MASON CITY – Lee Enterprises, Inc. the owner of the Globe Gazette, filed its 1st quarter financial results on January 22nd.
According to a press release, regarding its employees, “compensation decreased 4.9%, with the average number of full-time equivalent employees down 8.1%.”
The press release indicates that Lee revenues declined nearly across the board.
“Operating revenue for the 13 weeks ended December 30, 2012 decreased 3.4% compared with a year ago. Combined print and digital advertising revenue decreased 6.3%, with retail advertising down 3.8%, classified down 7.7% and national down 24.2%. Combined print and digital classified employment revenue decreased 8.9%, while automotive decreased 6.9%, real estate decreased 11.5% and other classified decreased 5.9%. Digital advertising revenue on a stand-alone basis increased 4.8%”, Lee claimed. “Print advertising revenue on a stand-alone basis decreased 7.7%. Circulation revenue increased 3.9%.”
Lee claimed that operating expenses, excluding depreciation, amortization and unusual matters, decreased 4.0%.
Lee continues to tighten up the cost to produce its print product, which has become noticeably smaller in some markets in recent years.
“Newsprint and ink expense decreased 13.1%, a result of a reduction in newsprint volume of 12.6%. Other operating expenses decreased 0.6%.”
Lee claimed in the press release that its “paid content initiatives” are “receiving good reception. Circulation revenue, which includes digital subscriptions, increased 3.9% in the quarter.”
