Lee Enteprises, publisher of the Quad City Times and Muscatine Journal, posted a $1.49 million profit for the second quarter ended March 30 despite a 4 percent drop in revenues compared with the same period last year.
Lee reported Thursday (5/8) earnings of 3 cents per share, $1.49 million, for the quarter, compared with a loss of $6 million, 12 cents a share, for the same period in 2013. Operating revenues for the second quarter totaled $154.1 million, down 4 percent from the $160.6 million in quarterly revenues last year.
"Our business transformation initiatives continue to create efficiencies," Lee Chairman and CEO Mary Junck said in the company's earnings news release, "driving cash costs down almost 6 percent in the quarter and creating an increase in operating cash flow over the prior year."
An 8 percent decline in the number of full-time employees, from 4,770 at the end of March 2013 to 4,486 at the end of March this year, helped lower the company's cash costs, along with a 13 percent drop in newsprint and ink expenses.