advertising continued strong. National advertising increased by 16.5 percent, driven mostly by the financial, healthcare and telecommunications categories. Circulation revenue was slightly above last year. Publishing operating expenses for the quarter were $4.2 million, or 4.2 percent, higher than the third quarter of 2002. The increase reflects higher salaries, employee benefits, and newsprint expense. Newsprint expense for the quarter increased 12.4 percent, the result of increased prices and consumption. The price per ton increased $43 for the quarter over last year. Broadcast segment profit of $15.3 million was down 8.2 percent from last year. The major factors contributing to the decline were lower political billings and higher employee benefit expenses. Broadcast Division revenue for the quarter declined less than 1 percent from last year to $70.9 million, despite the absence of significant political revenues. For the quarter, local advertising increased 10.5 percent and national increased 4.8 percent. Categories showing substantial gains included automotive, financial, utilities, furniture, medical and telecommunications. Political revenues in this off-election year were $2.4 million compared with $8.5 million last year. Broadcast operating expenses increased $797,000, or 1.5 percent, primarily due to higher employee benefits and investments in sales programs that drove the higher local time sales. The Interactive Media Division recorded a loss of $1.7 million, a 41 percent improvement over last year's third-quarter loss of $2.9 million. Virtually all of the improvement was due to the absence of last year's investment write-off. The division's revenues were 59 percent better than last year, due in large part to the continuing success of classified up-sell arrangements with Media General newspapers and the introduction of new products and services. The company's share of SP Newsprint's results was a loss of $1.2 million, a meaningful improvement from last year's $4.6 million loss, due mainly to higher newsprint prices. Interest expense was 28 percent less than the third quarter of 2002 due to lower borrowing costs. EBITDA (income from continuing operations before cumulative effect of change in accounting principle and before interest, taxes, depreciation and amortization) in the third quarter of 2003 was $42.7 million, compared with $44.2 million in the 2002 period. Free cash flow (after-tax cash flow minus capital expenditures) was $20.9 million in the third quarter of 2003 and $15.8 million in the same period a year ago. Media General continues to provide the non-GAAP financial metrics EBITDA, After-Tax Cash Flow, and Free Cash Flow. The company believes these metrics are useful for evaluating financial performance and are common alternative measures used by investors, financial analysts and rating agencies. These groups use EBITDA, along with other measures, to evaluate a company's ability to meet its debt service requirements and to estimate the value of the company. A reconciliation of these metrics to amounts on the GAAP statements has been included in this news release. Outlook Looking forward to the fourth quarter, for the Publishing Division, Media General is projecting revenue growth of about 3 percent, from continued year-over-year improvement in all advertising categories. Employment advertising comparisons are improving every month and the company will continue to benefit from the new malls in Richmond for the remainder of the year. For the Broadcast Division, time sales forecasts for the fourth quarter reflect cautious optimism. In some markets, there are signs that the economy is strengthening and advertisers may be overcoming profitability concerns. While the Broadcast Division expects to replace a substantial portion of last year's $18 million in political billings for the fourth quarter, its total revenues for the quarter are expected to be 10 percent below last year. For the full year 2003, analyst estimates for Media General currently range from $2.27 to $2.44, and the consensus estimate is $2.34. Media General currently expects earnings per share from continuing operations (which will no longer include Media General Financial Services, following its sale on October 14, 2003) to be above the consensus estimate. Conference Call Media General will discuss third-quarter results during a