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We are generally pleased that we were able to report a solid quarter in a tough advertising environment,.
Advertising spending continues to be somewhat choppy in our markets, but we do not view December's results as indicative of a trend in advertising performance going forward.
It's created a very real chilling effect among our sources. They've become nervous about talking with us. They don't want their phone numbers associated with us. And government employees who previously routinely talked to us, now won't.
Christmas was on a Sunday in 2005, which had a greater than expected negative impact on retail and classified advertising during the last weekend of our fiscal year. In addition, our California papers had held up well in automotive advertising, but the industry-wide decline in this category reached them in the fourth quarter as well.