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
<PAGE>
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 -
<PAGE>
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 -
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Exhibit Description
- ----------- --------------------
99.1 Earnings press release issued by Tribune Company on
October 18, 1996.
- 4 -
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
<PAGE>
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
<PAGE>
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
<PAGE>
* * * * * * *
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)
[email protected] [email protected]
(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
<PAGE>
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
<PAGE>
(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
<PAGE>
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
<PAGE>
(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
<PAGE>
TRIBUNE COMPANY
BUSINESS SEGMENT DATA (Unaudited)
(In thousands)
<TABLE>
<CAPTION>
THIRD QUARTER THREE QUARTERS
------------- --------------
Percent Percent
1996 1995 Change 1996 1995 Change
---------- ---------- --------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
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
</TABLE>
(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
<PAGE>
REVENUE AND STATISTICAL SUMMARY
SEPTEMBER 29, 1996
<TABLE>
<CAPTION>
Third Quarter (13 weeks) Year-to-date (39 weeks)
------------------------------ -------------------------------
% %
1996 1995 Change 1996 1995 Change
Revenue (In thousands) --------- --------- ------ ---------- ---------- ------
<S> <C> <C> <C> <C> <C> <C>
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
========= ========= ========== ==========
</TABLE>
(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
<PAGE>
REVENUE AND STATISTICAL SUMMARY
SEPTEMBER 29, 1996
<TABLE>
<CAPTION>
Advertising Inches Third Quarter (13 weeks) Year-to-date (39 weeks)
(In thousands)(A)(B) -------------------------- --------------------------
% %
1996 1995 Change 1996 1995 Change
------- ------- ------ ------- ------- ------
<S> <C> <C> <C> <C> <C> <C>
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)
======= ======= ======= =======
</TABLE>
(A) Excludes shopper publications.
(B) Times Advocate Company (Escondido) was sold in July 1995.
(C) Excludes preprints.
11
