curtailment gain

Lee posts first quarter profit thanks in part to $24-million gain from axing retiree medical benefits

Lee Enterprises, Inc. – owner of the Quad City Times and Dispatch/Argus – reported first quarter net income of $16.4 million, thanks in part to a $23.8-million gain "associated with elimination of retiree medical benefits."

Total advertising revenue for the quarter ended Dec. 27 fell to $102.6 million, a decline of 20 percent compared to the same period a year ago when factoring in the acquisition of Berkshire-Hawthaway's BH Media and the Buffalo News in early 2020. Net income per share for the three months was 28 cents, compared with 9 cents per share for the same period a year ago.

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