<PAGE>
================================================================================
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                       ----------------------------------


                                    FORM 10-Q
              (Mark One)
              /x/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934
              For the quarterly period ended MARCH 31, 2002
                                             --------------
                                       OR
              / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934
              For the transition period from                  to
                                             ----------------     -------------

                         COMMISSION FILE NUMBER 1-14541

                       ---------------------------------

                                  PULITZER INC.
             (Exact name of registrant as specified in its charter)

                       ---------------------------------

                  DELAWARE                                43-1819711
       (State or other jurisdiction of                 (I.R.S. Employer
       incorporation or organization)                Identification Number)

              900 NORTH TUCKER BOULEVARD, ST. LOUIS, MISSOURI 63101
                    (Address of principal executive offices)

                                 (314) 340-8000
              (Registrant's telephone number, including area code)

                                   NO CHANGES
              (Former name, former address and former fiscal year,
                          if changed since last report)

                       ---------------------------------

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

                  YES /X /                            NO /  /

                       ---------------------------------

        Indicate the number of shares outstanding of each of the issuer's
          classes of common stock, as of the latest practicable date.

<TABLE>
<CAPTION>
                           CLASS               OUTSTANDING 5/8/02
                   --------------------        ------------------
<S>                                            <C>
                       COMMON STOCK                  9,368,696

                   CLASS B COMMON STOCK             11,890,242
</TABLE>


================================================================================

<PAGE>


                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

PULITZER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED -- IN THOUSANDS, EXCEPT EARNINGS PER SHARE)

<TABLE>
<CAPTION>
                                                             First Quarter Ended
                                                           -------------------------
                                                             Mar. 31,       Apr. 1,
                                                               2002          2001
                                                           -----------   -----------
<S>                                                        <C>           <C>

OPERATING REVENUES:
    Advertising
        Retail                                                $28,583       $27,115
        National                                                6,377         6,058
        Classified                                             30,154        34,592
                                                           ----------   -----------
            Subtotal                                           65,114        67,765
        Preprints                                              11,956        10,627
                                                           ----------   -----------
            Total advertising                                  77,070        78,392
    Circulation                                                20,462        20,320
    Other                                                       2,511         2,611
                                                           ----------   -----------
                Total operating revenues                      100,043       101,323
                                                           ----------   -----------


OPERATING EXPENSES:
    Payroll and other personnel expenses                       44,673        43,537
    Newsprint expense                                          10,810        14,798
    Depreciation                                                3,733         3,700
    Amortization                                                1,110         6,399
    Other expenses                                             26,886        26,420
                                                           ----------    ----------
                Total operating expenses                       87,212        94,854
                                                           ----------    ----------

  Equity in earnings of Tucson newspaper partnership            4,249         4,565
                                                           ----------    ----------

  Operating income                                             17,080        11,034

  Interest income                                               1,001         2,490
  Interest expense                                             (5,717)       (6,177)
  Net gain (loss) on marketable securities and investments       (750)          553
  Net other expense                                               (59)         (328)
                                                           ----------    ----------

INCOME BEFORE PROVISION FOR INCOME TAXES                       11,555         7,572

PROVISION FOR INCOME TAXES                                      4,454         3,002

MINORITY INTEREST IN NET EARNINGS OF
  SUBSIDIARY                                                      278           252
                                                           ----------    ----------

INCOME FROM CONTINUING OPERATIONS                               6,823         4,318

(LOSS) FROM DISCONTINUED
OPERATIONS, NET OF TAX                                              0        (2,163)
                                                           ----------    ----------
NET INCOME                                                     $6,823        $2,155
                                                           ==========    ==========

BASIC EARNINGS PER SHARE OF STOCK:

  Income from continuing operations                             $0.32         $0.20
  (Loss)  from discontinued operations                           0.00         (0.10)
                                                           ----------    ----------
  Earnings per share                                            $0.32         $0.10
                                                           ==========    ==========

  Weighted average number of shares outstanding                21,234        21,169
                                                           ==========    ==========

DILUTED EARNINGS PER SHARE OF STOCK:

  Income from continuing operations                             $0.32         $0.20
  (Loss)  from discontinued operations                           0.00         (0.10)
                                                           ----------    ----------
  Earnings per share                                            $0.32         $0.10
                                                           ==========    ==========

  Weighted average number of shares outstanding                21,458        21,378
                                                           ==========    ==========

</TABLE>


See notes to consolidated financial statements.


                                       2
<PAGE>


PULITZER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED--- IN THOUSANDS)

<TABLE>
<CAPTION>
                                                              First Quarter Ended
                                                            ------------------------
                                                             Mar. 31,       Apr. 1,
                                                               2002          2001
                                                            ----------   -----------
<S>                                                         <C>          <C>
NET INCOME                                                     $6,823        $2,155

OTHER COMPREHENSIVE INCOME (LOSS),
  NET OF TAX:

  Unrealized holding gains on marketable
      securities arising during the period                          0           627

   Reclassification adjustment                                      0          (398)
                                                           ----------    ----------

   Other comprehensive income                                       0           229
                                                           ----------    ----------


COMPREHENSIVE INCOME                                           $6,823        $2,384
                                                           ==========    ==========
</TABLE>

See notes to consolidated financial statements.


                                       3
<PAGE>


PULITZER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(UNAUDITED--- IN THOUSANDS)

<TABLE>
<CAPTION>
                                                                              Mar. 31,           Dec. 30,
                                                                               2002                2001
                                                                          --------------       ------------
<S>                                                                       <C>                   <C>
ASSETS

CURRENT ASSETS:
  Cash and cash equivalents                                                    $164,120            $193,739
  Trade accounts receivable (less allowance for doubtful
    accounts of $6,420 and $6,024)                                               50,801              52,033
  Inventory                                                                       4,471               5,124
  Income taxes receivable                                                           739               6,339
  Prepaid expenses and other                                                     20,193              15,301
                                                                             ----------          ----------

              Total current assets                                              240,324             272,536
                                                                             ----------          ----------

PROPERTIES:
  Land                                                                            7,870               7,741
  Buildings                                                                      55,687              54,451
  Machinery and equipment                                                       146,370             145,461
  Construction in progress                                                       10,133               5,620
                                                                             ----------          ----------
              Total                                                             220,060             213,273
  Less accumulated depreciation                                                 109,705             105,973
                                                                             ----------          ----------

              Properties - net                                                  110,355             107,300
                                                                             ----------          ----------

INTANGIBLE AND OTHER ASSETS:
  Intangible assets - net of amortization                                       834,916             831,837
  Restricted cash                                                                28,560              24,810
  Other                                                                          44,574              52,300
                                                                             ----------          ----------

              Total intangible and other assets                                 908,050             908,947
                                                                             ----------          ----------

                   TOTAL                                                     $1,258,729          $1,288,783
                                                                             ==========          ==========
</TABLE>


                                                                     (Continued)



                                       4
<PAGE>


PULITZER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(UNAUDITED--- IN THOUSANDS, EXCEPT SHARE DATA)

<TABLE>
<CAPTION>
                                                                               Mar 31,           Dec. 30,
                                                                                2002               2001
                                                                            ----------         ----------
<S>                                                                         <C>                <C>

