-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KYX/jCDAK9KraOMlW93sjjgOK2gcSka2diHNKVNCWPEa7gwdHfFBd4dMkqvheC9+ pT6pgJ5OAZLaEciOwhecdA== 0000726513-96-000043.txt : 19961023 0000726513-96-000043.hdr.sgml : 19961022 ACCESSION NUMBER: 0000726513-96-000043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19961018 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19961021 SROS: CSX SROS: NYSE SROS: PSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIBUNE CO CENTRAL INDEX KEY: 0000726513 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 361880355 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08572 FILM NUMBER: 96646021 BUSINESS ADDRESS: STREET 1: 435 N MICHIGAN AVE CITY: CHICAGO STATE: IL ZIP: 60611 BUSINESS PHONE: 3122229100 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 October 18, 1996 ---------------- Date of Report (Date of Earliest Event Reported) TRIBUNE COMPANY --------------- (Exact name of registrant as specified in its charter) Delaware -------- (State or other jurisdiction of incorporation) 1-8572 36-1880355 ------ ---------- (Commission File Number) (IRS Employer Identification No.) 435 North Michigan Avenue, Chicago, Illinois 60611 - -------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (312) 222-9100 Item 5. Other Events - ------------------------ On October 18, 1996, Tribune Company issued its third quarter 1996 earnings press release, filed herewith as exhibit 99.1. Item 7. Financial Statements and Exhibits - --------------------------------------------- (c) Exhibits 99.1 Earnings press release issued by Tribune Company on October 18, 1996. - 2 - SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TRIBUNE COMPANY By /s/ R. Mark Mallory ------------------- R. Mark Mallory Vice President and Controller October 21, 1996 - 3 - EXHIBIT INDEX ------------- Exhibit No. Exhibit Description - ----------- -------------------- 99.1 Earnings press release issued by Tribune Company on October 18, 1996. - 4 - EX-99.1 2 EARNINGS PRESS RELEASE Exhibit 99.1 TRIBUNE Press Release TRIBUNE 3Q EPS UP 47% TO $1.00 EXCLUDING 1995 ONE-TIME ITEM; NET INCOME RISES 36% CHICAGO, Fri., October 18, 1996 -- Tribune Company (NYSE:TRB) reported today a 47 percent increase in third quarter earnings from continuing operations, excluding a one-time non-recurring charge in 1995. Primary net income per share rose to $1.00 from $.68 in 1995 and net income rose 36 percent to $66 million from $49 million on the same basis. The improvement was due to solid gains in all three business segments and fewer shares outstanding. EBITDA (earnings before interest, taxes, depreciation and amortization) continued its growth trend with a 35 percent increase to $154 million in the third quarter and a 16 percent increase to $452 million for the year to date. Operating profit in the third quarter grew 40 percent to $116 million. Broadcasting and entertainment operating profit was up 18 percent to $41 million from $35 million in 1995, due primarily to improvements at the Chicago Cubs and in the radio group. Publishing operating profit for the quarter was up 17 percent to $61 million from $52 million in 1995, due to gains from all newspapers. Tribune's education group reported a third quarter operating profit of $22 million compared with $3 million in 1995, due to contributions from recent acquisitions. Third quarter revenues increased 12 percent to $618 million from $552 million in 1995, due to recent acquisitions and higher advertising revenues. Excluding acquisitions and divestitures since the third quarter of 1995, operating revenues were up 3 percent for the third quarter. The third quarter of 1995 included a non-recurring $.07 per share loss on the sale of Times Advocate Company. Including this item, Tribune's primary net income per share from continuing operations increased 64 percent in the third quarter from $.61 in 1995. Net income increased 50 percent from $44 million on the same basis. "These results reflect a different Tribune," John W. Madigan, Tribune chairman, president and chief executive officer, said. "We've changed dramatically in recent years. We're making a major move in broadcasting with the pending acquisition of Renaissance, and we're developing a very exciting education business that is not dependent on advertising. These actions give us balance and add to shareholder value." 