OutlookTotal advertising revenue trends in the fourth quarter of 2012 are expected to be similar to third-quarter 2012 levels. Total circulation revenues are expected to increase in the mid- to high-single digits in the fourth quarter of 2012 because of growth in digital subscriptions as well as print price increases implemented earlier this year. The Company expects operating costs to increase in the low-single digits in the fourth quarter of 2012. In addition, the Company expects the following on a pre-tax basis in 2012:
- Results from joint ventures: $4 to $6 million,
- Depreciation and amortization: $95 to $100 million,
- Interest expense, net: $60 to $65 million, and
- Capital expenditures: approximately $35 million.