tribune earnings_q4_02_tables

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tribune earnings_q4_02_tables

  1. 1. TRIBUNE COMPANY FOURTH QUARTER RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) FOURTH QUARTER (A) 2002 vs. 2001 2001 Adjusted 2002 Adjusted (B) Actual % Change OPERATING REVENUES $ 1,429,743 $ 1,317,857 $ 1,317,857 8 OPERATING PROFIT BEFORE RESTRUCTURING CHARGES $ 358,819 $ 270,150 $ 212,101 33 Restructuring Charges (C) - (6,892) (6,892) (100) OPERATING PROFIT 358,819 263,258 205,209 36 Net Income (Loss) on Equity Investments 11,028 (9,632) (12,396) NM Interest Expense, net (49,677) (58,716) (58,716) (15) Income Before Taxes and Non-Operating Items 320,170 194,910 134,097 64 Income Taxes Related to Operations (124,866) (76,841) (65,084) 62 Income Before Non-Operating Items 195,304 118,069 69,013 65 Non-Operating Items, net of tax (D) (1,757) 37,768 37,768 NM NET INCOME 193,547 155,837 106,781 24 Preferred Dividends, net of tax (6,500) (6,700) (6,700) (3) Net Income Attributable to Common Shares $ 187,047 $ 149,137 $ 100,081 25 EARNINGS PER SHARE Basic: Before restructuring charges and non-operating items $ .62 $ .39 $ .22 59 Including restructuring charges and non-operating items $ .61 $ .50 $ .34 22 Diluted: Before restructuring charges and non-operating items (E) $ .57 $ .36 $ .21 58 Including restructuring charges and non-operating items (F) $ .57 $ .47 $ .32 21 DIVIDENDS PER COMMON SHARE $ .11 $ .11 $ .11 - Weighted Average Common Shares Outstanding (G) 304,985 297,765 297,765 2 Page 7
  2. 2. (A) 2002 quarter: Sept. 30, 2002 to Dec. 29, 2002. (13 weeks) 2001 quarter: Oct. 1, 2001 to Dec. 30, 2001. (13 weeks) (B) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142, quot;Goodwill and Other Intangible Assets,quot; were effective Jan. 1, 2001, instead of Dec. 31, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets. As a result, fourth quarter 2001 amortization was reduced from $60.6 million to an adjusted $2.6 million. In addition, fourth quarter 2001 equity losses decreased from $12.4 million to an adjusted $9.6 million due to the adoption of this new standard by the Company's equity method investees. Also, due to the reduced amortization expense, most of which is non-deductible, fourth quarter 2001 income tax expense related to operations increased from $65.1 million to an adjusted $76.8 million. In total, fourth quarter 2001 diluted EPS, before restructuring charges and non-operating items, increased from $.21 to an adjusted $.36. (C) In the fourth quarter of 2001, the Company recorded pretax restructuring charges of $6.9 million ($4.2 million after-tax) primarily for various cost reduction initiatives, which reduced diluted earnings per share by $.01. (D) The fourth quarter of 2002 included the following non-operating items: Pretax After-tax Gain (Loss) Gain (Loss) Diluted EPS Loss on derivatives and related investments (1) $ (42,299) $ (25,887) $ (.07) Gain on sales of investments 541 331 - Income tax settlement adjustment (2) - 26,376 .08 Investment write-downs and other (4,210) (2,577) (.01) Total non-operating items $ (45,968) $ (1,757) $ - The fourth quarter of 2001 included the following non-operating items: Pretax After-tax Gain (Loss) Gain (Loss) Diluted EPS Gain on derivatives and related investments (1) $ 41,805 $ 25,497 $ .08 Gain on sales of investments (3) 75,380 45,974 .14 Investment write-downs and other (55,260) (33,703) (.10) Total non-operating items $ 61,925 $ 37,768 $ .12 (1) Gain (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) In the fourth quarter of 2002, the Company reduced its income tax liability by $26 million as a result of favorably resolving certain federal income tax issues. This adjustment was recorded as a reduction of income tax expense. (3) For the fourth quarter of 2001, gain on sales of investments of $75.4 million ($46.0 million after-tax) relates primarily to the sale of AOL Time Warner common stock. Page 8
