PTZ Pulitzer

Pulitzer Inc. Presents at Mid-Year Media Review Conference ST. LOUIS, June 23 /PRNewswire-FirstCall/ -- Pulitzer Inc. (NYSE:PTZ) will present at the Mid-Year Media Review Conference in New York today. Pulitzer Inc. President and Chief Executive Officer Robert C. Woodworth will lead the presentation, which is scheduled to begin at 3 p.m. (EDT). Joining Mr. Woodworth in the presentation will be Terrance C.Z. Egger, senior vice president of Pulitzer Inc. responsible for Pulitzer's St. Louis operations; Mark G. Contreras, senior vice president of Pulitzer Newspapers, Inc.; and Alan G. Silverglat, senior vice president-finance and chief financial officer of Pulitzer Inc. In remarks prepared for the conference, Company executives confirm the Company's previous guidance of 2004 base earnings of at least $2.10 per fully diluted share. The guidance includes the impact of Company's new direct mail product in St. Louis, Local Values, which is expected to reduce base earnings by approximately $0.05 a share during 2004, and labor costs resulting from the Company's new contract with the St. Louis Newspaper Guild. The Company reaffirms its previous guidance of mid-single digit percentage increases for both total revenue and advertising revenue in 2004. The Company continues to expect to hold non-newsprint cost increases in 2004 to inflationary levels for the year absent the impact of acquisitions and the investment in Local Values. Pulitzer anticipates 2004 newsprint cost percentage increases in the low-to-mid double digits. Capital expenditures are expected to be between $10 million and $12 million in 2004. A live webcast of the presentation will be available at http://www.pulitzerinc.com/ or at http://www.midyearmediareview.com/ . The presentation will remain accessible through those Web sites for four weeks. Pulitzer Inc., through various subsidiaries and affiliated entities, is engaged in newspaper publishing and related new media activities. The Company's newspaper operations include two major metropolitan dailies, the St. Louis Post-Dispatch and the Arizona Daily Star in Tucson, Ariz., and, through its Pulitzer Newspapers, Inc. (PNI) subsidiary, 12 other dailies and more than 65 weekly newspapers, shoppers, and niche publications. The PNI dailies are The Pantagraph, Bloomington, Ill.; The Daily Herald, Provo, Utah; the Santa Maria Times, Santa Maria, Calif.; The Napa Valley Register, Napa, Calif.; The World, Coos Bay, Ore.; The Sentinel, Hanford, Calif.; the Arizona Daily Sun, Flagstaff, Ariz.; the Daily Chronicle, DeKalb, Ill.; The Garden Island, Lihue, Hawaii; the Daily Journal, Park Hills, Mo.; The Lompoc Record, Lompoc, Calif.; and The Daily News, Rhinelander, Wisc. The Company's newspaper operations also include the Suburban Journals of Greater St. Louis, a group of 38 weekly papers and various niche publications. The Company's new media and interactive initiatives include STLtoday.com in St. Louis, azstarnet.com in Tucson, and Web sites for all of its other dailies. Pulitzer Inc. is the successor to the company originally founded by Joseph Pulitzer in St. Louis in 1878. For more information, visit our Web site at http://www.pulitzerinc.com/ . For more information, please contact James V. Maloney, director of shareholder relations at Pulitzer Inc., at (314) 340-8402. NOTES: Statements in this press release concerning the Company's business outlook or future economic performance, anticipated profitability, revenues, expenses or other financial items, together with other statements that are not historical facts, are "forward-looking statements" as that term is defined under the Federal Securities Laws. Forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from those stated in such statements. Such risks, uncertainties and other factors include, but are not limited to, industry cyclicality, the seasonal nature of the business, changes in pricing or other actions by competitors or suppliers (including newsprint), outcome of labor negotiations, capital or similar requirements, and general economic conditions, any of which may impact advertising and circulation revenues and various types of expenses, as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in "forward-looking statements" are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Accordingly, investors are cautioned not to place undue reliance on any such "forward-looking statements," and the Company disclaims any obligation to update the information contained herein or to publicly announce the result of any revisions to such "forward- looking statements" to reflect future events or developments. The Company's calculation of "Base Earnings" and "Base Earnings per Diluted Share," including guidance contained herein for full-year 2004 base earnings per diluted share, exclude gains and losses related to certain non- operating investments that are not a strategic component of the Company's capital structure or operating plans (principally, investments in new media companies and partnerships making similar investments), and employment termination inducements associated with positions that will not be staffed. Gains or losses on the sale of marketable securities reflect activity in a strategic component of the Company's capital structure and are, therefore, included in the determination of "Base Earnings," and "Base Earnings per Diluted Share. The Company cannot currently determine full-year 2004 investment gains and losses, if any, related to certain non-operating investments or future employment termination inducements, if any. The Company's calculation of "Base Earnings" and "Base Earnings per Diluted Share," including guidance contained herein for full-year 2004 base earnings per diluted share, may not be comparable to similarly titled measures reported by other companies. "Base Earnings" and "Base Earnings per Diluted Share," as defined above, are not measures of performance under generally accepted accounting principles ("GAAP") and should not be construed as substitutes for consolidated net income and diluted earnings per share as a measure of performance. However, management uses "Base Earnings" and "Base Earnings per Diluted Share" for comparing the Company's past, current, and future performance and believes that they provide meaningful and comparable information to investors to aid in their analysis of the Company's performance relative to other periods and to its peers. DATASOURCE: Pulitzer Inc. CONTACT: James V. Maloney, Director of Shareholder Relations, Pulitzer Inc., +1-314-340-8402 Web site: http://www.pulitzerinc.com/ http://www.midyearmediareview.com/

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