Lee Enterprises -- owner of the Quad City Times and 47 other daily newspapers -- earned $14.5 million in its first quarter ended December 25 despite a 4 percent drop in revenues for the period.
The 32 cents per share in earnings compares to net income per share of 42 cents in the first quarter of 2011. Revenues fell from $207.7 million in the first quarter of last year to $199.6 million this year.
Expenses for the period declined nearly 5 percent, from $153.6 million last year to $146 million, reflecting a 7.2 percent decline in full-time employees, and lower newsprint and ink costs from lower newsprint volumes.
Overall, combined print and online advertising fell 6.1 percent to $142.5 million. But while print advertising declined nearly 8 percent, the company reported online ad revenue increased 10.4 percent to $16.2 million.
The company remains "on course for timely completion" of its voluntary Chapter 11 Bankruptcy case, the company's chief financial officer stated in the Lee news release. The firm said it hopes to emerge from Chapter 11 by the end of January.
CLICK HERE to download the Lee Enterprises earnings news release.