  3. 3. (E) Diluted EPS before restructuring charges and non-operating items was computed assuming that the Series B convertible preferred shares and the LYONs debt securities were converted into common shares. Also, 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 fourth quarter: Fourth Quarter 2001 2002 Adjusted Actual Income before non-operating items $ 195,304 $ 118,069 $ 69,013 Add back restructuring charges, net of tax - 4,203 4,203 Additional ESOP contribution required assuming Series B preferred shares were converted, net of tax (2,476) (2,670) (2,670) Dividends for Series C, D-1 and D-2 preferred stock (2,047) (2,014) (2,014) LYONs interest expense, net of tax 1,552 1,550 1,550 Adjusted income before restructuring charges and non-operating items $ 192,333 $ 119,138 $ 70,082 Weighted average common shares outstanding 304,985 297,765 297,765 Assumed conversion of Series B preferred shares into common 16,751 18,263 18,263 Assumed exercise of stock options, net of common shares assumed repurchased 6,999 3,962 3,962 Assumed conversion of LYONs debt securities 6,988 7,272 7,272 Adjusted weighted average common shares outstanding 335,723 327,262 327,262 Diluted earnings per share before restructuring charges and non-operating items $ .57 $ .36 $ .21 (F) Following is a reconciliation of income before restructuring charges and non-operating items to net income: Fourth Quarter 2002 Diluted Net Income EPS Income before non-operating items $ 195,304 $ .57 Non-operating items, net of tax (1,757) - Net income $ 193,547 $ .57 Fourth Quarter 2001 Adjusted Adjusted Actual Actual Net Income Diluted EPS Net Income Diluted EPS Income before restructuring charges and non-operating items $ 122,272 $ .36 $ 73,216 $ .21 Restructuring charges, net of tax (4,203) (.01) (4,203) (.01) Non-operating items, net of tax 37,768 .12 37,768 .12 Net income $ 155,837 $ .47 $ 106,781 $ .32 (G) The number of common shares outstanding, in thousands, at Dec. 29, 2002 was 305,909. Page 9
  4. 4. TRIBUNE COMPANY FULL YEAR RESULTS OF OPERATIONS (Unaudited) (In thousands, except per share data) FULL YEAR (A) 2002 vs. 2001 2001 Adjusted 2002 Adjusted (B) Actual % Change OPERATING REVENUES $ 5,384,428 $ 5,253,366 $ 5,253,366 2 OPERATING PROFIT BEFORE RESTRUCTURING CHARGES $ 1,275,785 $ 1,033,697 $ 802,229 23 Restructuring Charges (C) (27,253) (151,892) (151,892) (82) OPERATING PROFIT 1,248,532 881,805 650,337 42 Net Loss on Equity Investments (40,875) (49,814) (60,813) (18) Interest Expense, net (204,491) (245,668) (245,668) (17) Income Before Taxes and Non-Operating Items 1,003,166 586,323 343,856 71 Income Taxes Related to Operations (385,281) (231,676) (187,035) 66 Income Before Non-Operating Items and Cumulative Effect of Change in Accounting Principle 617,885 354,647 156,821 74 Non-Operating Items, net of tax (D) (9,306) (45,685) (45,685) (80) Income Before Cumulative Effect of Change in Accounting Principle 608,579 308,962 111,136 97 Cumulative Effect of Change in Accounting Principle, net of tax (E) (165,587) - - NM NET INCOME 442,992 308,962 111,136 43 Preferred Dividends, net of tax (26,199) (26,800) (26,800) (2) Net Income Attributable to Common