conference call and webcast today at 11:00 a.m. ET. To listen to the webcast, log on to www.mediageneral.com and click on the "Live Earnings Conference" link at the top of the home page. A replay will be available from 2 p.m. today until midnight October 23, at the same Web address. Forward-Looking Statements This news release contains forward-looking statements that are subject to various risks and uncertainties and should be understood in the context of the company's publicly available reports filed with the Securities and Exchange Commission. Media General's future performance could differ materially from its current expectations. About Media General Media General is an independent communications company situated primarily in the Southeast with interests in newspapers, television stations and interactive media. The company's publishing assets include The Tampa Tribune, the Richmond Times-Dispatch, the Winston-Salem Journal and 22 other daily newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina, as well as nearly 100 other periodicals and a 20 percent interest in The Denver Post. Media General's 26 network-affiliated television stations reach more than 30 percent of the television households in the Southeast and nearly 8 percent of those in the United States. The company's extensive interactive media offerings include more than 50 online enterprises. Media General also has a 33 percent interest in SP Newsprint Co., which operates newsprint mills in Dublin, Ga., and Newberg, Ore. Media General, Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except per share amounts) Thirteen Weeks Thirty-Nine Weeks Ending Ending ---------------------------- ------------------- Sept. 28, Sept. 29 Sept. 28, Sept. 29, 2003 2002(3) 2003 2002(3) ---------------------------------------------------------------------- Revenues $205,086 $199,942 $611,890 $603,410 Operating costs: Production 89,487 86,069 267,007 257,486 Selling, general and administrative 73,089 65,295 218,021 200,174 Depreciation and amortization 16,327 16,628 49,976 50,107 ---------------------------------------------------------------------- Total operating costs 178,903 167,992 535,004 507,767 ---------------------------------------------------------------------- Operating income 26,183 31,950 76,886 95,643 ---------------------------------------------------------------------- Other income (expense): Interest expense (8,409) (11,607) (26,262) (36,961) Investment loss-unconsolidated affiliates (1,044) (4,423) (4,552) (10,190) Other, net 1,295 32 9,530 2,271 ---------------------------------------------------------------------- Total other expense (8,158) (15,998) (21,284) (44,880) ---------------------------------------------------------------------- Income from continuing operations before income taxes and cumulative effect of change in accounting principle 18,025 15,952 55,602 50,763 Income taxes 6,580 6,713 20,297 20,052 ---------------------------------------------------------------------- Income from continuing operations before cumulative Effect of change in accounting principle 11,445 9,239 35,305 30,711 Income from discontinued operations (net of tax)(1) 301 272 957 1,087 Cumulative effect of change in accounting principle (net of tax)(2) (8,079) --- (8,079) (126,336) ---------------------------------------------------------------------- Net income (loss) $3,667 $9,511 $28,183 $(94,538) ====================================================================== Net income (loss) per common share: Income from continuing operations before cumulative effect of change in accounting principle $ 0.50 $0.40 $1.53 $1.34 Discontinued operations 0.01 0.01 0.04 0.05 Cumulative effect of change in accounting principle (0.35) --- (0.35) (5.51) ------------------------------------------------ Net income (loss) $0.16 $0.41 $1.22 $(4.12) ================================================ Net income (loss) per common share - assuming dilution: Income from continuing operations before cumulative effect of change in accounting principle $0.49 $0.40 $1.51 $1.32 Discontinued operations 0.01 0.01 0.04 0.05 Cumulative effect of change in accounting principle (0.34) --- (0.34) (5.44) ------------------------------------------------ Net income (loss) $0.16 $0.41 $1.21 $(4.07) ================================================ ---------------------------------------------------------------------- Weighted-average