Operating cost reductions, digital revenue growth boost Lee Enterprises' net income in third quarter

A 15 percent increase in digital revenue plus a 15 percent decrease in operating expenses led to a $2.1-million profit for Lee Enterprises, Inc. in the third quarter ended June 25.

Lee, headquartered in Davenport, owns more than 70 newspapers and online news sites including the Quad City Times and Daily Dispatch/Argus.

The third quarter net income of 26 cents per share, compares with a loss of 5 cents per share for the same quarter a year ago.

“Our third quarter digital subscription results continue to lead the industry by a significant margin, continuing the streak for the last 14 quarters," Kevin Mowbray, Lee’s President and Chief Executive Officer, states in the company news release. "This long-standing out-performance gives us even more confidence in achieving our long-term goal of $100 million of digital-only subscription revenue."

CLICK HERE to download the company's financial results and news release for the third quarter.