Shares $ 416,793 $ 282,162 $ 84,336 48 EARNINGS PER SHARE Basic: Before restructuring charges and non-operating items $ 2.01 $ 1.41 $ .75 43 Including restructuring charges and non-operating items $ 1.93 $ .95 $ .28 103 Cumulative effect of change in accounting principle, net (.55) - - NM Total $ 1.38 $ .95 $ .28 45 Diluted: Before restructuring charges and non-operating items (F) $ 1.87 $ 1.32 $ .72 42 Including restructuring charges and non-operating items $ 1.80 $ .90 $ .28 100 Cumulative effect of change in accounting principle, net (.50) - - NM Total (G) $ 1.30 $ .90 $ .28 44 DIVIDENDS PER COMMON SHARE $ .44 $ .44 $ .44 - Weighted Average Common Shares Outstanding (H) 301,932 298,295 298,295 1 Page 10
  5. 5. (A) 2002 full year: Dec. 31, 2001 to Dec. 29, 2002. (52 weeks) 2001 full year: Jan. 1, 2001 to Dec. 30, 2001. (52 weeks) (B) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142, quot;Goodwill and Other Intangible Assets,quot; were effective Jan. 1, 2001, instead of Dec. 31, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets. As a result, the full year 2001 amortization was reduced from $241.0 million to an adjusted $9.6 million. In addition, full year 2001 equity losses decreased from $60.8 million to an adjusted $49.8 million due to the adoption of this new standard by the Company's equity method investees. Also, due to the reduced amortization expense, most of which is non-deductible, full year 2001 income tax expense related to operations increased from $187.0 million to an adjusted $231.7 million. In total, full year 2001 diluted EPS, before non-operating items and restructuring charges, increased from $.72 to an adjusted $1.32. (C) In the first quarter of 2002, the Company recorded pretax restructuring charges of $27.3 million ($16.7 million after-tax) primarily for various cost reduction initiatives, which reduced diluted earnings per share by $.05. For the full year 2001, the Company recorded pretax restructuring charges of $151.9 million ($92.6 million after-tax), which reduced adjusted diluted earnings per share by $.28. (D) The full year 2002 included the following non-operating items: Pretax After-tax Gain (Loss) Gain (Loss) Diluted EPS Loss on derivatives and related investments (1) $ (165,100) $ (101,041) $ (.31) Gain on sales of subsidiaries and investments (2) 110,088 67,374 .21 Income tax settlement adjustment (3) - 29,379 .09 Investment write-downs and other (8,199) (5,018) (.01) Total non-operating items $ (63,211) $ (9,306) $ (.02) The full year 2001 included the following non-operating items: Pretax After-tax Gain (Loss) Gain (Loss) Diluted EPS Loss on derivatives and related investments (1) $ (7,682) $ (4,685) $ (.01) Gain on sales of subsidiaries and investments (2) 78,358 47,791 .15 Investment write-downs and other (145,581) (88,791) (.28) Total non-operating items $ (74,905) $ (45,685) $ (.14) (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) For the full year 2002, gain on sales of subsidiaries and investments of $110.1 million ($67.4 million after-tax) relates primarily to the divestiture of two Denver radio stations, KOSI-FM and KEZW-AM, which were exchanged for the assets of two television stations, WTTV, Indianapolis, and its satellite station WTTK, Kokomo, Indiana, from Sinclair Broadcast Group. For the full year 2001, gain on sales of subsidiaries and investments of $78.4 million ($47.8 million after-tax) relates primarily to the sale of AOL Time Warner common stock. (3) In full year 2002, the Company reduced its income tax liability by $29 million as a result of favorably resolving certain federal and state income tax issues. This adjustment was recorded as a reduction of income tax expense. (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 $.50. This cumulative effect relates to certain of the Company's newspaper mastheads, a FCC license and a television network affiliation agreement. Page 11