1 Broadcasting and Entertainment Third quarter operating profit from broadcasting and entertainment was up 18 percent to $41 million from $35 million in 1995. The increase was due primarily to improvements at the Chicago Cubs and in radio. These improvements were partially offset by a 9 percent decrease in television operating profit, due primarily to the adverse impact of the Olympics on ratings and station national revenues. Third quarter operating revenues from broadcasting and entertainment increased 3 percent to $223 million from $217 million in 1995 primarily due to a 5 percent increase in television revenues and an 11 percent increase in radio revenues. The increase in television revenues was due to the recent acquisitions of KHTV in Houston and KSWB (formerly KTTY) in San Diego. Without these acquisitions, television revenues were flat. "We've been aggressive in a consolidating marketplace," Madigan said. "We think we're well positioned and have a strong competitive advantage for further growth in broadcasting." Publishing Publishing operating profit for the quarter was up 17 percent to $61 million from $52 million in 1995. This was primarily due to a 30 percent increase from the four daily newspapers, which was partially offset by increased development of Internet and online related businesses. Advertising revenues increased 6 percent -- retail was down 4 percent, general increased 21 percent and classified increased 12 percent. Newsprint and ink expense decreased 14 percent, as average newsprint prices fell 10 percent. Consumption declined 5 percent due to linage and copy decreases. Other expenses were up 9 percent, mainly due to the increased development of Internet and online related businesses. "Newspapers are the front door to the Internet, and we lead the field with our ongoing development of exciting and compelling online content," Madigan said. "Our newspapers continue to generate enormous cash flows. We are clear market leaders with the lion's share of our business in three of the nation's most dynamic major markets." Education Education reported a third quarter operating profit of $22 million compared with $3 million in 1995. Excluding Compton's (sold in December 1995), education operating profit was up 165 percent from $8 million in 1995. The improvement was due to contributions from Educational Publishing and NTC Publishing, both acquired in March 1996, and Everyday Learning, acquired in August 1995. Due to the seasonality of the school year, sales typically peak during the third quarter for the education business. 2 Third quarter education revenues were up 138 percent to $73 million from $31 million in 1995 (up 186 percent excluding Compton's), primarily due to the acquisitions. Excluding the acquisitions and Compton's, revenues increased 3 percent. "We will continue to target educational materials with both high growth and high profitability," Madigan said. "Our unique combination of innovative, market-driven products, strong brand recognition and efficient marketing channels provide us a tremendous opportunity to continue our growth." Other Interest expense for the 1996 third quarter increased 125 percent to $13 million from $6 million last year due to higher debt levels resulting from acquisitions and stock repurchases. The debt level at the end of the third quarter was $926 million. On October 1, the beginning of the fourth quarter, Tribune received approximately $85 million as final payment on a mortgage note it held on the New York Daily News Building and used the proceeds to pay down debt. Interest income increased 88 percent in the 1996 third quarter to $8 million, due mainly to the SoftKey and Qwest Broadcasting convertible debentures held by Tribune. The effective tax rate was 40.5 percent in both the 1996 and 1995 third quarters. Year to Date Results For the first three quarters of 1996 and excluding two non-recurring items in 1995, Tribune's primary net income per share from continuing operations increased 23 percent to $3.04 from $2.48 in 1995; net income was up 14 percent to $201 million from $176 million in 1995 on the same basis. Non-recurring items in 1995 included the third quarter $.07 per share loss on the sale of Times Advocate Company and a first quarter $.14 per share gain on the sale of