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Trade accounts payable                                                        $8,907            $10,761
  Salaries, wages and commissions                                               11,464             13,825
  Interest payable                                                               4,399              4,399
  Pension obligations                                                            1,738              4,678
  Acquisition payable                                                            9,707              9,707
  Dividends payable                                                              3,719                  0
  Other                                                                          8,994              8,164
                                                                            ----------         ----------
              Total current liabilities                                         48,928             51,534
                                                                            ----------         ----------

LONG-TERM DEBT                                                                 306,000            306,000
                                                                            ----------         ----------

PENSION OBLIGATIONS                                                             21,515             28,132
                                                                            ----------         ----------

POSTRETIREMENT AND POSTEMPLOYMENT
  BENEFIT OBLIGATIONS                                                           76,230             89,656
                                                                            ----------         ----------

OTHER LONG-TERM LIABILITIES                                                      7,349             16,224
                                                                            ----------         ----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
  Preferred stock, $.01 par value; 100,000,000 shares authorized;
    Issued and outstanding - none
  Common stock, $.01 par value; 100,000,000 shares authorized;
    issued - 9,829,546 in 2002 and 9,679,738 in 2001                                98                 97
  Class B common stock, convertible, $.01 par value; 100,000,000
    shares authorized; issued - 12,956,242 in 2002 and
    13,059,077 in 2001                                                             130                131
  Additional paid-in capital                                                   432,870            430,647
  Retained earnings                                                            430,230            430,840
  Accumulated other comprehensive loss                                          (2,482)            (2,482)
                                                                            ----------         ----------
              Total                                                            860,846            859,233
  Treasury stock - at cost; 531,796 and 529,004 shares of common
    stock in 2002 and 2001, respectively, and 1,000,000 shares of
    Class B common stock in 2002 and 2001                                      (62,139)           (61,996)
                                                                            ----------         ----------
               Total stockholders' equity                                      798,707            797,237
                                                                            ----------         ----------

                   TOTAL                                                    $1,258,729         $1,288,783
                                                                            ==========         ==========
</TABLE>

                                                                     (Concluded)


See notes to consolidated financial statements.


                                       5

<PAGE>
PULITZER INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED--- IN THOUSANDS)

<TABLE>
<CAPTION>

                                                                                   First Quarter Ended
                                                                                --------------------------

                                                                                Mar. 31,           Apr. 1,
CONTINUING OPERATIONS                                                             2002              2001
                                                                                --------           -------
<S>                                                                               <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Income from continuing operations                                               $6,823            $4,318
  Adjustments to reconcile net income to net cash provided by
    Operating activities:
    Depreciation                                                                   3,733             3,700
    Amortization                                                                   1,110             6,399
    Gain on sale of assets, net                                                        0              (653)
    Changes in assets and liabilities (net of the effects of the purchase
        And sale of properties) which provided (used) cash:
        Trade accounts receivable                                                  1,232             2,201
        Inventory                                                                    653              (414)
        Other assets                                                              (4,817)           (3,690)
        Trade accounts payable and other liabilities                             (26,590)           (6,170)
        Income taxes receivable/payable                                            5,600             2,023
                                                                                --------          --------
NET CASH FROM OPERATING ACTIVITIES                                               (12,256)            7,714
                                                                                --------          --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital expenditures                                                            (6,917)           (3,590)
  Purchase of businesses, net of cash acquired                                    (4,188)          (19,084)
  Purchases of marketable securities                                                   0           (19,824)
  Sales of marketable securities                                                       0           145,968
  Investment in joint ventures and limited partnerships                             (652)           (4,419)
  Increase in restricted cash                                                     (3,750)           (3,750)
  Increase in notes receivable                                                         0              (224)
                                                                                --------          --------
NET CASH FROM INVESTING ACTIVITIES                                               (15,507)           95,077
                                                                                --------          --------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Dividends paid                                                                  (3,714)           (3,596)
  Proceeds from exercise of stock options                                          1,542               848
  Proceeds from employee stock purchase plan                                         459                 0
  Purchase of treasury stock                                                        (143)              (30)
                                                                                --------          --------

NET CASH FROM FINANCING ACTIVITIES                                                (1,856)           (2,778)
                                                                                --------          --------

CASH FROM CONTINUING OPERATIONS                                                  (29,619)          100,013
                                                                                --------          --------


DISCONTINUED OPERATIONS
 Operating Activities
       Loss from discontinued operations                                               0            (2,163)
       Depreciation                                                                    0               154
       Amortization                                                                    0               275
       Loss on sale of newspaper assets                                                0             3,924
                                                                                --------          --------
NET CASH FROM OPERATING ACTIVITIES                                                     0             2,190

Investing Activities
        Capital expenditures                                                           0               (15)
         Sale of properties                                                            0            17,706
                                                                                --------          --------
NET CASH FROM INVESTING ACTIVITIES                                                     0            17,691
                                                                                --------          --------

CASH FROM DISCONTINUED OPERATIONS                                                      0            19,881
                                                                                --------          --------

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                             (29,619)          119,894

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                   193,739            67,447
                                                                                --------          --------

CASH AND CASH EQUIVALENTS AT END OF PERIOD                                      $164,120          $187,341
                                                                                ========          ========

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
  Cash paid (received) during the period for:
    Interest paid                                                                 $5,717            $6,202
    Interest received                                                             (1,088)           (4,140)
    Income taxes                                                                       4                 2
    Income tax refunds                                                            (1,064)              (15)

SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING
  AND FINANCING ACTIVITIES:
  Increase in Dividends Payable and decrease in Retained Earnings                 $3,719            $3,598

</TABLE>


See notes to consolidated financial statements.

                                       6
<PAGE>


PULITZER INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1.      SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Pulitzer Inc. (the "Company") reports on a fiscal year ending the last Sunday in
the calendar year. For fiscal 2002, the first quarter began on December 31, 2001
and ended on March 31, 2002. For fiscal 2001, the first quarter began on January
1, 2001 and ended on April 1, 2001.

Basis of Consolidation - The consolidated financial statements include the
accounts of the Company and its subsidiary companies, all of which are
wholly-owned except for the Company's 95 percent interest in the results of
operations of the St. Louis Post-Dispatch LLC. All significant intercompany
transactions have been eliminated from the consolidated financial statements.

Revenue Recognition - Advertising revenue is recognized when ads are published.
Circulation revenue is recognized when the newspaper is delivered to the
customer. Other revenue is recognized when the product or service has been
delivered.

Inventory Valuation - In the first quarter of fiscal 2002, the Company changed
its method of determining the cost of newsprint inventories from the last-in,
first-out (LIFO) method to the first-in, first-out (FIFO) method. The Company
believes that the FIFO method better measures the current value of such
inventories and provides a more appropriate matching of revenues and expenses.
The effects of this change was immaterial to the financial results of the prior
reporting periods of the Company and therefore did not require retroactive
restatement of the results for those periods.

Interim Adjustments - In the opinion of management, the accompanying unaudited
consolidated financial statements contain all adjustments, consisting only of
normal recurring adjustments, necessary to present fairly the Company's
financial position as of March 31, 2002 and the results of operations and cash
flows for the three-month periods ended March 31, 2002 and April 1, 2001. These
financial statements should be read in conjunction with the audited consolidated
financial statements and related notes thereto included in the Company's Annual
Report on Form 10-K for the fiscal year ended December 30, 2001. Results of
operations and cash flows for interim periods are not necessarily indicative of
the results to be expected for the full year.

