Daily Dispatch/Argus

Lee Enterprises, Inc. – parent company of the Quad City Times and Dispatch/Argus newspapers – slashed compensation costs by $12 million in the third quarter, but still lost $2 million during the three-month period ended June 29.

The company narrowed its third quarter red ink from a year ago, a loss of 31 cents per share ($2 million) compared to a loss of 73 cents per share ($4.4 million) for the same period a year ago.

Lee Enterprises, Inc. – calling itself a high quality and trusted source of news – issued a news release last week about its second quarter earnings without stating it lost $2.06 per share ($12.2 million) for the three-month period ended March 24.

The owner of the QC Times and Daily Dispatch/Argus and 70 other newspapers and online news site detailed its digital revenues, digital subscriptions, digital subscribers and digital advertising and marketing service in the news release.

But the company omitted stating it lost money during the second quarter, more than double its $1.01 loss ($5.9 million) loss a year ago. (The actual earnings numbers for the period are contained in the financial statement of operations – required by the Security and Exchange Commission – and attached to the news release narrative.)

Amid a steep fall-off in earnings, forced unpaid furloughs across its 77 news properties, significant staff cuts and a continued stock price decline, top Lee Enterprise, Inc. executives received increased compensation packages from 7 to 62 percent during 2022.

The executive compensation detailed in the company's proxy to shareholders, shows President and CEO Kenneth Mowbray's total compensation went up 7.2 percent to $2.33 million. Vice President and Chief Financial Officer Timothy Millage had his compensation upped 33 percent to $1.05 million. Operating Vice President and Vice President - Audience Strategy Nathan E. Bekke's compensation package increase 62 percent to $1.12 million.

And, past CEO Mary E. Junck, who serves as executive chair of the board of directors, received a $30,000 hike in her compensation to $430,000 ($250,000 in fees paid in cash and $180,000 in stock awards).

For the company's fiscal year ended Sept. 25, 2022, Lee lost 35 cents per share compared with a gain of $3.98 per share for the previous fiscal year.