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Lee Enterprises looks to widen use of cash beyond debt reduction; may include print, digital acquisitions

on Fri, 08/04/2017 - 00:22   by news

After reporting an upswing in third quarter earnings Thursday (8/3), Lee Enterprises, Inc. executives told analysts the company will look to widen the use of cash flow beyond debt reduction and may seek additional print or digital acquisitions.

The Davenport-based media company acquired its Quad Cities newspaper competitor, The Dispatch-Argus, in June for $7 million. The Dispatch-Argus primarily served the Illinois Quad Cities (East Moline, Moline and Rock Island), while the Quad City Times serves mainly readers in the Iowa Quad Cities (Bettendorf and Davenport).

"We expect the acquisition to be accretive to earnings and free cash flow in our September (4th) quarter," President and Chief Executive Officer Kevin Mowbray said. "The transition is off to a good start and we are pleased with the contributions we are already seeing from the Dispatch-Argus."

Bettendorf taxpayers to pay far more for sports complex streets, sewer and stormwater detention

on Fri, 07/14/2017 - 19:35   by news

Bettendorf taxpayers will pay far more for streets, sewers and stormwater detention than the $3.87 million stipulated in the contract with the Bettendorf sports complex developer.

In private 3-on-3 meetings with aldermen July 5, city officials outlined a summary of estimated infrastructure costs for the sports complex showing construction bids received so far are $844,000 above the cap set in the development agreement between the city and developer Douglas Kratz.

Ex-Davenport city administrator files libel lawsuit against Quad City Times and two reporters

on Thu, 06/22/2017 - 01:33   by Editor

In a libel lawsuit filed last week, ex-Davenport City Administrator Craig Malin claims the Quad City Times published false and misleading statements to "run him out of town" because of "his leadership in expanding access to public information, which the Quad City Times openly opposed."

The lawsuit filed June 15 in Scott County District Court names Lee Enterprises, owner of the Quad City Times, in addition to the newspaper and reporters Barb Ickes and Brian Wellner.

Lee Enterprises, Inc. to acquire Dispatch-Argus newspaper in $7.15 million transaction

on Mon, 06/19/2017 - 23:39   by Editor

More than 150 years of newspaper competition in the Quad Cities will draw to an end later this month with purchase of the Dispatch-Argus and its digital portal QCOnline.com by Lee Enterprises, Inc., owner of the Quad City Times.

The $7.15 million acquisition (including an adjustment for working capital) was announced today (6/19) and is expected to close by the end of the month.

CLICK HERE for observations on the newspaper sale by John Beydler, who recently retired from the Dispatch-Argus after a career of more than 40 years.

Anti-tax group avoids taxes faced by Iowa taxpayers; charitable endowments provide majority of funding for Iowans for Tax Relief operations

on Tue, 06/13/2017 - 22:02   by Editor

Iowa's leading anti-tax group – Iowans for Tax Relief – claims thousands of grassroots supporters but in reality the vast majority of its funds come from revenue – all untaxed – generated by multi-million dollar charitable endowments and private trusts established by the organization's founder, David M. Stanley.

Stanley, of Muscatine, died in August 2015, but his endowment funds and trusts continue to pour millions of dollars into the operation of Iowans for Tax Relief (ITR) and four other charitable organizations espousing a similar mantra of limited government and anti-tax messages, and funding like-minded conservative politicians for state and federal office.

The endowments underwrite more than a dozen management and staff positions in organizations pumping out a steady stream of propaganda on tax and government spending issues.

Davenport/Bettendorf achieve big reductions in sewage overflows; court ordered fixes address dumping of sewage into Mississippi River

on Tue, 05/09/2017 - 20:56   by Editor

Upgrades to the jointly owned Davenport/Bettendorf sewage system over the past four years has led to "marked reductions" in untreated and partially treated sewage being dumped into the Mississippi River during flooding and after heavy rainfalls.

According to the annual report to the Iowa Department of Natural Resources (IDNR) filed April 1, the improvements to the sewage treatment plant and sewage collection systems in the two communities have "reduced sewer backups and overflows.

Lee Enterprises second quarter earnings flat after adjusting for one-time insurance boost a year ago

on Thu, 05/04/2017 - 22:04   by Editor

Lee Enterprises – owner of the Quad City Times – reported second quarter earnings Thursday (5/4) of $6.4 million, down 67 percent from the same period a year ago when a one-time insurance settlement added more than $13 million to the company's bottomline.

Net income for the three months ended March 26 was 11 cents per share compared with 36 cents per share for the same period a year ago.

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