Earnings Per Share of Stock - Basic earnings per share of stock is computed
using the weighted average number of common and Class B common shares
outstanding during the applicable period. Diluted earnings per share of stock is
computed using the weighted average number of common and Class B common shares
outstanding and common stock equivalents (primarily outstanding stock options).
Weighted average shares used in the calculation of basic and diluted earnings
per share are summarized as follows:

<TABLE>
<CAPTION>
                                                       First Quarter Ended
                                                    -------------------------
                                                     Mar. 31,       Apr. 1,
                                                       2002          2001
                                                    -----------   -----------
                                                         (In thousands)
<S>                                                 <C>           <C>
Weighted average shares outstanding (Basic EPS)         21,234        21,169

Common stock equivalents                                   224           209
                                                    ----------    ----------

Weighted average shares outstanding and
    common stock equivalents (Diluted EPS)              21,458        21,378
                                                    ==========    ==========
</TABLE>

Stock option equivalents included in the diluted earnings per share calculation
were determined using the treasury stock method. Under the treasury stock
method, outstanding stock options are dilutive when the average market price of
the Company's common stock exceeds the option exercise price during a period. In
addition, proceeds from the assumed exercise of dilutive options along with the
related tax benefit are assumed to be used to repurchase common shares at the
average market price of such stock during the period.



                                       7
<PAGE>



Financing Arrangements - In December 2001, the Company entered into an interest
rate swap to convert $50 million of its fixed rate debt to a variable rate. The
swap is designated as a fair-value hedge, and the Company employs the shortcut
method which results in the offsetting of changes in the fair-value of the swap
and related debt.

New Accounting Pronouncements - In July 2001, the Financial Accounting Standards
Board issued Statement of Financial Accounting Standards ("SFAS") No. 141,
Business Combinations ("SFAS No. 141") and SFAS No. 142, Goodwill and Other
Intangible Assets. SFAS No. 141 ("SFAS No. 142") requires that all business
combinations be accounted for under the purchase method. The statement further
requires separate recognition of intangible assets that meet certain criteria.
The statement applies to all business combinations initiated after June 30,
2001. The adoption of SFAS No. 141 did not have a material impact on the results
of operations, financial position or liquidity of the Company.

Effective December 31, 2001, the Company adopted SFAS No. 142, which requires
that an intangible asset that is acquired shall be initially recognized and
measured based on its fair value. The statement also provides that goodwill and
other indefinite lived intangible assets should not be amortized, but shall be
tested for impairment annually, or more frequently if circumstances indicate
potential impairment, through a comparison of fair value to their carrying
amount.

SFAS No. 142, among other things, eliminates the amortization of goodwill and
certain identified intangible assets. Intangible assets, including goodwill,
that are not subject to amortization will be tested for impairment annually, or
more frequently if events or changes in circumstances indicate that the asset
might be impaired, using a two step impairment assessment. The first step of the
impairment test identifies potential impairment and compares the fair value with
its carrying amount, including goodwill. The Company evaluates impairment at its
St. Louis, PNI, and Tucson operating segments, which are aggregated to comprise
one reportable segment, publishing. If the fair value exceeds its carrying
amount, goodwill is not considered impaired, and the second step of the
impairment test is not necessary. If the carrying amount exceeds its fair value,
the second step of the impairment test shall be performed to measure the amount
of impairment loss, if any. In accordance with the transition provisions of SFAS
No. 142, the Company has conducted the first step of impairment tests as of
January 1, 2002. The Company assessed the fair value by considering its current
cash flows, recent purchase price paid for entities within its industry, and the
Company's market capitalization. The Company's discounted cash flow evaluation
utilizes a discount rate that corresponds to the Company's weighted average cost
of capital. Given consideration of these factors, the Company concluded that the
fair value of the operating segments exceeded the carrying amounts of its net
assets and accordingly, no impairment loss was recognized. Subsequent
impairments, if any, would be classified as an operating expense. Subsequent
impairment tests will be performed, at a minimum, in the fourth quarter of each
year, in conjunction with the Company's annual planning process.

Upon adoption of SFAS No. 142, the transition provisions of SFAS No. 141 also
became effective. These transaction provisions specify criteria for determining
whether an acquired intangible asset should be recognized separately from
goodwill. Intangible assets that meet certain criteria will qualify for
recording on the balance sheet and will be amortized in the income statement.
Such intangible assets will be subject to a periodic impairment test based on
estimated fair value. On December 31, 2001, the Company reclassified the net
carrying value of certain intangible assets in the amount of $41 million to
goodwill. Refer to note 3 for more information on the Company's goodwill and
other acquired intangible assets.

In 2001, the Company early adopted SFAS No. 144, Accounting for the Impairment
or Disposal of Long-Lived Assets. In accordance with the provisions of SFAS No.
144, the operations and related gains and losses on properties sold in 2001 have
been presented as discontinued operations in the accompanying consolidated
statements of income.

Use of Estimates - The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and reported amounts of
revenues and expenses during the reporting period. Actual results may differ
from those estimates. Significant estimates utilized in preparing the
accompanying consolidated financial statements include the Company's allowance
for doubtful accounts.



                                       8
<PAGE>



Reclassifications - Certain reclassifications have been made to the 2001
consolidated financial statements to conform with the 2002 presentation.


2.      TUCSON NEWSPAPER PARTNERSHIP

In Tucson, Arizona, a separate partnership, TNI Partners ("TNI"), acting as
agent for the Arizona Daily Star (the "Star", a newspaper owned by the Company)
and the Tucson Citizen (the "Citizen", a newspaper owned by Gannett Co., Inc.,
"Gannett"), is responsible for printing, delivery, advertising, and circulation
of the Star and the Citizen. TNI collects all of the receipts and income
relating to the Star and the Citizen and pays all operating expenses incident to
the partnership's operations and publication of the newspapers including
combined news and editorial costs. Each newspaper is solely responsible for its
own news and editorial content. Net pre-tax income or loss of TNI is allocated
equally to the Star and the Citizen. The Company's 50 percent share of TNI's
operating results is presented as a single component of operating income in the
accompanying consolidated statements of income.

Summarized financial information for TNI is as follows:

<TABLE>
<CAPTION>
                                          Mar. 31,         Dec. 30,
                                            2002             2001
                                         ---------        ---------
                                             (In thousands)
<S>                                       <C>              <C>
       Current assets                     $14,818          $15,188

       Current liabilities                 $7,727           $8,917

       Partners' equity                    $7,091           $6,271
</TABLE>


<TABLE>
<CAPTION>
                                            First Quarter Ended
                                       -------------------------------
                                          Mar. 31,          Apr. 1,
                                            2002             2001
                                       -----------        ------------
                                               (In thousands)
<S>                                      <C>              <C>
       Operating revenues                $26,338          $28,340

       Operating income                   $8,498           $9,130

        The Company's share of            $4,249           $4,565
        operating income
</TABLE>


3.       ACQUISITION AND DISPOSITION OF PROPERTIES

In the first quarter of 2001, the Company recorded a net loss of $2.2 million
related to the operation and sale of its daily newspaper located in Troy, Ohio,
the sale of its St. Louis Internet Access Provider (ISP) business and the
operation and sale of its newspaper property in Petaluma, California (the "Sale
Transactions"). These amounts are included in 2001 net income as a separate
line, "Loss from Discontinued Operations, net of Tax."