  6. 6. (F) For 2002 and adjusted 2001, diluted EPS before restructuring charges, non-operating items and the cumulative effect of change in accounting principle was computed assuming that the Series B convertible preferred shares and the LYONs debt securities were converted into common shares. Also, weighted average common shares outstanding was adjusted for the dilutive effect of stock options. For actual 2001, the conversion of the LYONs debt securities was not assumed because their effect was antidilutive. 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 full year: Full Year 2001 2002 Adjusted Actual Income before non-operating items and the cumulative effect of change in accounting principle $ 617,885 $ 354,647 $ 156,821 Add back restructuring charges, net of tax 16,679 92,639 92,639 Additional ESOP contribution required assuming Series B preferred shares were converted, net of tax (9,599) (10,413) (10,413) Dividends for Series C, D-1 and D-2 preferred stock (8,189) (8,056) (8,056) LYONs interest expense, net of tax 6,218 6,127 - Adjusted income before restructuring charges, non-operating items and the cumulative effect of change in accounting principle $ 622,994 $ 434,944 $ 230,991 Weighted average common shares outstanding 301,932 298,295 298,295 Assumed conversion of Series B preferred shares into common 17,132 18,263 18,263 Assumed exercise of stock options, net of common shares assumed repurchased 6,313 5,685 5,685 Assumed conversion of LYONs debt securities 7,089 7,272 - Adjusted weighted average common shares outstanding 332,466 329,515 322,243 Diluted earnings per share before restructuring charges, non-operating items and the cumulative effect of change in accounting principle $ 1.87 $ 1.32 $ .72 (G) Following is a reconciliation of income before restructuring charges, non-operating items and the cumulative effect of change in accounting principle to net income: Full Year 2002 Diluted Net Income EPS Income before restructuring charges, non-operating items and the cumulative effect of change in accounting principle $ 634,564 $ 1.87 Restructuring charges, net of tax (16,679) (.05) Non-operating items, net of tax (9,306) (.02) Cumulative effect of change in accounting principle, net of tax (165,587) (.50) Net income $ 442,992 $ 1.30 Full Year 2001 Adjusted Adjusted Actual Actual Net Income Diluted EPS Net Income Diluted EPS Income before restructuring charges and non-operating items $ 447,286 $ 1.32 $ 249,460 $ .72 Restructuring charges, net of tax (92,639) (.28) (92,639) (.29) Non-operating items, net of tax (45,685) (.14) (45,685) (.15) Net income $ 308,962 $ .90 $ 111,136 $ .28 (H) The number of common shares outstanding, in thousands, at Dec. 29, 2002 was 305,909. Page 12
