Lee Enterprises, Inc. earnings plummet in 4th quarter; company loses $28.5 million in fiscal 2024

Lee Enterprises, Inc. maintains its transition from a print to digital revenue platform is succeeding, but the Davenport-based media company's overall revenues and earnings continue to slide.

The company reported it lost $1.69 per share ($10 million) for the fourth quarter ended Sept. 29, compared to a loss of 32 cents per share ($1.98 million) for the same quarter a year ago.

For the full year, the company reported it lost $25.8 million ($4.35 per share) compared to a loss of $5.3 million (90 cents per share) for fiscal 2023.

The quarterly loss would have been even greater if not for a $4.2 million tax benefit recorded during the period. The company recorded a $7.6 million tax benefit for the 12-month period.

Total operating revenues fell $80 million to $611 million in fiscal 2024. Fourth quarter operating revenue was $158.6 million, compared to $164 million for the fourth quarter of 2023.

Lee President and CEO Kevin Mowbray stated in the earnings news release that the company "successfully met our digital subscription unit target and laid a robust foundation for our digital transformation through talent investments in AI (artificial intelligence), technology expertise and complex IT infrastructure."

The company recently announced it has entered into "strategic partnerships" with Perplexity and ProRata.ai, which Mowbray called "leading AI and technology companies."

Lee owns the QC Times and Daily Dispatch/Argus newspapers and online news sites along with more than 70 other print and online news sites in the U.S.

The company's current $446-million debt was reduced by $10 million during fiscal 2024.

CLICK HERE to download the full Lee earnings news release.

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