America Online (AOL) stock. Including these items, Tribune's primary net income per share from continuing operations increased 19 percent in the first three quarters from $2.55 in 1995. Net income increased 11 percent from $181 million on the same basis. Operating profit grew 16 percent to $348 million from $300 million for the first three quarters. Revenues increased 9 percent to $1.8 billion from $1.7 billion in 1995. This was due to recent acquisitions and higher advertising revenues. Excluding acquisitions and two divestitures since the third quarter of 1995 (Times Advocate Company and Compton's), operating revenues were up 4 percent for the year to date. Tribune sold its remaining interest in QUNO Corporation, a Canadian newsprint company, in March 1996. This sale resulted in an after-tax gain of $89 million or $1.46 per share on a primary basis and has been accounted for as a discontinued operation in Tribune's consolidated financial statements. 3 * * * * * * * Tribune is a leading information and entertainment company. Tribune owns and operates 10 television and five radio stations, publishes four daily newspapers, produces and syndicates programming and information, and provides educational products and services for the school and consumer markets. In July, Tribune agreed to acquire Renaissance Communications Corp. (RRR), a publicly traded company owning six television stations. Tribune's investments include equity interests in six publicly traded companies: America Online (AOL), CheckFree Corporation (CKFR), Open Market Inc. (OMKT), Excite, Inc. (XCIT), SoftKey International (SKEY) and StarSight Telecast (SGHT) totaling approximately $330 million. In addition to these equity holdings, the company has other investments with an aggregate carrying value of approximately $260 million. Financial data and general information may be found on Tribune's World Wide Web site: http://www.tribune.com. Earnings and other news releases also can be accessed by calling 1-800-757-1694. MEDIA CONTACT: INVESTOR CONTACT: Robert D. Carr Ruthellyn Musil 312/222-3763 (Office) 312/222-3787 (Office) 630/545-0746 (Home) 847/559-0852 (Home) 312/222-1573 (Fax) 312/222-1573 (Fax) Bcarr@tribune.com Rmusil@tribune.com (End of text; unaudited tables follow: two pages Third Quarter Results of Operations, two pages Three Quarters Results of Operations, one page Business Segment Data and two pages Third Quarter Revenue and Statistical Summaries.) 4 TRIBUNE COMPANY THIRD QUARTER RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) THIRD QUARTER (A) ----------------- Percent 1996 1995 Change --------- --------- --------- OPERATING REVENUES Publishing $ 322,784 $ 304,686 6 Broadcasting and Entertainment 222,905 217,031 3 Education 72,638 30,527 138 --------- --------- Total Operating Revenues $ 618,327 $ 552,244 12 --------- --------- OPERATING PROFIT Publishing $ 60,989 $ 52,186 17 Broadcasting and Entertainment 41,449 35,058 18 Education 21,839 3,215 579 Corporate expenses (7,964) (7,336) 9 --------- --------- Total Operating Profit 116,313 83,123 40 Loss on Sale of Times Advocate Company(B) - (7,500) - Interest Income 7,700 4,098 88 Interest Expense (12,692) (5,651) 125 --------- --------- Income from Continuing Operations Before Income Taxes 111,321 74,070 50 Income Taxes (45,085) (29,998) 50 --------- --------- INCOME FROM CONTINUING OPERATIONS 66,236 44,072 50 DISCONTINUED OPERATIONS OF QUNO(C) - 11,828 - --------- --------- NET INCOME 66,236 55,900 18 Preferred Dividends, net of tax (4,697) (4,622) 2 --------- --------- Net Income Attributable to Common Shares $ 61,539 $ 51,278 20 ========= ========= NET INCOME PER SHARE Primary: Continuing Operations $ 1.00 $ .61 64 Discontinued Operations - .18 - --------- --------- Net Income $ 1.00 $ .79 27 ========= ========= Fully Diluted(D): Continuing Operations $ .92 $ .56 64 Discontinued Operations - .17 - --------- --------- Net Income $ .92 $ .73 26 ========= ========= DIVIDENDS PER COMMON SHARE $ .30 $ .28 7 --------- --------- Weighted Average Common Shares Outstanding(E) 61,234 64,865 (6) --------- --------- 5 (A) 1996 quarter: July 1, 1996 to September 29, 1996. 