common shares outstanding: Basic 23,074 22,990 23,052 22,927 Diluted 23,423 23,225 23,346 23,218 ---------------------------------------------------------------------- (1) The company announced the sale of its Media General Financial Services subsidiary on October 14, 2003. (2) Expense recorded upon adoption of FIN 46, Consolidation of Variable Interest Entities, in 2003 and write-down for impairment upon adoption of SFAS No. 142, Goodwill and Other Intangible Assets, in 2002. (3) Certain prior year amounts have been reclassified to conform with the current year presentation. Media General, Inc. BUSINESS SEGMENTS (Unaudited) Inter (In thousands) Publish Broad -active Elim- -ing -cast Media inations Total ----------------------------------------------------------------------- Quarter Ended September 28, 2003 Consolidated revenues $132,226 $70,865 $2,612 $(617) $205,086 ============================================== Segment operating cash flow $34,453 $20,585 $(1,396) $53,642 Allocated amounts: Equity in net income of unconsolidated affiliate 170 170 Depreciation and amortization (6,434) (5,245) (319) (11,998) ----------------------------------------------- Segment profit (loss) $28,189 $15,340 $(1,715) 41,814 ============================== Unallocated amounts: Interest expense (8,409) Investment loss-SP Newsprint (1,214) Acquisition intangibles amortization (3,012) Corporate expense (9,575) Other (1,579) --------- Consolidated income from continuing operations before income taxes and cumulative effect of change in accounting principle $18,025 ========= Quarter Ended September 29, 2002 Consolidated revenues $127,313 $71,433 $1,647 $(451) $199,942 =============================================== Segment operating cash flow $34,150 $22,221 $(1,513) $54,858 Allocated amounts: Equity in net income of unconsolidated affiliate 128 128 Write-down of investment (1,160) (1,160) Depreciation and amortization (6,792) (5,516) (216) (12,524) ----------------------------------------------- Segment profit (loss) $27,486 $16,705 $(2,889) 41,302 ============================== Unallocated amounts: Interest expense (11,607) Investment loss-SP Newsprint (4,551) Acquisition intangibles amortization (3,035) Corporate expense (8,261) Other 2,104 --------- Consolidated income from continuing operations before income taxes and $15,952 cumulative effect of change in ========= accounting principle Nine Months Ended September 28, 2003 Consolidated revenues $397,598 $208,999 $7,025 $(1,732) $611,890 =============================================== Segment operating cash flow $102,769 $60,933 $(4,011) $159,691 Allocated amounts: Equity in net income of unconsolidated affiliate 346 346 Gain on sale of Hoover's 5,746 5,746 Depreciation and amortization (19,698) (16,464) (1,192) (37,354) ----------------------------------------------- Segment profit $83,417 $44,469 $543 128,429 ============================== Unallocated amounts: Interest expense (26,262) Investment loss-SP Newsprint (4,898) Acquisition intangibles amortization (9,043) Corporate expense (27,674) Other (4,950) --------- Consolidated income from continuing operations before income taxes and cumulative effect of change in accounting principle $55,602 ========= Nine Months Ended September 29, 2002 Consolidated revenues $388,035 $212,443 $4,238 $(1,306) $603,410 =============================================== Segment operating cash flow $109,284 $66,988 $(4,300) $171,972 Allocated amounts: Equity in net loss of unconsolidated affiliates (644) (413) (1,057) Write-down of investment (1,160) (1,160) Depreciation and amortization (20,847) (16,348) (772) (37,967) ----------------------------------------------- Segment profit (loss) $87,793 $50,640 $(6,645) 131,788 ============================= Unallocated amounts: Interest expense (36,961) Investment loss-SP Newsprint (9,133) Acquisition intangibles amortization (8,892) Corporate expense (25,828) Other (211) --------- Consolidated income from continuing operations before income taxes and cumulative effect of change in accounting principle $50,763 ========= Media General, Inc. CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) Sept. 28, Dec. 29, 2003 2002 ---------------------------------------------------------------------- ASSETS Current assets: Cash and cash equivalents $8,293 $11,279 Accounts receivable - net 102,462 112,399 Inventories 6,414 4,101 Other 40,578 32,773 ----------- ----------- Total current assets 157,747 160,552 ----------- ----------- Investments in unconsolidated affiliates 89,711 93,370 Other assets 61,146 68,140 Property, plant and equipment - net 437,438 372,719 Excess of cost over fair value of net identifiable assets of acquired businesses - net 832,004 832,004 FCC licenses and other intangibles - net 811,000 820,226 ----------- ----------- Total assets $2,389,046 $2,347,011 ====================================================================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $19,692 $20,967 Accrued expenses and other liabilities 90,759 88,646 Income taxes payable - 1,888 ----------- ----------- Total current liabilities 110,451 111,501 ----------- ----------- Long-term debt 581,473 642,937 Borrowings of consolidated variable interest entity 95,320 - Deferred income taxes 360,424 345,178 Other liabilities and deferred credits 164,323 188,141 Stockholders' equity 1,077,055 1,059,254 ----------- ----------- Total liabilities and stockholders' equity $2,389,046 $2,347,011 ====================================================================== Media General, Inc. EBITDA, AFTER-TAX CASH FLOW AND FREE CASH FLOW (Unaudited, in thousands) Third Quarter Year-to-Date -------------------- ------------------ 2003 2002 2003 2002 -------------------- ------------------ Income from continuing operations before cumulative effect of change in accounting principle $11,445 $9,239 $35,305 $30,711 Interest 8,409 11,607 26,262 36,961 Taxes 6,580 6,713 20,297 20,052 Depreciation and amortization 16,327 16,628 49,976 50,107 EBITDA before cumulative effect of change in accounting -------------------- ------------------ principle $42,761 $44,187 $131,840 $137,831 ==================== ================== Income from continuing operations before cumulative effect of change in accounting principle $11,445 $9,239 $35,305 $30,711 Depreciation and amortization 16,327 16,628 49,976 50,107 -------------------- ------------------ After-tax cash flow $27,772 $25,867 $85,281 $80,818 ==================== ================== After-tax cash flow $27,772 $25,867 $85,281 $80,818 Capital expenditures 6,858 10,074 19,783 25,869 -------------------- ------------------ Free cash flow $20,914 $15,793 $65,498 $54,949 ==================== ================== CONTACT: Media General Lou Anne Nabhan, 804-649-6103 lnabhan@mediageneral.com Media General Reports September Revenues RICHMOND, Va.--(BUSINESS WIRE)--Oct. 16, 2003--Media General, Inc. (NYSE: MEG) today reported September 2003 total revenues of $66.6 million, up 1.7 percent, compared with revenues of $65.5 million in September 2002. Publishing revenues increased 4.1 percent, Broadcast revenues declined 3.7 percent, and Interactive Media revenues were up nearly 58 percent. Newspaper advertising revenue returned to the growth levels experienced in June and July and was $1.7 million, or 5.1 percent, above last September, with growth in all categories. Classified revenue was $370,000, or 2.8 percent, above last year. Employment linage at the company's three largest newspapers improved over August's 5 percent gain and was 9.3 percent above last September. This improvement was partially offset by automotive linage that was below last year by 3.4 percent. Employment linage at The Tampa Tribune increased 22.7 percent over last year and reflected continued success with the sale of special promotional multi-part packages. Employment linage increased 2.7 percent at the Richmond Times-Dispatch, driven mostly by help wanted advertising to fill job openings at two new malls. Linage at the Winston-Salem Journal declined 0.9 percent. Retail revenue increased $300,000, or 3 percent, from last September. The Richmond Times-Dispatch was nearly 29 percent above last year, benefiting from the opening of two new malls during the month, which drove higher department store and sporting goods store advertising. The Tampa Tribune's retail advertising declined 6.7 percent, as a result of weakness in the department store, home furnishings and restaurant categories. The Winston-Salem Journal was down 11.6 percent due to soft advertising schedules by department stores and major financial advertisers. The company's community newspapers showed an increase in the retail category of 1.7 percent, due