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Lee Enterprises execs get pay boosts despite steep earnings decline, forced furloughs in 2022

on Sat, 04/01/2023 - 02:30   by news

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.

Class action lawsuit accuses Davenport-based Lee Enterprises, Inc. of online privacy violations

on Sun, 12/25/2022 - 01:25   by Clark Kauffman

Iowa Capital Dispatch

The Iowa-based newspaper chain Lee Enterprises is facing a potential class-action lawsuit alleging it has shared readers’ personal information with Facebook in violation of federal law.

Lee publishes newspapers and other media content in 77 markets across 26 states. The company’s 10 Iowa papers include the Quad-City Times in Davenport, the Sioux City Journal, the Mason City Globe-Gazette the Waterloo-Cedar Falls Courier and the Muscatine Journal.

The lawsuit, filed this week in U.S. District Court, alleges that Lee’s news-media websites offer users the option of subscribing to newsletters or to newspapers that provide consumers with access to articles and video content in exchange for their personal information, including names and mailing addresses.

Lee Enterprises digital revenue reaches 51 percent, but company loses $269,000 in third quarter

on Wed, 08/10/2022 - 21:25   by news

For the first time, online revenue during the third quarter exceeded print income at Lee Enterprises, Inc. – owner of the Quad City Times and Daily Dispatch/Argus newspapers and online news sites.

Despite the continued growth of online revenue, the company lost 5 cents per share ($269,000) for the three-month period ended June 26. A year earlier, Lee reported third quarter earnings of 56 cents per share, or $3.23 million.

Lee Enterprises reports 20 percent decline in first quarter earnings as Alden Global pushes takeover

on Fri, 02/04/2022 - 03:04   by news

Lee Enterprises, Inc. today (2/3) reported a 20 percent decline in first quarter earnings compared with a year ago, while efforts by hedge fund Alden Global Capital to acquire the Davenport-based print and online media company intensified.

Lee – owner of the Dispatch/Argus and Quad City Times – earned $13.2 million ($2.21 per share) during the quarter ended Dec. 26, 2021, compared with $16.4 million ($2.79 per share) for the same period a year ago. The lower earnings occurred despite the inclusion of a one-time $12.3-million gain from the sale of company assets.

Meanwhile, Alden Global is seeking to replace Lee's Chairman and CEO Mary Junck and long-time board member Herbert Maloney III on the company's board of directors. Alden has submitted an alternative slate of candidates for the director slots coming up for election at the company's annual meeting to be held March 10.

Lee Enterprises touts management strategy; reports $5.3 million profit in fourth quarter ended Sept. 26

on Fri, 12/10/2021 - 23:13   by news

Lee Enterprises, Inc. – owner of the Quad City Times, Dispatch/Argus and news operations in 76 other markets – earned $5.3 million during the fourth quarter ended Sept. 26.

The positive earnings announcement Thursday (12/9) came a day after the Davenport-based company's board of directors unanimously rejected the $24-per-share buyout offer made by Alden Global Capital last month.

While the Lee earnings news release held up fourth quarter operating revenues ($194 million) and fiscal year operating revenues ($794.6 million) as signs the company's strategic plan was working, on a pro forma basis, full year operating revenues were down 3 percent compared to 2020.

Lee Enterprise, Inc. reports third quarter earnings of $3.74 million, 56 cents per share

on Sat, 08/07/2021 - 03:13   by news

Lee Enterprises, Inc. – owner of both daily newspapers in the Quad Cities – reported Thursday (7/5) it earned $3.74 million, 56 cents per share, during the third quarter ended June 27.

That compares with a loss of $727,000, 23 cents per share, for the same period a year ago.

On a pro forma basis to reflect acquisition of Berkshire Hathaway Media and Buffalo News last year, total operating revenue fell 4.7 percent and total advertising revenue was down 9.3 percent compared with the same quarter a year ago.

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

on Tue, 08/13/2019 - 02:00   by news

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

on Thu, 05/16/2019 - 21:26   by news

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

on Wed, 12/19/2018 - 01:45   by news

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).

Lee reports lower revenues, earnings in 2nd quarter

on Thu, 05/03/2018 - 21:11   by news

Lee Enterprises – owner of the Quad City Times and Dispatch-Argus newspapers – today (5/3) reported lower revenues and earnings for the second quarter despite "strong performance in digital retail."

Second quarter earnings were $2.5 million, 4 cents per share, for the quarter ended March 25, compared with $6.4 million, 11 cents per share, for the same period a year ago, according to the company news release.

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