Lee Enterprise, Inc. reports third quarter earnings of $3.74 million, 56 cents per share

Lee Enterprises, Inc. – owner of both daily newspapers in the Quad Cities – reported Thursday (7/5) it earned $3.74 million, 56 cents per share, during the third quarter ended June 27.

That compares with a loss of $727,000, 23 cents per share, for the same period a year ago.

On a pro forma basis to reflect acquisition of Berkshire Hathaway Media and Buffalo News last year, total operating revenue fell 4.7 percent and total advertising revenue was down 9.3 percent compared with the same quarter a year ago.

Total digital revenue, which includes digital advertising, digital subscriptions and digital service revenue, now represents 33.4 percent of total operating revenue, according to the company's earnings news release.

The company continues to pay down its large debt, incurred more than a decade ago to buy the St. Louis Post-Dispatch and to purchase the 34 Berkshire Hathaway Media properties and the Buffalo News last year.

At the end of June, the company owed Berkshire Hathaway $485.2 million. The interest rate on the debt is 9 percent.

CLICK HERE to download the company earnings news release.