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Lee Enterprises' news release buries second quarter earnings number on second page, 17th paragraph

on Thu, 05/16/2019 - 21:26   by news

Lee Enterprises – owner of the Quad City Times and Dispatch-Argus – reported its second quarter earnings last week (5/10), but readers had to plow through 16 paragraphs of information to find the financial bottomline buried at end of page two of the news release.

The company lost $2.7 million, 5 cents a share, in the second quarter ended March 31, compared with a gain of $2.2 million, 4 cents per share, for the same period a year ago. When including re-valuation of company stock warrants, earnings totaled $75,000, compared with $1.7 million, 3 cents per share, a year ago.

No one home at the REAL Coalition; MidAmerican admits to being part of 'solar tax' lobbying campaign

on Thu, 05/09/2019 - 21:59   by news

Iowa's largest utility MidAmerican Energy got $308 million in state and federal tax credits in 2018 for generating wind energy, then hid behind a front organization called the REAL Coalition to push legislation to add a tax on customers who install rooftop solar panels.

The utility admits it is a member of the shadowy lobbying organization. However, that's about the only thing the privately held utility – part of the conglomerate Berkshire Hathaway run by Warren Buffett – will disclose about the secretive lobbying effort.

Bettplex developer states he's 'offended' by city 'worrying about less than $600,000 of cost overruns'

on Fri, 03/01/2019 - 23:05   by news

Bettplex developer Doug Kratz – signing emails "frustrated" and demanding city legal staff rather than his attorneys draft revisions for an amended development agreement – stands to get an additional $1 million subsidy from city taxpayers for his sports complex.

The amended development agreement – scheduled for consideration by the city council Tuesday (March 5) – increases the city's cap to pay for streets, sewers, sidewalks and storm water infrastructure at the sports complex from $3.78 million to $4.65 million.

Anonymous millionaires funneling 'dark money' into push to re-write Iowa's non-partisan selection process for state Supreme Court nominees

on Tue, 02/19/2019 - 01:40   by news

A right-wing conservative Republican group funded by anonymous millionaires is funneling some of its "dark money" into the push to re-write Iowa's non-partisan selection method for the supreme court.

Judicial Crisis Network (JCN) in Washington, D.C. set up a web site at "fairjusticeforiowa.com" disparaging Iowa's current nomination process, long-heralded as the most non-partisan system for selection of new justices in the country.

Ironically, JCN's mission states the organization is ". . .dedicated to the rule of law; with a fair and impartial judiciary."

Read what Drake Law School professors/administrators think about the proposed overhaul of Iowa's judicial selection system.

Lee Enterprises, Inc. touts 8 percent increase in digital revenue during first quarter, but total company revenues fell more than 5 percent from a year ago

on Sat, 02/09/2019 - 01:30   by news

Lee Enterprises, Inc. – owner of the Dispatch/Argus and QC Times newspapers – Thursday (2/7) reported first quarter earnings of $10.7 million, or 18 cents per cent share, while touting its 8 percent increase in digital advertising revenue from a year ago.

Despite the improved performance of digital advertising, Lee's total revenue fell 5.3 per cent to $136 million for the three-month period. Digital advertising now accounts for nearly 34 percent of the media company's total ad revenues, according to the Lee news release.

Proxy battle heats up for three Lee board seats

on Wed, 01/30/2019 - 21:49   by news

An activist shareholder who owns nearly 5 percent of Lee Enterprises, Inc. stock has stepped up his proxy fight to oust three board members – including the board chairman and the CEO/president of the Davenport-based media company.

J. Cano Cannell who operates Cannell Capital LLC Monday (1/28) filed additional reasons his firm is seeking to replace Board Chairman Mary Junck, CEO/President Kenneth Mowbray and board member Herbert Maloney at Lee's February 20 board meeting.

Activist investor seeks to remove three from Lee Enterprises' board, including chairman and CEO

on Fri, 01/18/2019 - 00:56   by news

A Wyoming-based activist investor – who has publicly feuded with James Cramer of CNBC's "Mad Money" – wants Lee Enterprises, Inc. shareholders to replace three members of the Davenport media company's board of directors, including chairman Mary Junck and President/CEO Kevin Mowbray.

J. Caro Cannell in a filing Wednesday (1/16/19) with the Security and Exchange Commission (SEC) labeled the Lee board "stale, lethargic and devoid of any skin in the game." He urged shareholders not to re-elect Junck, Mowbray and board member Herbert W. Maloney III at the upcoming Lee annual meeting in February. Lee owns 46 daily newspapers, including the QC Times and the Dispatch/Argus.

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