DAVENPORT, Iowa (July 17, 2012) — Lee Enterprises, Incorporated (NYSE: LEE), owner of the Globe Gazette in Mason City, reported today for its third fiscal quarter ended June 24, 2012, a loss of 3 cents per diluted common share, compared with a loss of $3.46 a year ago. Excluding reorganization costs in 2012, non-cash impairment charges and a non-cash curtailment gain in 2011, and debt financing costs and other unusual matters in both years, adjusted earnings per diluted common share(1) totaled 2 cents, compared with 21 cents a year ago. The majority of the decline is attributable to higher interest cost in 2012.
Mary Junck, chairman and chief executive officer said: “Lee continues on course with waves of initiatives to speed the evolution of our business. Digital advertising revenue grew 10% versus a year ago, as we press forward with new products and capabilities for advertisers and audiences across web, mobile and tablets. We introduced digital subscriptions in 11 more markets during the quarter, for a total of 17 so far, and expect nearly all of Lee’s 52 markets to follow by the end of the calendar year. We also continue to transform our business models with initiatives to facilitate innovation and reduce costs.”
She added: “In nearly all our markets, the slow economic recovery seems to start and stall unpredictably, producing erratic overall revenue results from month to month.
Lee’s BillingsGazette.com is a Lee paper that already launched a digital subscription on its website. The Billings Gazette asks for $69.50 annual subscription for full access to its website. Click here to learn more.
WHO would pay for it?
“Excluding reorganization costs in 2012, non-cash impairment charges and a non-cash curtailment gain in 2011, and debt financing costs and other unusual matters in both years, adjusted earnings per diluted common share(1) totaled 2 cents, compared with 21 cents a year ago…..Mary Junck, chairman and chief executive officer said: “Lee continues on course with waves of initiatives to speed the evolution of our business.””
I just got off the phone with a friend who is an expert in business communications. I had e*mailed this quote to him, and asked for a common translation. Here is what he sent told me:
“our stock is about on par with junk status, and the outlook is quite slim that we can improve to a level of normalicy. This is as a result of making improper investments which our creditors will likely never see repayment. We hold hope that using new technology, customers will pay for the same old content.”
There you have it.
Show me the value added. In consideration of the content of print edition (other than fishwrap), it is not worth it. I would not make a pet bird live with it, even if it were to drop waste upon.
That would be good . The print looks like crap!!!