  7. 7. TRIBUNE COMPANY BUSINESS SEGMENT DATA (Unaudited) (In thousands) FOURTH QUARTER 2002 vs. 2001 2001 Adjusted 2002 Adjusted (A) Actual % Change PUBLISHING Operating Revenues $ 1,039,520 $ 982,753 $ 982,753 6 Cash Operating Expenses (B) (754,466) (759,795) (759,795) (1) EBITDA before Restructuring Charges (C) 285,054 222,958 222,958 28 Depreciation and Amortization Expense (43,204) (38,942) (76,611) 11 Operating Profit before Restructuring Charges 241,850 184,016 146,347 31 Restructuring Charges - (4,465) (4,465) (100) Total Operating Profit $ 241,850 $ 179,551 $ 141,882 35 BROADCASTING AND ENTERTAINMENT Operating Revenues Television $ 339,483 $ 278,791 $ 278,791 22 Radio/Entertainment 31,697 40,011 40,011 (21) Total Operating Revenues 371,180 318,802 318,802 16 Cash Operating Expenses (B) Television (196,916) (179,751) (179,751) 10 Radio/Entertainment (30,580) (28,113) (28,113) 9 Total Cash Operating Expenses (227,496) (207,864) (207,864) 9 EBITDA before Restructuring Charges (C) Television 142,567 99,040 99,040 44 Radio/Entertainment 1,117 11,898 11,898 (91) Total EBITDA before Restructuring Charges 143,684 110,938 110,938 30 Depreciation and Amortization Expense Television (11,037) (9,995) (28,511) 10 Radio/Entertainment (1,533) (1,085) (1,191) 41 Total Depreciation and Amortization Expense (12,570) (11,080) (29,702) 13 Operating Profit (Loss) Television 131,530 89,045 70,529 48 Radio/Entertainment (416) 10,813 10,707 NM Total before Restructuring Charges 131,114 99,858 81,236 31 Restructuring Charges - (2,210) (2,210) (100) Total Operating Profit $ 131,114 $ 97,648 $ 79,026 34 INTERACTIVE Operating Revenues $ 19,043 $ 16,302 $ 16,302 17 Cash Operating Expenses (B) (19,260) (19,994) (19,994) (4) EBITDA before Restructuring Charges (C) (217) (3,692) (3,692) (94) Depreciation and Amortization Expense (1,351) (1,304) (3,062) 4 Operating Loss before Restructuring Charges (1,568) (4,996) (6,754) (69) Restructuring Charges - (5) (5) (100) Total Operating Loss $ (1,568) $ (5,001) $ (6,759) (69) CORPORATE EXPENSES EBITDA before Restructuring Charges (C) $ (12,056) $ (8,292) $ (8,292) 45 Depreciation and Amortization Expense (521) (436) (436) 19 Operating Loss before Restructuring Charges (12,577) (8,728) (8,728) 44 Restructuring Charges - (212) (212) (100) Total Operating Loss $ (12,577) $ (8,940) $ (8,940) 41 CONSOLIDATED Operating Revenues $ 1,429,743 $ 1,317,857 $ 1,317,857 8 Cash Operating Expenses (B) (1,013,278) (995,945) (995,945) 2 EBITDA before Restructuring Charges (C) 416,465 321,912 321,912 29 Depreciation and Amortization Expense (57,646) (51,762) (109,811) 11 Operating Profit before Restructuring Charges 358,819 270,150 212,101 33 Restructuring Charges - (6,892) (6,892) (100) Total Operating Profit $ 358,819 $ 263,258 $ 205,209 36 (A) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142 were effective Jan. 1, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets. (B) Cash operating expenses exclude restructuring charges. (C) EBITDA is earnings before interest, taxes, depreciation, amortization of intangible assets, equity results and non-operating items. The Company's definition of EBITDA may not be consistent with that of other companies. EBITDA 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 generally accepted accounting principles (quot;GAAPquot;) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Page 13
  8. 8. TRIBUNE COMPANY BUSINESS SEGMENT DATA (Unaudited) (In thousands) FULL YEAR 2002 vs. 2001 2001 Adjusted 2002 Adjusted (A) Actual % Change PUBLISHING Operating Revenues $ 3,863,779 $ 3,843,949 $ 3,843,949 1 Cash Operating Expenses (B) (2,847,012) (2,993,219) (2,993,219) (5) EBITDA before Restructuring Charges (C) 1,016,767 850,730 850,730 20 Depreciation and Amortization Expense (168,484) (157,306) (307,788) 7 Operating Profit before Restructuring Charges 848,283 693,424 542,942 22 Restructuring Charges (24,760) (140,409) (140,409) (82) Total Operating Profit $ 823,523 $ 553,015 $ 402,533 49 BROADCASTING AND ENTERTAINMENT Operating Revenues