On February 1, 2001, the Company, through Pulitzer Newspapers, Inc. ("PNI") and
its wholly owned subsidiaries, (collectively, the "PNI Group"), acquired, in an
asset purchase, The Lompoc Record, a daily newspaper located in Lompoc,
California. In addition, during the first quarter of 2001, the PNI Group
acquired several weekly newspapers (in separate transactions) that complement
its daily newspapers in several markets. These acquisitions are collectively
referred to as the "PNI Acquisitions." Pro forma results for the 2001 PNI
Acquisitions and other miscellaneous acquisitions have not been provided because
the impact is not significant to the Company's operations or financial position.


                                       9
<PAGE>
GOODWILL AND OTHER INTANGIBLE ASSETS

On December 31, 2001, the Company adopted SFAS No. 142 and the transition
provisions of SFAS No. 141, as discussed in more detail in Note 1. As a result,
the Company ceased amortizing goodwill and reclassified the December 30, 2001
carrying value of certain intangible assets to goodwill. Changes in the carrying
amount of goodwill and intangible assets for the Company for the quarter ended
March 31, 2002 were as follows:

<TABLE>
<CAPTION>
     (In thousands)
                                                                  GOODWILL        INTANGIBLE ASSETS
                                                                  ---------       -----------------
<S>                                                               <C>             <C>
     Balance at December 30, 2001                                 $ 748,569             $ 83,268
     Intangible assets reclassified to goodwill                      41,034              (41,034)
     Additions during the period                                      4,188                    0
     Amortization Expense                                                 0               (1,110)
                                                                  ---------             --------
     Balance at March 31, 2002                                    $ 793,791             $ 41,125
                                                                  =========             ========
</TABLE>

As required by SFAS No. 142, the results for the prior year's three months have
not been restated. The reconciliation of reported net income and EPS to adjusted
net income for the three months ended March 31, 2002 and April 1, 2001 was as
follows:


<TABLE>
<CAPTION>

                                                         THREE MONTHS ENDED
                                                    -----------------------------
     (In thousands, except share data)
                                                   MAR. 31, 2002    APR. 1, 2001
<S>                                                  <C>              <C>
     Reported net income                             $   6,823         $  2,155
     Add back: goodwill amortization                         0            3,393
     Add back: intangible asset amortization                 0              219
                 reclassed to goodwill               ---------         --------

     Adjusted net income                             $   6,823         $  5,767
                                                     ---------         --------

     Basic and Diluted EPS:
     Reported net income per share                   $    0.32         $   0.10
     Add back: goodwill amortization                         0             0.16
     Add back: intangible asset amortization                 0             0.01
                 reclassed to goodwill               ---------         --------

     Adjusted net income per share                   $    0.32         $   0.27
                                                     =========         ========
</TABLE>


     Other intangible assets at March 31, 2002 and December 30, 2001 were as
follows:

<TABLE>
<CAPTION>
     (In thousands)
                                                                 ACCUMULATED         NET
                                                     COST        AMORTIZATION        COST
                                                     ----        ------------        ----
<S>                                                <C>           <C>               <C>
     March 31, 2002
     Other intangible assets:

       Advertising base                            $ 31,816         $  4,795       $ 27,021
       Subscriber lists                              22,024            9,418         12,606
       Non-compete agreements & other                 3,278            1,780          1,498
                                                   --------         --------       --------
         Total other intangible assets             $ 57,118         $ 15,993       $ 41,125
                                                   ========         ========       ========
     December 30, 2001
     Other intangible assets:
       Advertising base                              31,816            4,416         27,400
       Subscriber lists                              22,024            8,762         13,262
       Non-compete agreements & other                46,714            4,108         42,606
                                                   --------         --------       --------
         Total other intangible assets            $ 100,554         $ 17,286       $ 83,268
                                                  =========         ========       ========
</TABLE>

     Pretax amortization expense of other intangible assets for the three months
     ended March 31, 2002 was $1.1 million and over the next five years is
     estimated to be: $4.4 million per year from 2002 through 2004, $4.3 million
     for 2005, and $4.1 million for 2006.



                                       10
<PAGE>
4.      COMMITMENTS AND CONTINGENCIES

CAPITAL COMMITMENTS

As of March 31, 2002, the Company and its subsidiaries had construction and
equipment commitments of approximately $20.6 million.

INVESTMENT COMMITMENTS

As of March 31, 2002, the Company had an unfunded capital contribution
commitment related to a limited partnership in which it is an investor of
approximately $10.5 million.

TAX CONTINGENCY

Pursuant to an Amended and Restated Agreement and Plan of Merger, dated as of
May 25, 1998 (the "Merger Agreement"), by and among Old Pulitzer, the Company
and Hearst-Argyle Television, Inc. ("Hearst-Argyle") on March 18, 1999,
Hearst-Argyle acquired, through the merger (the "Merger") of Old Pulitzer with
and into Hearst-Argyle, Old Pulitzer's television and radio broadcasting
operations (collectively, the "Broadcasting Business") in exchange for the
issuance to Old Pulitzer's stockholders of 37,096,774 shares of Hearst-Argyle's
Series A common stock. Old Pulitzer's Broadcasting Business consisted of nine
network-affiliated television stations and five radio stations owned and
operated by Pulitzer Broadcasting Company and its wholly-owned subsidiaries.
Prior to the Merger, Old Pulitzer's newspaper publishing and related new media
businesses were contributed to the Company in a tax-free "spin-off" to Old
Pulitzer stockholders (the "Spin-off"). The Merger and Spin-off are collectively
referred to as the "Broadcast Transaction."

In October, 2001, the Internal Revenue Service ("IRS") formally proposed that
Old Pulitzer's taxable income for the tax year ended March 18, 1999 be increased
by approximately $80.4 million based on the assertion that Old Pulitzer was
required to recognize a taxable gain in that amount as a result of the Spin-off.
The Company is obligated under the Merger Agreement to indemnify Hearst-Argyle
against any tax liability attributable to the Spin-off and has the right to
control any proceedings relating to the determination of such tax liability.

The Company does not believe that Old Pulitzer realized any taxable gain in
connection with the Spin-off and has contested the IRS' proposed increase in a
formal written protest filed with the Appeals Office of the IRS in January,
2002. While there can be no assurance that the Company will completely prevail
in its position, it believes that the IRS' position is not supported by the
facts or applicable legal authorities and intends to vigorously contest the IRS'
determination. It thus has not accrued any liability in connection with this
matter. If the IRS were completely successful in its proposed adjustment, the
Company's indemnification obligation would be approximately $29.3 million, plus
applicable interest, and any indemnification payment would be recorded as an
adjustment to additional paid-in capital.