1995 quarter: June 26, 1995 to September 24, 1995. (B) The company's California newspaper subsidiary, Times Advocate Company, was sold in July 1995 which resulted in a third quarter 1995 after-tax loss of $4.5 million, or $.07 per share on a primary basis. Excluding this loss, 1995 third quarter primary net income per share from continuing operations was $.68 and fully diluted net income per share was $.62. (C) In March 1996, the company sold its holdings in QUNO Corporation as part of QUNO's merger with Donohue Inc. (D) Fully diluted net income per share is computed assuming that all of the convertible preferred shares are converted into common shares. Also, weighted average common shares outstanding is adjusted for the dilutive effect of stock options. Following is the calculation of fully diluted net income per share for the third quarter (in thousands): THIRD QUARTER ------------- 1996 1995 --------- --------- Income from continuing operations $ 66,236 $ 44,072 Additional ESOP contribution required assuming all preferred shares were converted, net of tax (3,374) (3,600) --------- --------- Adjusted income from continuing operations 62,862 40,472 Discontinued operations of QUNO - 11,828 --------- --------- Adjusted net income $ 62,862 $ 52,300 --------- --------- Weighted average common shares outstanding 61,234 64,865 Assumed conversion of preferred shares into common 5,703 5,887 Assumed exercise of stock options, net of common shares assumed repurchased 1,144 1,030 --------- --------- Adjusted weighted average common shares outstanding 68,081 71,782 --------- --------- Fully diluted net income per share: Continuing operations $ .92 $ .56 Discontinued operations - .17 --------- --------- Net income $ .92 $ .73 ========= ========= (E) The number of common shares outstanding, in thousands, at September 29, 1996 was 61,373. 6 TRIBUNE COMPANY THREE QUARTERS RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) THREE QUARTERS (A) ------------------ Percent 1996 1995 Change --------- --------- --------- OPERATING REVENUES Publishing $ 980,612 $ 956,020 3 Broadcasting and Entertainment 663,380 614,373 8 Education 153,384 80,475 91 --------- --------- Total Operating Revenues $ 1,797,376 $ 1,650,868 9 --------- --------- OPERATING PROFIT Publishing $ 197,093 $ 197,982 - Broadcasting and Entertainment 136,377 116,806 17 Education 37,810 6,721 463 Corporate expenses (23,019) (21,841) 5 --------- --------- Total Operating Profit 348,261 299,668 16 Dispositions of Subsidiary Stock and Investment(B) - 7,772 - Interest Income 24,075 10,620 127 Interest Expense (34,680) (14,534) 139 --------- --------- Income from Continuing Operations Before Income Taxes 337,656 303,526 11 Income Taxes (136,751) (122,928) 11 --------- --------- INCOME FROM CONTINUING OPERATIONS 200,905 180,598 11 DISCONTINUED OPERATIONS OF QUNO(C) 89,317 25,392 252 --------- --------- NET INCOME 290,222 205,990 41 Preferred Dividends, net of tax (14,090) (13,865) 2 --------- --------- Net Income Attributable to Common Shares $ 276,132 $ 192,125 44 ========= ========= NET INCOME PER SHARE Primary: Continuing Operations $ 3.04 $ 2.55 19 Discontinued Operations 1.46 .39 274 --------- --------- Net Income $ 4.50 $ 2.94 53 ========= ========= Fully Diluted(D): Continuing Operations $ 2.79 $ 2.36 18 Discontinued Operations 1.31 .35 274 --------- --------- Net Income $ 4.10 $ 2.71 51 ========= ========= DIVIDENDS PER COMMON SHARE $ .90 $ .84 7 --------- --------- Weighted Average Common Shares Outstanding(E) 61,360 65,285 (6) --------- --------- 7 (A) 1996 three quarters: January 1, 1996 to September 29, 1996. 1995 three quarters: December 26, 1994 to September 24, 1995. (B) In March 1995, the company sold shares of America Online (AOL) stock, which resulted in a first quarter 1995 after-tax gain of $9.1 million, or $.14 per share on a primary basis. In July 1995, the company sold its Times Advocate Company newspaper subsidiary, which resulted in a third quarter 1995 after-tax loss of $4.5 million, or $.07 per share on a primary basis. Excluding these items, primary net income per share from continuing operations for the first three quarters of 1995 was $2.48 and fully diluted net income per share was $2.29. (C) In March 1996, the company sold its holdings in QUNO Corporation as part of QUNO's merger with Donohue Inc. The sale resulted in a 1996 after-tax gain of $89.3 million, or $1.46 per share on a primary basis. (D) Fully diluted net income per share is computed assuming that all of the