Lee Enterprises, Inc. – owner of the QC Times and Daily Dispatch/Argus – says it hit a "revenue inflection point" with more digital than print revenue in its third quarter.
But despite the transition milestone in digital revenue, the company lost $3.7 million (73 cents per share) during the three-month period ended June 23. The previous year, Lee reported third quarter net income of $2.1 million (26 cents per share).
“Our investment thesis is grounded in this transformation as we replace print revenue and margin with digital revenue and margin that are growing at a rapid clip," Kevin Mowbray, Lee's President and Chief Executive Officer, stated in the company earnings news release. "Total digital revenue has grown 17 precent annually over the last three years, and we expect this strong growth to continue.”
Operating revenues totaled $150.6 million for the third quarter, down from $171 million for the same period a year ago. Operating expenses totaled $146.8 million compared to $160.3 million for the third quarter last year.
Lee is headquartered in Davenport and operates more than 70 newspapers and online news sites in 26 states.
CLICK HERE to download the full third quarter earnings report.
