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Newspaper publisher Lee Enterprises' profit slips
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DAVENPORT, Iowa Newspaper publisher Lee Enterprises Inc. said its second-quarter profit slipped 20 percent, partly due to expenses related to its Pulitzer Inc. acquisition.
Income for the quarter ended March 31, was $14.4 million, or 32 cents per share, down 20 percent from $18.1 million, or 40 cents per share, last year. Revenue for the quarter was $275.8 million, up 64 percent from $168.7 million last year.
Excluding expenses related to the Pulitzer acquisition, the company said it would have earned 33 cents per share.
Analysts polled by Thomson Financial expected the company to earn, on average, 33 cents per share on $278.1 million in revenue.
"Strong growth in online, employment and niche advertising revenue helped offset slower spending by automotive, national and department store customers. As a result of continued strong cash flow, we were able to reduce debt in the quarter by $54 million and continue delivering on our successful acquisition of Pulitzer," Mary Junck, chairman and chief executive, said in a prepared statement.
Separately the company reported a 1.7 percent increase in March advertising revenue for properties owned over the last year, excluding those that were divested or acquired in the current or prior year.
National advertising revenue decreased 9.2 percent for the month, while online advertising revenue increased 39 percent. Total operating revenue for the month was $95.4 million, up from $60.4 million last year.
Shares of Lee fell 15 cents to $31.90 on the New York Stock Exchange.
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