to strength in most Virginia markets. Preprint revenue rose $630,000, or 11.6 percent from last year. National revenue was above last year by $70,000, or 2.7 percent, reflecting gains in Richmond and Winston-Salem. The increases were primarily the result of robust telecommunications advertising and insurance advertising in Richmond following Hurricane Isabel. Tampa's national revenues were even with last year. Circulation revenue was down slightly from last year. The Broadcast Division had a strong month, with meaningful increases in both local and national time sales. Local time sales increased $890,000, or 7 percent. National time sales increased $1 million, or 13.5 percent. Together, these increases partially offset $3.5 million of lower political revenues. Despite the decline, political revenues exceeded expectations as a result of the Louisiana gubernatorial race, early political spending for the February 2004 presidential primaries in South Carolina, and issue advertising related to an Alabama tax referendum. Automotive spending remained robust, particularly at the local level, driven by car manufacturers and regional dealer associations. Other broadcast categories showing gains for the month were the financial, telecommunications, medical and furniture segments. Interactive Media revenue growth continues to reflect the company's success with classified up-sells from its newspapers and from new online products and services. About Media General Media General is an independent communications company situated primarily in the Southeast with interests in newspapers, television stations and interactive media. The company's publishing assets include The Tampa Tribune, the Richmond Times-Dispatch, the Winston-Salem Journal and 22 other daily newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina, as well as nearly 100 other periodicals and a 20 percent interest in The Denver Post. Media General's 26 network-affiliated television stations reach more than 30 percent of the television households in the Southeast and nearly 8 percent of those in the United States. The company's extensive interactive media offerings include more than 50 online enterprises. Media General also has a 33 percent interest in SP Newsprint Co., which operates newsprint mills in Dublin, Ga., and Newberg, Ore. MEDIA GENERAL INC. Revenues and Page Views ====================================================================== September ------------------------------------- 2003 2002 % Change -------------------------------------- Revenues (000) $66,617 $65,501 1.7 % Publishing 42,421 40,740 4.1 % Broadcast 23,564 24,458 (3.7)% Interactive Media 825 523 57.7 % Eliminations (193) (220) 12.3 % Discontinued operations 362 374 (3.2)% -------------------------------------------------------------------- Selected Publishing Revenues (000) By Category Advertising $34,800 $33,126 5.1 % Classified 13,601 13,234 2.8 % Retail 10,531 10,224 3.0 % National 2,739 2,666 2.7 % Preprints 6,075 5,444 11.6 % Other 1,854 1,558 19.0 % Circulation 6,690 6,777 (1.3)% By Property Richmond 11,100 10,057 10.4 % Tampa 12,799 12,631 1.3 % Winston-Salem 4,075 4,134 (1.4)% Community Newspapers 14,250 13,767 3.5 % -------------------------------------------------------------------- Advertising Revenues (Dailies) (000) Richmond $8,561 $7,568 13.1 % Tampa 11,574 11,419 1.4 % Winston-Salem 3,323 3,343 (0.6)% Community Newspapers 9,695 9,229 5.0 % - -------------------------------------------------------------------- Broadcast Time Sales (gross) (000) $23,191 $24,793 (6.5)% Local 13,517 12,627 7.0 % National 8,459 7,455 13.5 % Political 1,215 4,711 (74.2)% -------------------------------------------------------------------- Selected Online Total Page Views TBO.com 14,503,814 14,893,656 (2.6)% (Tampa, Fla.) timesdispatch.com 6,963,790 5,302,736 31.3% (Richmond, Va.) JournalNow.com 2,697,197 2,334,862 15.5% (Winston-Salem, N.C.) ====================================================================== Notes: All data are subject to later adjustment. MEDIA GENERAL INC. Revenues and Page Views ====================================================================== =================================== Year-to-Date ----------------------------------- 2003 2002 % Change ----------------------------------- Revenues (000) $611,890 $603,410 1.4 % Publishing 397,598 388,035 2.5 % Broadcast 