PD LLC OPERATING AGREEMENT

On May 1, 2000, the Company and The Herald Company, Inc. ("Herald") completed
the transfer of their respective interests in the assets and operations of the
Post-Dispatch and certain related businesses to a new joint venture (the
"Venture"), known as PD LLC. The Company controls and manages PD LLC. Under the
terms of the operating agreement governing PD LLC (the "Operating Agreement"),
the Company holds a 95 percent interest in the results of operations of PD LLC
and Herald holds a 5 percent interest. Herald's 5 percent interest is reported
as "Minority Interest in Net Earnings of Subsidiary" in the consolidated
statements of income for 2002 and 2001. Also, under the terms of the Operating
Agreement, Herald received on May 1, 2000 a cash distribution of $306 million
from PD LLC. This distribution was financed by a $306 million borrowing by PD
LLC ("Loan"). The Company's entry into the Venture was treated as a purchase for
accounting purposes.

During the first ten years of its term, PD LLC is restricted from making
distributions (except under specified circumstances), capital expenditures and
member loan repayments unless it has set aside out of its cash flow a reserve
equal to the product of $15 million and the number of years since May 1, 2000,
but not in excess of $150 million. On May 1, 2010, Herald will have a one-time
right to require PD LLC to redeem Herald's interest in PD LLC, together with
Herald's interest, if any, in another limited liability company in which the
Company is the managing member and which is engaged in the business of
delivering publications and products in the greater St. Louis metropolitan area
("DS LLC"). The redemption price for Herald's interest will be determined
pursuant to a formula yielding an amount which will result in the present value
to May 1, 2000 of the after-tax cash flows to Herald (based on certain
assumptions) from PD LLC, including the initial distribution and the special
distribution described below, if any, and from DS LLC, being equal to $275
million. In the event that PD LLC has an increase in the tax basis of its assets
as a result of Herald's recognizing taxable income from certain transactions
effected under the agreement governing the contributions of the Company and
Herald to PD LLC and the Operating Agreement or from the transactions effected
in connection with the organization of DS LLC, Herald generally will be entitled
to receive a special distribution from PD LLC in an amount that corresponds,
approximately, to the present value after-tax benefit to the members of PD LLC
of the tax basis increase. Upon the termination of PD LLC and DS LLC, which will
be on May 1, 2015 (unless Herald exercises the redemption right described
above), Herald will be entitled to the liquidation value of its interest in PD
LLC and DS LLC. The Company may purchase Herald's interest at that time for an
amount equal to what Herald would be entitled to receive on liquidation of PD
LLC and DS LLC. That amount will be equal to the amount of its capital accounts,
after allocating the gain or loss that would result from a cash sale of PD LLC's
and DS LLC's assets for their fair market value at that time. Herald's share of
such gain or loss generally will be 5 percent, but will be reduced (but not
below 1 percent) to the extent that the present value to May 1, 2000 of the
after-tax cash flows to Herald from PD LLC and from DS LLC, including the
initial distribution, the special distribution described above, if any, and the
liquidation amount (based on certain assumptions), exceeds $325 million.

LEGAL CONTINGENCIES

In February, 1998, a group of independent newspaper dealers engaged in the
business of reselling the St. Louis Post-Dispatch in vending machines and to
retail establishments, filed suit against the Company in the Missouri Circuit
Court, Twenty-Second Judicial Circuit (St. Louis City). The court has dismissed
four of the six counts in the suit. In the remaining counts, the plaintiffs
allege that the Company's actions have tortiously interfered with their business
expectancy of being able to sell their branches and constituted malicious
trespass on their intangible property by, among other things, allegedly reducing
the value of their routes. The plaintiffs seek punitive damages with respect to
the tortious interference count and statutory double damages if they should
prevail on the malicious interference count. The plaintiffs cite as harmful acts
the Company's purchase of various home delivery routes and branches, the
Company's home subscription pricing compared to its single copy pricing, and
allegedly more favorable rates, fees and allowances that the Company provides to
its carriers and other branch dealers. The Company has denied any liability, is
vigorously defending the suit and believes that it has meritorious defenses.
While the ultimate outcome of litigation cannot be predicted with certainty,
management, based on its understanding of the facts, does not believe the
ultimate resolution of these matters will have a materially adverse effect on
the Company's consolidated financial condition. However, depending upon the
period of resolution, such effects could be material to the financial results of
an individual period.


                                       11
<PAGE>


The Company has been involved, from time to time, in various claims and lawsuits
incidental to the ordinary course of its business, including such matters as
libel, slander and defamation actions, complaints alleging discrimination, and
product distribution practices. While the ultimate outcome of litigation cannot
be predicted with certainty, management, based on its understanding of the
facts, does not believe the ultimate resolution of these matters will have a
materially adverse effect on the Company's consolidated financial condition or
results of operations.

5.       OPERATING REVENUES

The Company's consolidated operating revenues consist of the following:

<TABLE>
<CAPTION>
                                                First Quarter Ended
                                              -----------------------
                                              Mar. 31,        Apr. 1,
                                               2002            2001
                                              -------        --------
                                                 (In thousands)
<S>                                           <C>             <C>
Combined St. Louis operations                 $72,469         $74,607

Pulitzer Newspapers, Inc.                      27,574          26,716
                                             --------        --------

    Total                                    $100,043        $101,323
                                             ========        ========

</TABLE>

                                   * * * * * *

                                       12
<PAGE>


ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
           RESULTS OF OPERATIONS

Statements in this Quarterly Report on Form 10-Q 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), 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 including this Quarterly Report on Form 10-Q. 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.

GENERAL

Pulitzer Inc. (the "Company") is a newspaper publishing company with related
Internet operations in 14 markets, the largest of which is St. Louis, Missouri.
For the first quarter of 2002, the Company's combined St. Louis operations
contributed over 64 percent of total revenue including revenue associated with
the Company's operations in Tucson, Arizona.

Pulitzer Inc. is the successor to the company founded by the first Joseph
Pulitzer in 1878 to publish the original St. Louis Post-Dispatch (the
"Post-Dispatch"). The Company and its predecessors have operated continuously
since 1878 under the direction of the Pulitzer family. Michael E. Pulitzer, a
grandson of the founder, currently serves as Chairman of the Board of the
Company.

The Company is engaged in newspaper publishing and related "new media"
businesses. Its newspaper operations include operations in St. Louis, Missouri,
where the Company publishes the Post-Dispatch, the only major daily newspaper
serving the greater St. Louis metropolitan area and the Suburban Journals, a
group of 37 weekly newspapers and niche publications that provide comprehensive
community-oriented local news packages to the communities that they serve, and
in Tucson, Arizona, where the Company publishes the Arizona Daily Star (the
"Star"). In Tucson, the Company shares, on an equal basis, the combined results
of the Star and the Tucson Citizen, published by Gannett. The Company's St.
Louis and Tucson newspapers have weekly "total market coverage" sections that
provide advertisers with market saturation, and both offer alternative delivery
systems that provide advertisers with either targeted or total market coverage.

The Company owns and operates electronic news, information and communication Web
sites in each of its markets, including STLToday.com, the preeminent local
Internet site in St. Louis, and, in partnership with Gannett, AZStarnet.com, one
of Tucson's leading local Internet sites.

The Company's operating revenues are significantly influenced by a number of
factors, including overall advertising expenditures, the appeal of newspapers in
comparison to other forms of advertising, the performance of the Company in
comparison to its competitors in specific markets, the strength of the national
economy and general economic conditions and population growth in the markets
served by the Company.

