Belo Corp., publisher of the Providence Journal, the Dallas Morning News and 19 television stations, said its
per-share earnings fell in the first quarter, missing forecasts, as the war in Iraq led companies to delay or cancel advertising.
At The Providence Journal, total full-run advertising linage, including preprints and supplements, decreased 5.8 percent, and total full-run ROP decreased 4.5 percent. Retail, general (national) and classified volumes, including preprints, were down 2.0 percent, 24.7 percent and 9.3 percent, respectively.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
Pulitzer Inc., publisher of the St. Louis Post-Dispatch, also
blamed the war for first-quarter profit that was at or slightly
below the low end of analysts’ estimates of 35 cents to 42 cents a
share.
“The advertising market has taken a step back from the solid
progress that was registered in December and January,” Prudential
Financial analyst Steven Barlow wrote in a research report. “The
war has made advertisers rethink their budgets.”
Belo and Pulitzer follow Sinclair Broadcast Group Inc., the
owner of 62 U.S. TV stations, and Gannett Co., publisher of USA
Today, in saying the war has reduced profit. Knight Ridder Inc.,
publisher of the Philadelphia Inquirer, may be next because of its
dependence on national and helped-wanted ads.
Bloomberg News
