Earnings: Lee Q1 Revs Fall 5.1 Percent; Swings To Loss On Charges
This story was written by Joseph Weisenthal.
Newspaper publisher Lee Enterprises (NYSE: LEE) reported revenue of $186.1 million for the quarter ended March 30th, a 5.7 percent year-over-year decline from $197.3 million. The company lost $4.45 million ($.10 per share) in the quarter, from a profit of $11.9 million ($.26 per share), however this quarter included various non-cash or one-time charges. On an adjusted basis, the company earned $3.6 million. Lee still hasn't calculated the effect of a planned goodwill writedown, which was announced a the end of March.
The overall decline can be chalked up to the usual suspects. Advertising was down across the board, as classifieds were particularly weak. Online revenue grew 7.5 percent to $13.5 million.
Release | No call
By Joseph Weisenthal