Sci-tech

Lee Reports Lower Revenue & Income

Lee Reports Lower Revenue & Income”

Net income for the period ended September 24 was $3.501 million, or 6 cents per share. For the fiscal year, earnings totaled $28.6 million, or 50 cents per diluted common share, compared to $36.0 million, or 64 cents per diluted common share, in the prior year.

Total operating revenue for the quarter fell 5.4 percent to $140.2 million, the Davenport, Iowa-based company said Wednesday.

The $20.1 million (quarter) and $68.8 million (year) reduction in debt has reduced interest expense for the media company by $6.7 million in the last 12 months.

Digital advertising revenue continues to rise.

The company continues to cut expenses - operating expenses were down 9.7 percent in the quarter. Monthly page views of Lee mobile, tablet, desktop and app sites averaged 244.2 million, an increase of 11.6 percent over the prior year quarter.

Lee owns a total of 50 local newspapers, including the Quad City Times, Argus and Dispatch, and Muscatine Journal, plus weekly and specialty publications.

He said total revenue was down 6.8 percent in the fourth quarter, and decreased 7.1 percent for the fiscal year.

Mowbray says digital advertising now makes up almost 28 percent of total advertising revenue for Lee. For information on the call, go to quarterly call.

Now insiders hold 5,450,719 shares in the business which makes up 9.61% of shares. Get twice-daily updates on what the St. Louis business community is talking about.



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