Lee Enterprises – owner of the Quad City Times and 45 other daily newspapers – posted a $3.2-million profit in its fourth quarter ended Sept. 28, and finished its fiscal year in the black for the first time since 2010.
The Davenport-based company posted a $7.7 million profit – 6 cents per share – for the 2014 fiscal year. That compares with a loss of $1.71 per share for fiscal 2013 when the firm recorded a $171-million impairment charge. For fiscal 2012, the company reported a loss of 6 cents per share.
Lee Chairman and Chief Executive Officer Mary Junck noted the company reduced its debt by $10.3 million during the fourth quarter. As of Sept. 28, Lee's debt was $804.7 million, down nearly $43 million from a year ago.
While operating revenue for fiscal 2014 decreased 2.7 percent to $657 million, the firm saw a 17 percent increase in digital revenue to $90.2 million.
Another highlight of the year, Junck said, was completion of "a comprehensive refinancing of our long-term debt, significantly extending maturities, improving operating flexibility and providing a substantial runway for the future."
Lee's number of full-time equivalent employees at the end of September was 4,515, down nearly 5 percent from Sept. 29, 2013.
CLICK HERE to download a copy of Lee's fourth quarter financial report.
