Thursday, April 24, 2014





Lee Enterprises net income flat in fiscal 1Q


March 17. 2013 3:05AM
Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Lee Enterprises Inc., the publisher of the St. Louis Post-Dispatch and other newspapers, reported flat net income in its fiscal first quarter.


The company earned $14.6 million, or 28 cents per share, in the three months that ended on Dec. 30. In the same period a year earlier, it also earned $14.6 million but its earnings per share totaled 32 cents because it had fewer outstanding shares.


Excluding one-time items, Lee would have earned $10.5 million, 20 cents per share in the latest quarter, down from adjusted earnings of $16.8 million, or 37 cents per share, a year ago. Lee said this year's adjusted results were hurt by higher interest costs. Lee said its interest expense rose to $21.8 million from $15.3 million.


Revenue fell 3 percent to $185.5 million from $192 million a year ago. Advertising revenue fell 6 percent to $128.7 million from $137.3 million. Digital advertising revenue increased 4.8 percent to $16.3 million. Circulation revenue rose 4 percent to $46.2 million from $44.5 million. That figure includes digital subscriptions.


Operating costs fell 4 percent to $134 million from $139 million.


Lee, which emerged from a prepackaged Chapter 11 bankruptcy last year, said it repaid $29 million of debt in the quarter, bringing its balance to $916.9 million. As a result, the company said it was more than a year ahead of projections in reducing debt.


Shares of the Davenport, Iowa-based company slid a penny to $1.23 in late morning trading.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds