Lee Enterprises – owner of the Quad City Times and 45 other daily newspapers – posted a $3.2-million profit in its fourth quarter ended Sept. 28, and finished its fiscal year in the black for the first time since 2010.
The Davenport-based company posted a $7.7 million profit – 6 cents per share – for the 2014 fiscal year. That compares with a loss of $1.71 per share for fiscal 2013 when the firm recorded a $171-million impairment charge. For fiscal 2012, the company reported a loss of 6 cents per share.
Lee Chairman and Chief Executive Officer Mary Junck noted the company reduced its debt by $10.3 million during the fourth quarter. As of Sept. 28, Lee's debt was $804.7 million, down nearly $43 million from a year ago.