Lee Enterprises – owner of the Quad City Times and Dispatch-Argus newspapers – today (2/1) reported higher net income and earnings for the first quarter ended Dec. 24, thanks primarily to a $19.7-million income tax adjustment stemming from the recently passed federal tax reform legislation.
The Davenport-based media company reported net income for the first quarter of $35.3 million with $19.7 million of that total coming from a one-time adjustment to its deferred tax assets and liabilities to reflect the lowering of the federal base tax rate from 35 to 21 percent.