convertible preferred shares are converted into common shares. Also, weighted average common shares outstanding is adjusted for the dilutive effect of stock options. Following is the calculation of fully diluted net income per share for the three quarters (in thousands): THREE QUARTERS -------------- 1996 1995 --------- --------- Income from continuing operations $ 200,905 $ 180,598 Additional ESOP contribution required assuming all preferred shares were converted, net of tax (10,123) (10,814) --------- --------- Adjusted income from continuing operations 190,782 169,784 Discontinued operations of QUNO 89,317 25,392 --------- --------- Adjusted net income $ 280,099 $ 195,176 --------- --------- Weighted average common shares outstanding 61,360 65,285 Assumed conversion of preferred shares into common 5,703 5,887 Assumed exercise of stock options, net of common shares assumed repurchased 1,192 835 --------- --------- Adjusted weighted average common shares outstanding 68,255 72,007 --------- --------- Fully diluted net income per share: Continuing operations $ 2.79 $ 2.36 Discontinued operations 1.31 .35 --------- --------- Net income $ 4.10 $ 2.71 ========= ========= (E) The number of common shares outstanding, in thousands, at September 29, 1996 was 61,373. 8 TRIBUNE COMPANY BUSINESS SEGMENT DATA (Unaudited) (In thousands)
THIRD QUARTER THREE QUARTERS ------------- -------------- Percent Percent 1996 1995 Change 1996 1995 Change ---------- ---------- --------- ---------- ---------- --------- PUBLISHING Revenues Daily Newspapers $ 305,077 $ 288,405 6 $ 928,455 $ 908,666 2 Other Publications/Services/Development 17,707 16,281 9 52,157 47,354 10 ---------- ---------- ---------- ---------- Total 322,784 304,686 6 980,612 956,020 3 EBITDA (A) Daily Newspapers 89,963 70,856 27 271,790 254,667 7 Other Publications/Services/Development (7,561) 264 NM (16,700) (1,514) NM ---------- ---------- ---------- ---------- Total 82,402 71,120 16 255,090 253,153 1 Operating Profit Daily Newspapers 69,729 53,437 30 217,002 202,420 7 Other Publications/Services/Development (8,740) (1,251) (599) (19,909) (4,438) (349) ---------- ---------- ---------- ---------- Total $ 60,989 $ 52,186 17 $ 197,093 $ 197,982 - BROADCASTING AND ENTERTAINMENT Revenues Television $ 158,272 $ 150,108 5 $ 502,628 $ 455,328 10 Radio 22,278 20,147 11 67,339 65,516 3 Entertainment/Chicago Cubs 40,167 44,885 (11) 87,229 88,207 (1) Cable Programming/Development (B) 2,188 1,891 16 6,184 5,322 16 ---------- ---------- ---------- ---------- Total 222,905 217,031 3 663,380 614,373 8 EBITDA Television 44,581 46,212 (4) 161,458 155,138 4 Radio 3,458 2,148 61 12,141 10,706 13 Entertainment/Chicago Cubs 9,840 1,168 742 7,970 (11,842) NM Cable Programming/Development (4,704) (5,120) 8 (11,048) (9,672) (14) ---------- ---------- ---------- ---------- Total 53,175 44,408 20 170,521 144,330 18 Operating Profit Television 34,951 38,418 (9) 133,875 133,721 - Radio 2,722 1,243 119 9,660 8,803 10 Entertainment/Chicago Cubs 8,762 834 951 4,736 (15,090) NM Cable Programming/Development (4,986) (5,437) 8 (11,894) (10,628) (12) ---------- --------- ---------- ---------- Total $ 41,449 $ 35,058 18 $ 136,377 $ 116,806 17 EDUCATION Revenues $ 72,638 $ 30,527 138 $ 153,384 $ 80,475 91 EBITDA 25,731 5,456 372 47,352 13,379 254 Operating Profit $ 21,839 $ 3,215 579 $ 37,810 $ 6,721 463 CORPORATE EXPENSES EBITDA $ (7,215) $ (7,181) - $ (21,187) $ (21,146) - Operating Profit $ (7,964) $ (7,336) (9) $ (23,019) $ (21,841) (5) CONSOLIDATED Revenues $ 618,327 $ 552,244 12 $1,797,376 $1,650,868 9 EBITDA 154,093 113,803 35 451,776 389,716 16 Operating Profit $ 116,313 $ 83,123 40 $ 348,261 $ 299,668 16
(A) EBITDA is earnings before gain/loss on stock sales, interest, taxes, depreciation and amortization of intangible assets. (B) Cable Programming/Development includes CLTV News and, for EBITDA and operating profit, the company's equity income or loss from The WB Network, Qwest Broadcasting and TV Food Network. 9 REVENUE AND STATISTICAL SUMMARY SEPTEMBER 29, 1996