The Company's business tends to be seasonal, with peak revenues and profits
generally occurring in the fourth and, to a lesser extent, second quarters of
each year as a result of increased advertising activity during the Christmas and
spring holiday periods. The first quarter is historically the weakest quarter
for revenues and profits.





                                       13

<PAGE>


ACQUISITION AND DISPOSITION OF PROPERTIES

In the first quarter of 2001, the Company recorded an after-tax net loss of $2.2
million related to the operation and sale of its daily newspaper located in
Troy, Ohio, and the operation and sale of its St. Louis Internet Access Provider
(ISP) business (the "Sale Transactions"). These amounts and related net
operating results are included in 2001 net income as a separate line, "Loss on
Discontinued Operations, net of Tax."

On February 1, 2001, the Company, through PNI, acquired, in an asset purchase,
The Lompoc Record, a daily newspaper located in Lompoc, California. In addition,
during the first quarter of 2001, the PNI Group acquired several weekly
newspapers (in separate transactions) that complement its daily newspapers in
several markets. These acquisitions are collectively referred to as the "PNI
Acquisitions."


CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and reported amounts of revenues and expenses during
the reporting period. Actual results may differ from those estimates.
Significant estimates utilized in preparing the accompanying consolidated
financial statements include the Company's allowance for doubtful accounts.

The valuation of the allowance for doubtful accounts associated with trade
accounts receivable is determined based on the Company's judgment involved in
the use of estimates. The Company evaluates its allowance for uncollectable
trade accounts receivable based on customers' credit history, payment trends,
and other economic factors to the extent available.

It is possible that reported results could be different based upon changes in
economic conditions which could negatively impact the creditors ability to pay.
Additionally, because of the recent acquisition of circulation routes at its St.
Louis operations, historical payment data (prior to the acquisition) is not
available and, therefore, estimates are used by management to develop payment
trends and evaluate collectibility for certain circulation receivables.

Effective January 1, 2002, the Company adopted SFAS No. 142, which requires that
an intangible asset that is acquired shall be initially recognized and measured
based on its fair value. The statement also provides that goodwill and other
indefinite lived intangible assets should not be amortized, but shall be tested
for impairment annually, or more frequently if circumstances indicate potential
impairment, through a comparison of fair value to their carrying amount.



                                       14
<PAGE>



SFAS No. 142, among other things, eliminates the amortization of goodwill and
certain identified intangible assets. Intangible assets, including goodwill,
that are not subject to amortization will be tested for impairment annually, or
more frequently if events or changes in circumstances indicate that the asset
might be impaired, using a two step impairment assessment. The first step of the
impairment test identifies potential impairment and compares the fair value with
its carrying amount, including goodwill. The Company evaluates impairment at its
St. Louis, PNI, and Tucson Operating segments, which are aggregated to comprise
one reportable segment, publishing. If the fair value exceeds its carrying
amount, goodwill is not considered impaired, and the second step of the
impairment test is not necessary. If the carrying amount exceeds its fair value,
the second step of the impairment test shall be performed to measure the amount
of impairment loss, if any. In accordance with the transition provisions of SFAS
No. 142, the Company has conducted the first step of impairment tests as of
December 31, 2001. The Company assessed the fair value by considering its
current cash flows, recent purchase price paid for entities within its industry,
and the Company's market capitalization. The Company's discounted cash flow
evaluation utilizes a discounted rate that corresponds to the Company's weighted
average cost of capital. Given consideration of these factors, the Company
concluded that the fair value of the operating segments exceeded the carrying
amounts of its net assets and accordingly, no impairment loss was recognized.
Subsequent impairments, if any, would be classified as an operating expense.
Subsequent impairment tests will be performed, at a minimum, in the fourth
quarter of each year, in conjunction with the company's annual planning process.

FIRST QUARTER ENDED MARCH 31, 2002 COMPARED WITH 2001

SUMMARY

First quarter 2002 net income was $6.8 million, or $0.32 per diluted share,
compared to $2.2 million, or $0.10 per diluted share, in the prior year. First
quarter 2001 earnings included results from newspapers in Troy, Ohio and
Petaluma, California, and the St. Louis Internet service provider (ISP)
business, all of which were sold by the Company in fiscal 2001. Excluding these
results, first quarter 2001 earnings from continuing operations were $4.3
million, or $0.20 per diluted share.

First quarter 2002 operating income increased to $17.1 million for the first
quarter of 2002 from $11.0 million in the prior year. The increase in operating
income was due principally to the elimination of $5.3 million of amortization of
certain intangible assets in 2002, and lower newsprint costs, including a 20.4
percent reduction in the price per metric ton of newsprint compared to the first
quarter of 2001.

These expense savings were partially offset by increased employee benefit costs,
a K-mart related bad debt provision, and higher transition-related circulation
expenses incurred during the process of rationalizing circulation distribution
operations in St. Louis.

REVENUE

Revenues from continuing operations for the quarter ended March 31, 2002
decreased 1.3 percent, to $100.0 million from $101.3 million in 2001. The
decrease primarily reflected continued weakness in classified revenues,
particularly in the help wanted category, partially offset by better than
expected retail results in St. Louis and at the PNI Group, and stronger national
sales in the combined St. Louis operations. On a comparable basis, excluding the
results of properties acquired in 2001 for comparable non-ownership periods,
revenues for the first quarter of 2002 decreased 1.9 percent to $99.4 million
from $101.3 million in 2001.

Advertising revenues decreased by $1.3 million, or 1.7 percent, in the first
quarter of 2002. On a comparable basis, excluding the results of properties
acquired from both years for comparable non-ownership periods, advertising
revenues for the first quarter declined 2.2 percent, reflecting weakness in
classified, particularly help wanted, advertising. For the first quarter of
2002, help wanted advertising revenue in the St. Louis Post-Dispatch was down
34.7 percent from the prior year period.


                                       15
<PAGE>



Circulation revenues increased $0.1 million, or 0.7 percent, in the first
quarter of 2002. The higher circulation revenues resulted primarily from revenue
increases at the Post-Dispatch. On a comparable basis, excluding the results of
properties acquired in 2001 for comparable non-ownership periods, circulation
revenue increased by 0.4 percent, in the first quarter of 2002.

OPERATING EXPENSE

Operating expenses decreased 8.1 percent to $87.2 million for the first quarter
of 2002 from $94.9 million in the first quarter of 2001. Expenses were lower for
two principal reasons: the absence of $5.3 million in amortization expense due
to the elimination of amortization of certain intangible assets in 2002, and
lower newsprint pricing and volume, which resulted in newsprint expense savings
of $4.0 million or about 27 percent, largely on the strength of a 20.4 percent
reduction in price.

On a comparable basis, excluding the results of properties acquired in 2001 for
comparable non-ownership periods, and the elimination of amortization of certain
intangible assets in 2001, operating expenses decreased by 3.4 percent to $86.5
million from $89.6 million in 2001. In the first quarter of 2002, the Company
benefited from reductions in both wage costs, which decreased 2.4 percent on a
comparable basis, and lower newsprint costs. These expense savings were
partially offset by increased employee benefit costs, which rose 15.5 percent, a
K-mart related bad debt provision of approximately $0.5 million, and higher
transition-related circulation expenses incurred during the process of
rationalizing the Company's St. Louis circulation distribution operations.
Combined St. Louis and PNI employment levels declined by 3.5 percent from the
first quarter of 2001.

