Lee Enterprises earns 10 cents a share in 3rd quarter despite 4 percent drop in operating revenues

Lee Enterprises – parent company to the Quad City Times and Dispatch/Argus newspapers – earned $6.17 million, 10 cents per share, during the third quarter ended June 30, up slightly from 8 cents per share for the same period a year ago.

Third quarter operating revenues totaled $127.3 million, compared with $132.6 million a year ago, a 4 percent drop, according to the Davenport-based firm that describes itself as "a leading provider of quality, trusted, local news, information and a major platform for advertising in 50 markets."

Traditional advertising and marketing services revenues continue to decline, falling 10.6 percent to $65.8 million. Subscription revenues also decreased, down 3.2 percent compared with the same period a year ago.

Offsetting some of the revenue decline was a 7 percent increase in digital advertising and digital service revenues which generating a total of $30.5 million for the quarter.

Also helping the company post positive earnings was a 4.7 percent decrease in operating expenses, including a 6.6 percent reduction in compensation costs and a 19 percent decline in newsprint and ink expenses.

CLICK HERE to download Lee's third quarter results.

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