Television $ 1,221,637 $ 1,130,125 $ 1,130,125 8 Radio/Entertainment 222,313 219,810 219,810 1 Total Operating Revenues 1,443,950 1,349,935 1,349,935 7 Cash Operating Expenses (B) Television (727,544) (704,150) (704,150) 3 Radio/Entertainment (199,471) (193,417) (193,417) 3 Total Cash Operating Expenses (927,015) (897,567) (897,567) 3 EBITDA before Restructuring Charges (C) Television 494,093 425,975 425,975 16 Radio/Entertainment 22,842 26,393 26,393 (13) Total EBITDA before Restructuring Charges 516,935 452,368 452,368 14 Depreciation and Amortization Expense Television (40,646) (40,499) (114,034) - Radio/Entertainment (6,151) (4,650) (5,069) 32 Total Depreciation and Amortization Expense (46,797) (45,149) (119,103) 4 Operating Profit Television 453,447 385,476 311,941 18 Radio/Entertainment 16,691 21,743 21,324 (23) Total before Restructuring Charges 470,138 407,219 333,265 15 Restructuring Charges (1,087) (6,567) (6,567) (83) Total Operating Profit $ 469,051 $ 400,652 $ 326,698 17 INTERACTIVE Operating Revenues $ 76,699 $ 59,482 $ 59,482 29 Cash Operating Expenses (B) (67,979) (79,429) (79,429) (14) EBITDA before Restructuring Charges (C) 8,720 (19,947) (19,947) NM Depreciation and Amortization Expense (5,586) (5,359) (12,391) 4 Operating Profit (Loss) before Restructuring Charges 3,134 (25,306) (32,338) NM Restructuring Charges (163) (2,922) (2,922) (94) Total Operating Profit (Loss) $ 2,971 $ (28,228) $ (35,260) NM CORPORATE EXPENSES EBITDA before Restructuring Charges (C) $ (43,383) $ (39,056) $ (39,056) 11 Depreciation and Amortization Expense (2,387) (2,584) (2,584) (8) Operating Loss before Restructuring Charges (45,770) (41,640) (41,640) 10 Restructuring Charges (1,243) (1,994) (1,994) (38) Total Operating Loss $ (47,013) $ (43,634) $ (43,634) 8 CONSOLIDATED Operating Revenues $ 5,384,428 $ 5,253,366 $ 5,253,366 2 Cash Operating Expenses (B) (3,885,389) (4,009,271) (4,009,271) (3) EBITDA before Restructuring Charges (C) 1,499,039 1,244,095 1,244,095 20 Depreciation and Amortization Expense (223,254) (210,398) (441,866) 6 Operating Profit before Restructuring Charges 1,275,785 1,033,697 802,229 23 Restructuring Charges (27,253) (151,892) (151,892) (82) Total Operating Profit $ 1,248,532 $ 881,805 $ 650,337 42 (A) Adjusted results assume the provisions of Financial Accounting Standard (quot;FASquot;) No. 142 were effective Jan. 1, 2001. FAS 142 eliminates the amortization of goodwill and certain other intangible assets. (B) Cash operating expenses exclude restructuring charges. (C) EBITDA is earnings before interest, taxes, depreciation, amortization of intangible assets, equity results and non-operating items. The Company's definition of EBITDA may not be consistent with that of other companies. EBITDA 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 generally accepted accounting principles (quot;GAAPquot;) and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. Page 14
  9. 9. TRIBUNE COMPANY SUMMARY OF REVENUES (Unaudited) For Fourth Quarter Ended December 29, 2002 (In thousands) Fourth Quarter (13 weeks) Year-to-Date (52 weeks) % % 2002 2001 Change 2002 2001 Change Publishing Advertising $ 380,154 $ 358,513 $ 1,269,188 $ 1,230,608 Retail 6 3 703,837 675,281 National 200,249 175,519 14 4 975,374 1,041,429 Classified 225,224 217,320 4 (6) 805,627 751,352 2,948,399 2,947,318 Sub-Total 7 - 669,471 662,377 Circulation 168,021 167,670 - 1 245,909 234,254 Other 65,872 63,731 3 5 Segment Total (A) (B) 1,039,520 982,753 6 3,863,779 3,843,949 1 Broadcasting & Entertainment 1,221,637 1,130,125 