Equity in the earnings of the Tucson newspaper partnership for the first quarter
of 2002 decreased 6.9 percent to $4.2 million from $4.6 million in the first
quarter of 2001. The decrease primarily reflected weak demand in retail and
classified, particularly help wanted, advertising. For the first quarter of
2002, help wanted advertising revenue in Tucson was down 31.9 percent from the
prior year. The decrease in advertising revenue was partially offset by a
decline in expenses of 6.3 percent in the first quarter of 2002.

OPERATING INCOME

For the first quarter of 2002, the Company reported operating income from
continuing operations of $17.1 million compared to $11.0 million in the prior
year quarter. This increase in 2002 first-quarter operating income primarily
reflected the decrease in newsprint costs and the absence of $5.3 million due to
the elimination of amortization on certain intangible assets in 2002.

On a comparable basis, excluding the results of properties acquired in 2001 for
comparable non-ownership periods, and the elimination of amortization of certain
intangible assets in 2002, operating income increased by 4.5 percent to $17.1
million from $16.3 million in 2001.

NON-OPERATING ITEMS

Interest income for the first quarter of 2002 decreased to $1.0 million from
$2.5 million in the prior year quarter. This decline resulted, principally, from
lower average interest rates and a $30 million decrease in funds invested.

The Company reported interest expense of $5.7 million in the first quarter of
2002. Interest expense is comprised of $6.2 million in interest expense
resulting from the $306 million of long-term debt, partially offset by the
impact of the Company's December 2001 interest rate swap.

The Company reported a loss on marketable securities and investments of $0.8
million in the first quarter of 2002 compared with a net gain of $0.6 million in
the prior year quarter. The current quarter loss resulted from an adjustment to
the carrying value of two Internet investments. The prior year loss was due to a
gain on marketable securities of $0.7 million and the write-off of a portion of
a non-operating minority investment of $0.1 million.

The effective income tax rate for the first quarter of 2002 was 38.5 percent
compared with a rate of 39.6 percent in the prior year. The lower effective tax
rate in the first quarter of 2002 resulted primarily from the absence of
nondeductible goodwill amortization in 2002.


                                       16
<PAGE>



INCOME FROM CONTINUING OPERATIONS

The Company reported income from continuing operations of $6.8 million, or $0.32
per diluted share for the first quarter of 2002, compared with income of $4.3
million, or $0.20 per diluted share in 2001. The increase in 2002 income from
continuing operations primarily reflects decreased operating expenses from lower
newsprint costs and the absence of $5.3 million due to the elimination of
amortization of certain intangible assets in 2002. These expense savings were
partially offset by a $1.3 million decline in operating revenues, principally
due to continued weakness in help wanted classified.

DISCONTINUED OPERATIONS

The Company reported no discontinued operations impact during the first quarter
of 2002 compared to a loss of $2.2 million, or ($0.10) per diluted share, in
2001. The 2001 $2.2 million loss is related to the Company's sale and operation
of its daily newspaper located in Troy, Ohio, and the sale of its St. Louis
Internet Access Provider (ISP) business (the "Sale Transactions"). These amounts
are included in 2001 net income as a separate line, "Loss on Discontinued
Operations, net of Tax."


LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2002, the Company had an unrestricted cash balance of $164.1
million compared with a unrestricted balance of $193.7 million as of December
30, 2001. The decrease in cash results from, principally, the funding of certain
employee benefit obligations, capital project spending, the largest of which is
the expanded production facilities in St. Louis, and restricted cash
requirements under the Company's debt covenants, and the purchase of businesses
in St. Louis.

At both March 31, 2002 and December 30, 2001, the Company had $306 million of
outstanding debt pursuant to a loan agreement between St. Louis Post-Dispatch
LLC ("PD LLC") and a group of institutional lenders led by Prudential Capital
Group (the "Loan"). The aggregate principal amount of the Loan is payable on
April 28, 2009 and bears interest at an annual rate of 8.05 percent.

In December 2001, the Company entered into an interest rate swap contract to
convert $50 million of the Company's fixed rate debt to a variable rate. The
interest rate swap has a $50 million notional amount and matures on April 28,
2009. Under the terms of this contract, the Company pays interest at a variable
rate based upon LIBOR plus 2.365 percent and receives interest at a fixed rate
of 8.05 percent. The floating interest rate re-prices semiannually. The impact
of the swap results in approximately 16.3 percent of the Company's long-term
debt being subject to variable interest rates.

The agreements with respect to the Loan (the "Loan Agreements") contain certain
covenants and conditions including the maintenance of cash flow and various
other financial ratios, minimum net worth requirements and limitations on the
incurrence of other debt. In addition, the Loan Agreements and the PD LLC
Operating Agreement require that PD LLC maintain a minimum reserve balance
consisting of cash and investments in U.S. government securities, totaling
approximately $28.6 million as of March 31, 2002. The Loan Agreements and the
Operating Agreement provide for a $3.75 million quarterly increase in the
minimum reserve balance through May 1, 2010 when the amount will total $150
million.

The Company expects to spend approximately $30 million on building and equipment
in 2002. As of March 31, 2002, the Company had remaining capital commitments for
buildings and equipment replacements of approximately $20.6 million, which
includes an estimated $11 million for a Post-Dispatch plant expansion project.
The total cost of the Post-Dispatch plant expansion project, which is expected
to be completed in late 2002, is estimated to be approximately $17 million. In
addition, as of March 31, 2002, the Company had a capital contribution
commitment of approximately $10.5 million related to a limited partnership
investment.

In order to build a stronger, more direct relationship with the readers of the
Post-Dispatch, PD LLC has purchased a number of circulation routes from
independent carriers and dealers over the past two years and it may continue to
purchase additional routes from time to time in the future. As of March 31,
2002, PD LLC owned circulation routes covering approximately 66 percent of the
Post-Dispatch's home delivery distribution in the newspaper's designated market.


                                       17
<PAGE>



The Company's Board of Directors previously authorized the repurchase of up to
$100 million of the Company's outstanding capital stock. The Company's
repurchase program provides for the purchase of both common and Class B common
shares in either the open market or in privately negotiated transactions. As of
March 31, 2002, the Company had repurchased under this authority 1,000,000
shares of Class B common stock and 531,796 shares of common stock for a combined
purchase price of approximately $62 million, leaving approximately $38 million
in remaining share repurchase authority.

The Company generally expects to generate sufficient cash from operations to
cover capital expenditures, working capital requirements and dividend payments.
Operating cash flows are dependent upon, among other things, the continued
acceptance of newspaper advertising at current or increased levels and the
availability of raw materials, principally newsprint.

Merger Agreement Indemnification

Pursuant to the Merger Agreement, the Company is obligated to indemnify
Hearst-Argyle against losses related to: (i) on an after tax basis, certain tax
liabilities, including (A) any transfer tax liability attributable to the
Spin-off, (B) with certain exceptions, any tax liability of Old Pulitzer or any
subsidiary of Old Pulitzer attributable to any tax period (or portion thereof)
ending on or before the closing date of the Merger, including tax liabilities
resulting from the Spin-off, and (C) any tax liability of the Company or any
subsidiary of the Company; (ii) liabilities and obligations under any employee
benefit plans not assumed by Hearst-Argyle, and (iii) certain other matters as
set forth in the Merger Agreement.

