Date

Tue - 21.11.2017


Lee Enterprises

US newspaper companies aren’t off to a great start this fiscal year, with both Lee Enterprises and Gannett Co. reporting large quarterly losses.

Lee revealed that the company lost $26.6 million for the second fiscal quarter ending March 25, or the equivalent of 54 cents lost per share, The Washington Post reported. Last year at this time, Lee reported a loss of $1.3 million, or 3 cents per share.

The vast losses can be contributed to refinancing and reorganization costs, according to a press release. Taking those costs out of the equation, the adjusted loss was 3 cents per share, the press release said.

Operating revenue decreased by 3.6% to $172.3 million, the press release said. While combined print and digital advertising revenue fell 5.3%, digital ad revenue rose by 9.9%.

Author

Gianna Walton

Date

2012-04-18 12:24

Lee Enterprises announced its 4Q results, with total revenues down 14 percent year-over-year, to US$209.8 million. However, it is a great improvement over the U.S. publisher's recent performance, Media Post reported.

Total revenues dropped 19.7 percent in 1Q year-over-year, 20.5 percent in 2Q and 20 percent in 3Q. In the first nine month of 2009, total revenues were down 20 compared to the same period one year ago.

In the full year of 2009, Lee's total operating revenues decreased 18.2 percent to $842 million.

However, although its ad revenues in 1Q of 2010 were down 16.4 percent year-over-year, it is a huge improvement from a 23.8 percent drop in the previous quarter. "This improvement appears to be continuing into January and February," CEO Mary Junck said in a statement.

Lee, just like other players, has been reducing costs to deal with a prolonged downturn and the ad revenue slump. It cut 1,000 jobs last year and has also outsourced some operations including printing and delivery, Miami Herald reported.

Lee shares increased 42 cents to $4.47 in Tuesday morning trading.

Author

Erina Lin

Date

2010-01-20 20:21

A judge's ruling in Arizona yesterday found no violations of anti-trust laws on the part of the Tucson Citizen's parent company, Gannett Co., The Associated Press reported Wednesday. The judge's decision means the Tucson Citizen, which printed the last edition in its 138-year history on Saturday, will remained closed.

While the state accused Gannett Co. and Lee Enterprises Inc., owners of Tucson's other daily the Arizona Daily Star, of creating a monopoly by shutting down the Citizen, the parent companies maintained that their decision to shut down the paper was protected by their mutual Joint Operating Agreement, which assured the companies shared business operations.

Ultimately, U.S. District Judge Raner Collins ruled against the state, writing, "while regrettable that the Citizen's illustrious legacy must come to an end, it can not be said at this time, the decision to close the Citizen involves an anti-trust violation."

The state has yet to decide if it will appeal the court's decision, the AP reported.

As for Gannett Co. and Lee Enterprises Inc., despite the termination of their JOA, the comapnies will still share operating costs and revenue from the Citizen's online content as well as the Daily Star, according to the AP report.

Author

Leah McBride Mensching

Date

2009-05-20 08:41

A federal judge is set to make a decision as to whether or not the Tucson Citizen is to restart publication after printing its final edition Saturday the The Associated Press reported.

The lawsuit, filed by Arizona Attorney General Terry Goddard, claims that the Tucson Citizen's parent company, Gannett Co. and the publisher of the Arizona Daily Star, Lee Entreprises Inc., violated antitrust laws when they put an end to the Tucson Citizen and, consequently, their joint operating agreement.

The chief of the Atty. Gen.'s lawsuit unit, Nancy Bonnell, said the closure of the Citizen resulted in an absence of competition and the elimination of an alternate opinion within the community, according to the AP article, posted by Forbes.

Lawyers disputing the suit claim that potential buyers for the paper were not able to propose attractive enough offers, resulting in the closure of the Citizen.

Author

Leah McBride Mensching

Date

2009-05-19 13:57

Lee Enterprises Inc. announced its first-quarter earnings Tuesday, which showed its profit down 69 percent on an aggravated ad sales slump, The Associated Press reported.

Net income after paying preferred dividends decreased from US$22.1 million, or 48 cents per share, to $6.8 million, or 15 cents per share year-over-year.

Excluding a $2.2 million write-down for unused equipment and other items, earnings equaled 21 cents per share in the period. The results are "preliminary and don't include the potential impact of impairment charges," according to the company.

Revenue was down 13 percent to $243.6 million, mostly due to the 15 percent decline on advertising sales, which accounted for $184.6 million in the quarter. Employment ad sales plummeted about 44 percent, real estate ads were down 30 percent and auto ads lost more than 26 percent, according to the AP article posted on Google.

The company is slashing costs by laying off more than 10 percent of its staff during the quarter. More cuts will be announced soon, according to Chairman and Chief Executive Mary Junck in a statement.

Lee Enterprises has also outsourced or combined some of its printing and distribution operations, the AP reported.

Author

Erina Lin

Date

2009-01-21 21:21

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