By: Staff Reports
Midwestern Company Reports Higher Earnings
Lee Enterprises reported 13% higher earnings in the first three months of 2000, Lee’s second fiscal quarter, with classified advertising and Internet-related revenue growth the primary drivers.
The company reported total revenue, minus the effects of acquisitions and dispositions, rose 3.7%, with ad revenue up 3.4%. Classified was up 7%, primarily in automotive and employment. Retail grew only 0.6%, due to the late Easter. Circulation revenue was down 1.6%. New media revenue grew 27.9%. Newsprint costs declined 4.5% while other publishing expenses rose 4%.
For the six months ended March 31, operating income rose a reported 4.5% to $47.4 million as revenue increased 3.2% to $209.6 million. Davenport, Iowa-based Lee, which put its broadcast division up for sale earlier this year, has 21 daily newspapers throughout the Midwest.
Previous 1st quarter earnings reports:
KNIGHT RIDDER EARNINGS UP 9.6% (04/20/00)
CENTRAL EARNINGS BEATS ESTIMATES (04/20/00)
TRIBUNE POSTS RECORD EARNINGS (04/17/00)
NEW YORK TIMES CO. STARTS 2000 RIGHT (04/14/00)
DOW JONES BLOWS AWAY EXPECTATIONS (04/12/00)
MEDIA GENERAL REPORTS 31% EPS INCREASE (04/11/00)
CATEGORY TV LEADS SCRIPPS EARNINGS (04/11/00)
GANNETT REPORTS FIRST QUARTER EARNINGS (04/10/00)
Copyright 2000, Editor & Publisher.