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Lee reports drop in print, digital ad revenue; maintains digital transition strategy will succeed

on Tue, 02/06/2024 - 01:48   by news

Lee Enterprises – owner of the Quad City Times, Dispatch/Argus and 70+ other news publications and web sites – reported first quarter earnings of $1.2 million, a 32 percent decrease from the same period a year ago.

Lee executives again boasted of its growth in digital subscriptions (up 58 percent from the first quarter of 2022), but overall subscription revenue fell 10.5 percent compared with the same period last year.

"Our first quarter results demonstrate our confidence in Lee's digital transformation," Kevin Mowbray, Lee's President and Chief Executive Officer, stated in its earnings news release issued Feb. 1. "We are on a clear path to becoming sustainable solely from the revenue and cash flow from our digital products."

While the company has been pushing aggressively to move print subscribers to digital subscribers, the overall impact has been a steady decrease in total operating revenues.

Lee Enterprises reports $1.3-million 4th quarter loss; says company had 'strong fourth quarter results'

on Fri, 12/08/2023 - 22:11   by news

Lee Enterprises, Inc. – owner of the Quad City Times and DIspatch/Argus – Thursday (12/8) reported a $1.32-million loss for the fourth quarter stating in its earnings news release the company had achieved "strong fourth quarter results."

Lee lost $1.32 million (32 cents per share) during the three-month period ended Sept. 28, and 90 cents per share ($2.73 million) for the company's fiscal year that ended Sept. 25.

Operating cost reductions, digital revenue growth boost Lee Enterprises' net income in third quarter

on Tue, 08/08/2023 - 03:02   by news

A 15 percent increase in digital revenue plus a 15 percent decrease in operating expenses led to a $2.1-million profit for Lee Enterprises, Inc. in the third quarter ended June 25.

Lee, headquartered in Davenport, owns more than 70 newspapers and online news sites including the Quad City Times and Daily Dispatch/Argus.

Privacy lawsuit against Lee Enterprises will proceed

on Tue, 08/01/2023 - 18:16   by Anonymous

by Clark Kauffman, Iowa Capital Dispatch
July 31, 2023

A federal judge has refused to dismiss a lawsuit alleging an Iowa newspaper publisher violated customers’ privacy rights through information sharing with Facebook.

The Iowa-based newspaper chain Lee Enterprises is facing a potential class-action lawsuit alleging it has shared readers’ personal information, including the videos they watch on Lee websites, with Facebook in violation of federal law.

Lee Enterprises execs get pay boosts despite steep earnings decline, forced furloughs in 2022

on Sat, 04/01/2023 - 02:30   by news

Amid a steep fall-off in earnings, forced unpaid furloughs across its 77 news properties, significant staff cuts and a continued stock price decline, top Lee Enterprise, Inc. executives received increased compensation packages from 7 to 62 percent during 2022.

The executive compensation detailed in the company's proxy to shareholders, shows President and CEO Kenneth Mowbray's total compensation went up 7.2 percent to $2.33 million. Vice President and Chief Financial Officer Timothy Millage had his compensation upped 33 percent to $1.05 million. Operating Vice President and Vice President - Audience Strategy Nathan E. Bekke's compensation package increase 62 percent to $1.12 million.

And, past CEO Mary E. Junck, who serves as executive chair of the board of directors, received a $30,000 hike in her compensation to $430,000 ($250,000 in fees paid in cash and $180,000 in stock awards).

For the company's fiscal year ended Sept. 25, 2022, Lee lost 35 cents per share compared with a gain of $3.98 per share for the previous fiscal year.

Class action lawsuit accuses Davenport-based Lee Enterprises, Inc. of online privacy violations

on Sun, 12/25/2022 - 01:25   by Clark Kauffman

Iowa Capital Dispatch

The Iowa-based newspaper chain Lee Enterprises is facing a potential class-action lawsuit alleging it has shared readers’ personal information with Facebook in violation of federal law.

Lee publishes newspapers and other media content in 77 markets across 26 states. The company’s 10 Iowa papers include the Quad-City Times in Davenport, the Sioux City Journal, the Mason City Globe-Gazette the Waterloo-Cedar Falls Courier and the Muscatine Journal.

The lawsuit, filed this week in U.S. District Court, alleges that Lee’s news-media websites offer users the option of subscribing to newsletters or to newspapers that provide consumers with access to articles and video content in exchange for their personal information, including names and mailing addresses.

Lee Enterprises digital revenue reaches 51 percent, but company loses $269,000 in third quarter

on Wed, 08/10/2022 - 21:25   by news

For the first time, online revenue during the third quarter exceeded print income at Lee Enterprises, Inc. – owner of the Quad City Times and Daily Dispatch/Argus newspapers and online news sites.

Despite the continued growth of online revenue, the company lost 5 cents per share ($269,000) for the three-month period ended June 26. A year earlier, Lee reported third quarter earnings of 56 cents per share, or $3.23 million.

Lee Enterprises reports 20 percent decline in first quarter earnings as Alden Global pushes takeover

on Fri, 02/04/2022 - 03:04   by news

Lee Enterprises, Inc. today (2/3) reported a 20 percent decline in first quarter earnings compared with a year ago, while efforts by hedge fund Alden Global Capital to acquire the Davenport-based print and online media company intensified.

Lee – owner of the Dispatch/Argus and Quad City Times – earned $13.2 million ($2.21 per share) during the quarter ended Dec. 26, 2021, compared with $16.4 million ($2.79 per share) for the same period a year ago. The lower earnings occurred despite the inclusion of a one-time $12.3-million gain from the sale of company assets.

Meanwhile, Alden Global is seeking to replace Lee's Chairman and CEO Mary Junck and long-time board member Herbert Maloney III on the company's board of directors. Alden has submitted an alternative slate of candidates for the director slots coming up for election at the company's annual meeting to be held March 10.

Lee Enterprises touts management strategy; reports $5.3 million profit in fourth quarter ended Sept. 26

on Fri, 12/10/2021 - 23:13   by news

Lee Enterprises, Inc. – owner of the Quad City Times, Dispatch/Argus and news operations in 76 other markets – earned $5.3 million during the fourth quarter ended Sept. 26.

The positive earnings announcement Thursday (12/9) came a day after the Davenport-based company's board of directors unanimously rejected the $24-per-share buyout offer made by Alden Global Capital last month.

While the Lee earnings news release held up fourth quarter operating revenues ($194 million) and fiscal year operating revenues ($794.6 million) as signs the company's strategic plan was working, on a pro forma basis, full year operating revenues were down 3 percent compared to 2020.

Lee Enterprise, Inc. reports third quarter earnings of $3.74 million, 56 cents per share

on Sat, 08/07/2021 - 03:13   by news

Lee Enterprises, Inc. – owner of both daily newspapers in the Quad Cities – reported Thursday (7/5) it earned $3.74 million, 56 cents per share, during the third quarter ended June 27.

That compares with a loss of $727,000, 23 cents per share, for the same period a year ago.

On a pro forma basis to reflect acquisition of Berkshire Hathaway Media and Buffalo News last year, total operating revenue fell 4.7 percent and total advertising revenue was down 9.3 percent compared with the same quarter a year ago.

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