Lee Enterprises – owner of the Quad City Times and Muscatine Journal – posted a $147-million loss in fiscal 2011, compared to a $46-million profit the year earlier.
The newspaper chain headquartered in Davenport reported a 20 cents per share loss in its fourth quarter ended Sept. 25, and a fiscal 2011 loss of $3.27 per share.
Lee's results were affected by several non-cash charges, including a $217 million "impairment" charge to write down the value of goodwill and other assets, including TNI Partners, a partnership with Gannett Co. in Tucson, Ariz.
Overall operating revenues totaled $756 million for the 12-months ended Sept. 25, a 3.1 percent decline from the year earlier. While advertising revenues were off 4.2 percent compared to fiscal 2010, digital ad revenues climbed 27 percent to just over $60 million.
The number of full-time employees declined nearly 5 percent during fiscal 2011 and stood at 5,879 at the end of September.
Lee also reported it is continuing to work toward the refinancing of its debt, which stood at $995 million at the end of September.
Lee operates 48 daily newspapers and related web sites, and has a joint interest in four other newspapers. CLICK HERE to download the full earnings statement from Lee Enterprises.
