First quarter earnings at Lee Enterprises, parent of the Quad City Times, were 42 cents per share, a 32 percent decline from 62 cents per share reported for the same quarter a year ago.
The company trumpeted its double-digit growth in online ad revenue in its quarterly earnings release, but the media conglomerate's overall advertising revenue fell nearly 2 percent compared to the first quarter a year ago.
Online advertising revenue was up more than 37 percent to $14.7 million, but that segment amounts to only about 10 percent of its overall retail (display), classified and online advertising revenues. Those revenues fell from $154.4 million in the first quarter of 2009 to $151.8 million for the first quarter ended Dec. 26, 2010.
Total operating revenue, which includes subscription, commercial printing and digital services, was $207.7 million, a 1 percent decline from the $209.8 million reported for the same period a year ago.
Meanwhile, the company has filed a shelf registration with the U.S. Securities and Exchange Commission to would allow it to issue various types of securities up to an aggregate amount of $750 million.
In its annual report , the company noted it has $81.5 million of debt which matures in 2011, and $1 billion in debt which matures in 2012.
Lee owns 49 daily newspapers, has a joint interest in four others, and publishes nearly 300 other niche publications in 23 states.
CLICK HERE to download a PDF of Lee's earning news release.
CLICK HERE to view Lee's 2010 annual report (Form 10K).
CLICK HERE to view Lee's annual meeting proxy information.
