Lee Enterprises

Lee Enterprises reports $5 million 2nd quarter loss

Lee Enterprises – owner of the Quad City Times and Dispatch/Argus – has reported a $5 million loss (9 cents per share) for the second quarter ended March 29. That was nearly double the loss ($2.3 million, 5 cents per share) for the same period a year ago.

Lee President and Chief Executive Officer Kevin Mowbray in the company's earnings news release June 18 stated he was "pleased to announce our solid second quarter financial results."

Lee Enterprises reports 49 percent drop in first quarter earnings; touts digital subscription growth

Despite a doubling of digital-only subscriptions to Lee Enterprise newspapers from a year ago, the company's first quarter earnings fell nearly 50 percent compared with the same period last year.

The company, owner of the Quad City Times and Dispatch/Argus, earned $5.7 million (9 cents per share) for the three months ended December 29, compared with $10.7 million (19 cents per share) for the same period in 2019.

Lee Enterprises to buy Berkshire Hathaway's newspaper business; $576-million Berkshire loan to finance deal and refinance existing Lee debt

Lee Enterprises announced today (1/29) it would acquire Warren Buffett's Berkshire Hathaway newspaper group for $140 million with the help of a $576-million loan from Berkshire Hathaway.

Berkshire Hathaway's newspaper group, BH Media, operates 31 daily newspapers and their online news sites, and Lee has managed those properties since July 2018.

The Berkshire Hathaway loan will not only pay for Lee's acquisition of BH Media, but refinance Lee's existing $435 million debt and provide sufficient cash to terminate Lee's existing revolving credit line.

Lee Enterprises 4th quarter earnings plunge; stock sinks more than 8 percent to $1.73 per share

The stock price of Lee Enterprises, Inc. – owner of the Quad City Times and Dispatch/Argus – fell more than 8 percent Thursday (12/12) after the Davenport-based media company reported 4th quarter net income fell 70 percent compared with the same period last year.

Net income for the fourth quarter ended Sept. 29 totaled $1.35 million (1 cent per share), compared with $4.44 million (7 cents per share) in 2018. For the full fiscal year, Lee reported net income of $15.9 million, compared with $47 million in fiscal 2018.

Lee Enterprises earns 10 cents a share in 3rd quarter despite 4 percent drop in operating revenues

Lee Enterprises – parent company to the Quad City Times and Dispatch/Argus newspapers – earned $6.17 million, 10 cents per share, during the third quarter ended June 30, up slightly from 8 cents per share for the same period a year ago.

Third quarter operating revenues totaled $127.3 million, compared with $132.6 million a year ago, a 4 percent drop, according to the Davenport-based firm that describes itself as "a leading provider of quality, trusted, local news, information and a major platform for advertising in 50 markets."

Lee Enterprises' news release buries second quarter earnings number on second page, 17th paragraph

Lee Enterprises – owner of the Quad City Times and Dispatch-Argus – reported its second quarter earnings last week (5/10), but readers had to plow through 16 paragraphs of information to find the financial bottomline buried at end of page two of the news release.

The company lost $2.7 million, 5 cents a share, in the second quarter ended March 31, compared with a gain of $2.2 million, 4 cents per share, for the same period a year ago. When including re-valuation of company stock warrants, earnings totaled $75,000, compared with $1.7 million, 3 cents per share, a year ago.

Lee Enterprises, Inc. touts 8 percent increase in digital revenue during first quarter, but total company revenues fell more than 5 percent from a year ago

Lee Enterprises, Inc. – owner of the Dispatch/Argus and QC Times newspapers – Thursday (2/7) reported first quarter earnings of $10.7 million, or 18 cents per cent share, while touting its 8 percent increase in digital advertising revenue from a year ago.

Despite the improved performance of digital advertising, Lee's total revenue fell 5.3 per cent to $136 million for the three-month period. Digital advertising now accounts for nearly 34 percent of the media company's total ad revenues, according to the Lee news release.

Proxy battle heats up for three Lee board seats

An activist shareholder who owns nearly 5 percent of Lee Enterprises, Inc. stock has stepped up his proxy fight to oust three board members – including the board chairman and the CEO/president of the Davenport-based media company.

J. Cano Cannell who operates Cannell Capital LLC Monday (1/28) filed additional reasons his firm is seeking to replace Board Chairman Mary Junck, CEO/President Kenneth Mowbray and board member Herbert Maloney at Lee's February 20 board meeting.

Activist investor seeks to remove three from Lee Enterprises' board, including chairman and CEO

A Wyoming-based activist investor – who has publicly feuded with James Cramer of CNBC's "Mad Money" – wants Lee Enterprises, Inc. shareholders to replace three members of the Davenport media company's board of directors, including chairman Mary Junck and President/CEO Kevin Mowbray.

J. Caro Cannell in a filing Wednesday (1/16/19) with the Security and Exchange Commission (SEC) labeled the Lee board "stale, lethargic and devoid of any skin in the game." He urged shareholders not to re-elect Junck, Mowbray and board member Herbert W. Maloney III at the upcoming Lee annual meeting in February. Lee owns 46 daily newspapers, including the QC Times and the Dispatch/Argus.

Lee Enterprises' print circulation falls another 8 percent; company looks to future 'inflection point' where digital revenue will surpasses print ad dollars

Lee Enterprises, Inc. Executive Chairman Mary Junck told stock analysts last week the media company – owner of the Quad City Times and Dispatch/Argus – remains "steadfast in our optimism" with "a growth strategy aimed at achieving a digital inflection point when digital-related revenues exceed print-related revenues."

The company also reported higher earnings for the fourth quarter ($4.4 million versus $3.5 million a year ago) and for the full fiscal year ($28.6 million versus $18.4 million) ended Sept. 30.

The positive comments and financial results, though, weren't enough to lift the firm's stock price, which fell to a 52-week low of $1.87 Tuesday (12/18).

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