Television (C) 339,483 278,791 22 8 222,313 219,810 Radio/Entertainment 31,697 40,011 (21) 1 Segment Total (D) 371,180 318,802 16 1,443,950 1,349,935 7 76,699 59,482 19,043 16,302 17 29 Interactive $ 1,429,743 $ 1,317,857 8 $ 5,384,428 $ 5,253,366 2 Consolidated Revenues (E) (A) Publishing revenues for 2001 have been reclassified to conform with the 2002 presentation. There was no effect on total revenues. (B) Includes Virginia Gazette , acquired in February 2001, TV Data, acquired in May 2001, and Chicago magazine, acquired in July 2002. Excluding these acquisitions, publishing revenues increased 5% for the quarter and were flat for the year-to-date. Excluding these acquisitions, retail revenues increased 5% for the quarter and 3% for the year-to-date. Excluding these acquisitions, national revenues increased 14% for the quarter and 4% for the year-to-date. Excluding these acquisitions, total advertising revenues increased 7% for the quarter and were flat for the year-to-date. (C) Includes Tower Distribution (formerly United Video), WGN Cable's distribution entity, which was acquired in April 2001, WTXX-Hartford, acquired in August 2001, and WTTV-Indianapolis, acquired in July 2002. Excluding these acquisitions, television revenues increased 21% for the quarter and 7% for the year-to-date. Fourth quarter includes copyright royalties of $1.0 million in 2002 and $1.6 million in 2001. Year-to-date includes copyright royalties of $4.2 million in 2002 and $29.9 million in 2001. Excluding acquisitions and copyright royalties, television revenues increased 21% for the quarter and 9% for the year-to-date. (D) Excluding acquisitions and copyright royalties, broadcasting and entertainment revenues increased 15% for the quarter and 8% for the year-to-date. (E) Excluding acquisitions and copyright royalties, consolidated revenues increased 8% for the quarter and 2% for the year-to-date. 15
  10. 10. TRIBUNE COMPANY SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A) For Fourth Quarter Ended December 29, 2002 (In thousands) Fourth Quarter (13 weeks) Year-to-Date (52 weeks) % % 2002 2001 Change 2002 2001 Change Full Run 737 707 2,587 2,677 L.A. Times 4 (3) 616 553 2,191 2,169 Chicago Tribune 11 1 396 423 1,588 1,683 Newsday (6) (6) 3,556 3,587 13,514 13,905 Other Daily Newspapers (B) (1) (3) 5,305 5,270 19,880 20,434 Total 1 (3) Part Run 1,485 1,411 5,687 5,201 L.A. Times 5 9 1,383 1,337 5,475 5,545 Chicago Tribune 3 (1) 459 430 1,711 1,650 Newsday 7 4 1,508 1,481 6,056 6,033 Other Daily Newspapers (B) 2 - 4,835 4,659 18,929 18,429 Total 4 3 Total Advertising Inches Full Run 1,861 1,917 6,258 6,580 Retail (3) (5) 972 874 3,406 3,347 National 11 2 2,472 2,479 10,216 10,507 Classified - (3) 5,305 5,270 19,880 20,434 Sub-Total 1 (3) Part Run 4,835 4,659 4 18,929 18,429 3 Total 10,140 9,929 2 38,809 38,863 - Preprint Pieces 605,700 584,402 1,985,563 1,882,891 L.A. Times 4 5 933,758 774,547 3,138,907 2,718,692 Chicago Tribune 21 15 828,932 757,073 2,823,513 2,713,323 Newsday 9 4 1,086,226 1,008,104 3,700,712 3,433,500 Other Daily Newspapers (B) 8 8 3,454,616 3,124,126 Total 11 11,648,695 10,748,406 8 (A) Volume for 2001 has been modified to conform with the 2002 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. 16