Third Quarter (13 weeks) Year-to-date (39 weeks) ------------------------------ ------------------------------- % % 1996 1995 Change 1996 1995 Change Revenue (In thousands) --------- --------- ------ ---------- ---------- ------ Publishing Advertising Retail $97,553 $101,161 (4) $302,183 $315,761 (4) General 31,790 26,189 21 100,252 93,871 7 Classified 118,268 105,427 12 349,615 326,619 7 -------- --------- ---------- ---------- Sub-total(A) 247,611 232,777 6 752,050 736,251 2 Circulation 61,801 59,610 4 189,554 182,597 4 Other 13,372 12,299 9 39,008 37,172 5 --------- --------- ---------- ---------- Segment Total(A) 322,784 304,686 6 980,612 956,020 3 --------- --------- ---------- ---------- Broadcasting & Entertainment - -------------- Television(B) 158,272 150,108 5 502,628 455,328 10 Radio 22,278 20,147 11 67,339 65,516 3 Entertainment/Chicago Cubs/ Cable Programming/Develpment 42,355 46,776 (9) 93,413 93,529 - --------- --------- ---------- ---------- Segment Total(C) 222,905 217,031 3 663,380 614,373 8 --------- --------- ---------- ---------- Education(D) 72,638 30,527 138 153,384 80,475 91 --------- --------- ---------- ---------- Consolidated Revenue(E) $618,327 $552,244 12 $1,797,376 $1,650,868 9 ========= ========= ========== ==========
(A) Excluding Times Advocate Company, which was sold in July 1995, publishing advertising revenues increased 3% for the year to date, and total publishing revenues increased 3% for the year to date. (B) Includes KHTV-Houston since its acquisition in January 1996 and KSWB-San Diego (formerly KTTY) since its acquisition in April 1996. Excluding KHTV and KSWB, television revenues were flat for the quarter and increased 5% for the year to date. (C) Excluding KHTV and KSWB, broadcasting and entertainment revenues decreased 1% for the quarter and increased 4% for the year to date. (D) Includes Everyday Learning since its acquisition in August 1995, Educational Publishing and NTC Publishing since their acquisition in March 1996, and Compton's, sold in December 1995. Excluding these businesses, education revenues increased 3% for the quarter and 8% for the year to date. Excluding Compton's only, education revenues increased 186% for the quarter and 164% for the year to date. (E) Excluding from the appropriate periods the acquisitions and dispositions referred to above, consolidated revenues increased 3% for the quarter and 4% for the year to date. 10 REVENUE AND STATISTICAL SUMMARY SEPTEMBER 29, 1996
Advertising Inches Third Quarter (13 weeks) Year-to-date (39 weeks) (In thousands)(A)(B) -------------------------- -------------------------- % % 1996 1995 Change 1996 1995 Change ------- ------- ------ ------- ------- ------ Full Run(C) - -------- Chicago Tribune 649 655 (1) 1,929 2,053 (6) Fort Lauderdale Sun-Sentinel 895 918 (3) 2,853 2,837 1 Orlando Sentinel 642 713 (10) 2,076 2,160 (4) Newport News Daily Press 401 386 4 1,099 1,188 (7) ------- ------- ------- ------- Sub-total 2,587 2,672 (3) 7,957 8,238 (3) Escondido - - - - 467 (100) ------- ------- ------- ------- Total 2,587 2,672 (3) 7,957 8,705 (9) ======= ======= ======= ======= Part Run(C) - -------- Chicago Tribune 1,254 1,255 - 3,684 3,819 (4) Fort Lauderdale Sun-Sentinel 664 665 - 2,219 2,179 2 Orlando Sentinel 344 340 1 1,012 1,144 (12) Newport News Daily Press 32 25 28 87 77 13 ------- ------- ------- ------- Sub-total 2,294 2,285 - 7,002 7,219 (3) Escondido - - - - 349 (100) ------- ------- ------- ------- Total 2,294 2,285 - 7,002 7,568 (7) ======= ======= ======= ======= Preprint - -------- Chicago Tribune 696 735 (5) 2,045 2,075 (1) Fort Lauderdale Sun-Sentinel 335 372 (10) 1,013 1,122 (10) Orlando Sentinel 618 611 1 1,829 1,933 (5) Newport News Daily Press 282 260 8 811 786 3 ------- ------- ------- ------- Sub-total 1,931 1,978 (2) 5,698 5,916 (4) Escondido - - - - 1,091 (100) ------- ------- ------- ------- Total 1,931 1,978 (2) 5,698 7,007 (19) ======= ======= ======= ======= Total Advertising Inches - ------------------------ Full Run Retail 831 885 (6) 2,572 3,029 (15) General 179 150 19 541 518 4 Classified 1,577 1,637 (4) 4,844 5,158 (6) ------- ------- ------- ------- Sub-total 2,587 2,672 (3) 7,957 8,705 (9) Part Run 2,294 2,285 - 7,002 7,568 (7) Preprint 1,931 1,978 (2) 5,698 7,007 (19) ------- ------- ------- ------- Total 6,812 6,935 (2) 20,657 23,280 (11) ======= ======= ======= ======= Total excluding Escondido 6,812 6,935 (2) 20,657 21,373 (3) ======= ======= ======= =======
(A) Excludes shopper publications. (B) Times Advocate Company (Escondido) was sold in July 1995. (C) Excludes preprints. 11 -----END PRIVACY-ENHANCED MESSAGE-----