208,999 212,443 (1.6)% Interactive Media 7,025 4,238 65.8 % Eliminations (1,732) (1,306) (32.6)% Discontinued operations 3,717 4,034 (7.9)% -------------------------------------------------------------------- Selected Publishing Revenues (000) By Category Advertising $323,936 $314,682 2.9 % Classified 128,819 126,311 2.0 % Retail 96,553 98,307 (1.8)% National 24,142 22,024 9.6 % Preprints 58,111 53,422 8.8 % Other 16,311 14,618 11.6 % Circulation 64,938 64,405 0.8 % By Property Richmond 98,355 95,361 3.1 % Tampa 123,904 119,546 3.6 % Winston-Salem 39,252 38,714 1.4 % Community Newspapers 134,773 133,099 1.3 % -------------------------------------------------------------------- Advertising Revenues (Dailies) (000) Richmond $74,319 $71,243 4.3 % Tampa 111,468 107,454 3.7 % Winston-Salem 31,688 31,349 1.1 % Community Newspapers 91,626 89,938 1.9 % -------------------------------------------------------------------- Broadcast Time Sales (gross) (000) $206,322 $208,567 (1.1)% Local 127,201 119,574 6.4 % National 75,379 75,212 0.2 % Political 3,742 13,781 (72.8)% -------------------------------------------------------------------- Selected Online Total Page Views TBO.com 122,580,467 110,444,607 11.0% (Tampa, Fla.) timesdispatch.com 60,103,017 40,990,828 46.6% (Richmond, Va.) JournalNow.com 22,898,577 20,448,947 12.0% (Winston-Salem, N.C.) ==================================================================== Notes: All data are subject to later adjustment. MEDIA GENERAL INC. Daily Newspapers Advertising Linage (1) ====================================================================== September ----------------------------------------- 2003 2002 % Change ---------------------------------------------------------------------- RICHMOND TIMES-DISPATCH Retail 41,959 33,857 23.9 % National 13,615 11,843 15.0 % Classified 67,081 66,601 0.7 % Total 122,655 112,301 9.2 % ---------------------------------------------------------------------- TAMPA TRIBUNE Retail 38,491 39,625 (2.9)% National 14,696 13,764 6.8 % Classified 129,773 133,241 (2.6)% Total 182,960 186,630 (2.0)% ---------------------------------------------------------------------- WINSTON-SALEM JOURNAL Retail 33,570 38,580 (13.0)% National 7,285 6,916 5.3 % Classified 58,005 59,162 (2.0)% Total 98,860 104,658 (5.5)% ---------------------------------------------------------------------- COMMUNITY DAILIES Retail 311,434 317,252 (1.8)% National 27,187 26,302 3.4 % Classified 439,830 393,463 11.8 % Total 778,451 737,017 5.6 % ---------------------------------------------------------------------- MEDIA GENERAL DAILIES TOTAL Retail 425,454 429,314 (0.9)% National 62,783 58,825 6.7 % Classified 694,689 652,467 6.5 % Total 1,182,926 1,140,606 3.7 % ====================================================================== (1) Advertising is in column inches - full run only MEDIA GENERAL INC. Daily Newspapers Advertising Linage (1) ====================================================================== Year-to-Date ---------------------------------------------------- 2003 2002 % Change ---------------------------------------------------------------------- RICHMOND TIMES-DISPATCH Retail 317,600 330,850 (4.0)% National 101,610 86,370 17.6 % Classified 671,673 614,380 9.3 % Total 1,090,883 1,031,600 5.7 % ---------------------------------------------------------------------- TAMPA TRIBUNE Retail 379,561 384,265 (1.2)% National 142,278 119,516 19.0 % Classified 1,255,506 1,218,733 3.0 % Total 1,777,345 1,722,514 3.2 % ---------------------------------------------------------------------- WINSTON-SALEM JOURNAL Retail 326,073 349,590 (6.7)% National 72,366 67,223 7.7 % Classified 567,116 586,023 (3.2)% Total 965,555 1,002,836 (3.7)% ---------------------------------------------------------------------- COMMUNITY DAILIES Retail 3,020,625 3,104,650 (2.7)% National 245,989 225,608 9.0 % Classified 3,887,845 3,570,608 8.9 % Total 7,154,459 6,900,866 3.7 % ---------------------------------------------------------------------- MEDIA GENERAL DAILIES TOTAL Retail 4,043,859 4,169,355 (3.0)% National 562,243 498,717 12.7 % Classified 6,382,140 5,989,744 6.6 % Total 10,988,242 10,657,816 3.1 % ====================================================================== (1) Advertising is in column inches - full run only CONTACT: Media General, Inc. Lou Anne J. Nabhan, 804-649-6103 lnabhan@mediageneral.com