  11. 11. TRIBUNE COMPANY SUMMARY OF REVENUES (Unaudited) For Period 12 Ended December 29, 2002 (In thousands) Period 12 (5 weeks) Year-to-Date (52 weeks) % % 2002 2001 Change 2002 2001 Change Publishing Advertising $ 167,949 $ 146,134 $ 1,269,188 $ 1,230,608 Retail 15 3 703,837 675,281 National 79,289 68,061 16 4 975,374 1,041,429 Classified 72,612 70,667 3 (6) 319,850 284,862 2,948,399 2,947,318 Sub-Total 12 - 63,758 63,401 669,471 662,377 Circulation 1 1 245,909 234,254 Other 23,880 22,859 4 5 Segment Total (A) (B) 407,488 371,122 10 3,863,779 3,843,949 1 Broadcasting & Entertainment 122,200 97,859 1,221,637 1,130,125 Television (C) 25 8 12,441 15,134 222,313 219,810 Radio/Entertainment (18) 1 Segment Total (D) 134,641 112,993 19 1,443,950 1,349,935 7 76,699 59,482 6,131 5,573 10 29 Interactive $ 548,260 $ 489,688 12 $ 5,384,428 $ 5,253,366 2 Consolidated Revenues (E) (A) Publishing revenues for 2001 have been reclassified to conform with the 2002 presentation. There was no effect on total revenues. (B) Includes Virginia Gazette , acquired in February 2001, TV Data, acquired in May 2001, and Chicago magazine, acquired in July 2002. Excluding these acquisitions, publishing revenues increased 9% for the period and were flat for the year-to-date. Excluding these acquisitions, retail revenues increased 14% for the period and 3% for the year-to-date. Excluding these acquisitions, national revenues increased 16% for the period and 4% for the year-to-date. Excluding these acquisitions, total advertising revenues increased 12% for the period and were flat for the year-to-date. (C) Includes Tower Distribution (formerly United Video), WGN Cable's distribution entity, which was acquired in April 2001, WTXX-Hartford, acquired in August 2001, and WTTV-Indianapolis, acquired in July 2002. Excluding these acquisitions, television revenues increased 23% for the period and 7% for the year-to-date. Period 12 includes copyright royalties of $0.4 million in 2002 and $1.0 million in 2001. Year-to-date includes copyright royalties of $4.2 million in 2002 and $29.9 million in 2001. Excluding acquisitions and copyright royalties, television revenues increased 24% for the period and 9% for the year-to-date. (D) Excluding acquisitions and copyright royalties, broadcasting and entertainment revenues increased 18% for the period and 8% for the year-to-date. (E) Excluding acquisitions and copyright royalties, consolidated revenues increased 11% for the period and 2% for the year-to-date. 17
  12. 12. TRIBUNE COMPANY SUMMARY OF NEWSPAPER ADVERTISING VOLUME (Unaudited) (A) For Period 12 Ended December 29, 2002 (In thousands) Period 12 (5 weeks) Year-to-Date (52 weeks) % % 2002 2001 Change 2002 2001 Change Full Run 329 295 2,587 2,677 L.A. Times 12 (3) 246 206 2,191 2,169 Chicago Tribune 19 1 144 152 1,588 1,683 Newsday (5) (6) 1,381 1,323 13,514 13,905 Other Daily Newspapers (B) 4 (3) 2,100 1,976 19,880 20,434 Total 6 (3) Part Run 562 527 5,687 5,201 L.A. Times 7 9 465 433 5,475 5,545 Chicago Tribune 7 (1) 160 155 1,711 1,650 Newsday 3 4 553 553 6,056 6,033 Other Daily Newspapers (B) - - 1,740 1,668 18,929 18,429 Total 4 3 Total Advertising Inches Full Run 840 788 6,258 6,580 Retail 7 (5) 392 335 3,406 3,347 National 17 2 868 853 10,216 10,507 Classified 2 (3) 2,100 1,976 19,880 20,434 Sub-Total 6 (3) Part Run 1,740 1,668 4 18,929 18,429 3 Total 3,840 3,644 5 38,809 38,863 - Preprint Pieces 283,148 252,304 1,985,563 1,882,891 L.A. Times 12 5 396,610 305,144 3,138,907 2,718,692 Chicago Tribune 30 15 352,261 298,518 2,823,513 2,713,323 Newsday 18 4 471,079 407,691 3,700,712 3,433,500 Other Daily Newspapers (B) 16 8 1,503,098 1,263,657 Total 19 11,648,695 10,748,406 8 (A) Volume for 2001 has been modified to conform with the 2002 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. 18

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