Lee Enterprises

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, 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.

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.

Despite gains in its digital advertising revenues, Lee Enterprises, Inc. today (8/3) reported overall operating revenues in the third quarter fell nearly 5 percent and net income per share was off 27 percent compared with the same period a year ago.

Lee – owner of the Quad City Times and Dispatch-Argus newspapers – had net income of $4.75 million (8 cents per share) for the three-month period ended June 24, compared with $6.29 million (11 cents per share) a year ago.