In October 2001, the IRS formally proposed that Old Pulitzer's taxable income
for the tax year ended March 18, 1999 be increased by approximately $80.4
million based on the assertion that Old Pulitzer was required to recognize a
taxable gain in that amount as a result of the Spin-off.

Because the Company disagrees with the IRS' position and, in fact, believes that
Old Pulitzer did not realize any taxable gain in connection with the Spin-off,
the Company has contested the IRS' proposed increase in a formal written protest
filed with the Appeals Office of the IRS in January 2002. While there can be no
assurance that the Company will completely prevail in its position, it believes
that the IRS' position is not supported by the facts or applicable legal
authorities and intends to vigorously contest the IRS' determination. It thus
has not accrued any liability in connection with this matter. If the IRS were
completely successful in its proposed adjustment, the Company's indemnification
obligation would be approximately $29.3 million, plus applicable interest, and
any indemnification payment would be recorded as an adjustment to additional
paid-in capital.


PD LLC OPERATING AGREEMENT

On May 1, 2000, the Company and The Herald Company, Inc. ("Herald") completed
the transfer of their respective interests in the assets and operations of the
Post-Dispatch and certain related businesses to a new joint venture (the
"Venture"), known as PD LLC. The Company controls and manages PD LLC. Under the
terms of the operating agreement governing PD LLC (the "Operating Agreement"),
the Company holds a 95 percent interest in the results of operations of PD LLC
and Herald holds a 5 percent interest. Herald's 5 percent interest is reported
as "Minority Interest in Net Earnings of Subsidiary" in the consolidated
statements of income for 2002 and 2001. Also, under the terms of the Operating
Agreement, Herald received on May 1, 2000 a cash distribution of $306 million
from PD LLC. This distribution was financed by a $306 million borrowing by PD
LLC ("Loan"). The Company's entry into the Venture was treated as a purchase for
accounting purposes.


                                       18
<PAGE>



During the first ten years of its term, PD LLC is restricted from making
distributions (except under specified circumstances), capital expenditures and
member loan repayments unless it has set aside out of its cash flow a reserve
equal to the product of $15 million and the number of years since May 1, 2000,
but not in excess of $150 million. On May 1, 2010, Herald will have a one-time
right to require PD LLC to redeem Herald's interest in PD LLC, together with
Herald's interest, if any, in another limited liability company in which the
Company is the managing member and which is engaged in the business of
delivering publications and products in the greater St. Louis metropolitan area
("DS LLC"). The redemption price for Herald's interest will be determined
pursuant to a formula yielding an amount which will result in the present value
to May 1, 2000 of the after-tax cash flows to Herald (based on certain
assumptions) from PD LLC, including the initial distribution and the special
distribution described below, if any, and from DS LLC, being equal to $275
million. In the event that PD LLC has an increase in the tax basis of its assets
as a result of Herald's recognizing taxable income from certain transactions
effected under the agreement governing the contributions of the Company and
Herald to PD LLC and the Operating Agreement or from the transactions effected
in connection with the organization of DS LLC, Herald generally will be entitled
to receive a special distribution from PD LLC in an amount that corresponds,
approximately, to the present value after-tax benefit to the members of PD LLC
of the tax basis increase. Upon the termination of PD LLC and DS LLC, which will
be on May 1, 2015 (unless Herald exercises the redemption right described
above), Herald will be entitled to the liquidation value of its interest in PD
LLC and DS LLC. The Company may purchase Herald's interest at that time for an
amount equal to what Herald would be entitled to receive on liquidation of PD
LLC and DS LLC. That amount will be equal to the amount of its capital accounts,
after allocating the gain or loss that would result from a cash sale of PD LLC's
and DS LLC's assets for their fair market value at that time. Herald's share of
such gain or loss generally will be 5 percent, but will be reduced (but not
below 1 percent) to the extent that the present value to May 1, 2000 of the
after-tax cash flows to Herald from PD LLC and from DS LLC, including the
initial distribution, the special distribution described above, if any, and the
liquidation amount (based on certain assumptions), exceeds $325 million.


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<PAGE>
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The primary raw material used in the Company's operations is newsprint,
representing 12.1 to 18.9 percent of operating expenses over the last five
years. For the first quarter of 2002, the Company's newsprint cost, including
its 50 percent share related to the operations of TNI Partners, was
approximately $12.2 million. Based on the Company's current level of newspaper
operations, expected annual newsprint consumption for 2002 is estimated to be in
the range of 110,000 metric tons. Historically, newsprint has been subject to
significant price fluctuations from year to year, unrelated in many cases to
general economic conditions. In the last five years, the Company's average
annual cost per ton of newsprint has varied from its peak price by approximately
20 percent. For the first quarter of 2002, the Company's average cost per metric
ton of newsprint decreased by 20.4 percent versus the first quarter of 2001. For
every one-dollar change in the Company's average annual cost per metric ton of
newsprint, pre-tax income would change by approximately $0.1 million, assuming
annual newsprint consumption of 110,000 metric tons. The Company attempts to
obtain the best price available by combining newsprint purchases for its
different newspaper locations with those of other newspaper companies. The
Company considers its relationship with newsprint producers to be good. The
Company does not enter into derivative contracts for newsprint.

At March 31, 2002, the Company had $306 million of outstanding debt pursuant to
the Loan. The Loan bears interest at a fixed annual rate of 8.05 percent.

In December 2001, the Company entered into an interest rate swap contract to
convert a portion of the Company's fixed rate debt to a variable rate. The
interest rate swap has a $50 million notional amount and matures on April 28,
2009. Under the terms of this contract, the Company pays interest at a variable
rate based upon LIBOR plus 2.365 percent and receives interest at a fixed rate
of 8.05 percent. The floating interest rate re-prices semiannually. The impact
of the swap results in approximately 16.3 percent of the Company's long-term
debt being subject to variable interest rates.

Changes in market interest rates may cause the Company to incur higher net
interest expense. For example, for every 1 percent increase in variable interest
rates, the Company would incur approximately $0.5 million in additional annual
interest expense.



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<PAGE>
                           PART II. OTHER INFORMATION


ITEM 1.    LEGAL PROCEEDINGS

     Please see Note 4 "Commitments and Contingencies" to the consolidated
financial statements included in Part I., Item 1. of this Form 10-Q.


ITEM 6.    EXHIBITS AND REPORTS ON FORM 8-K

              (a) The following exhibits are filed as part of this report:

                  10.42 - Deloitte & Touche LLP preferability letter dated
                  May 8, 2002 regarding the Company's change
                  in inventory valuation practice.

              (b) Reports on Form 8-K. The Company did not file any Reports on
                  Form 8-K during the quarter for which this report is filed.

All other items of this report are not applicable for the current quarter.


                                   SIGNATURES

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                            PULITZER INC.
                                            (Registrant)

Date:  May 13, 2002                    /s/  Alan G. Silverglat
                                 ------------------------------------
                                        (Alan G. Silverglat)
                                    Senior Vice-President-Finance
                                  (on behalf of the Registrant and
                                   as principal financial officer)


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<PAGE>



                                  EXHIBIT INDEX


10.42 - Deloitte & Touche LLP preferability letter dated May 8, 2002 regarding
the Company's change in inventory valuation practice.





















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