By: E&P Staff Davenport, Iowa-based Lee Enterprises Inc. reported a 9.1% increase in earnings or $0.36 per common share for the company's second quarter ended March 31. Advertising revenue grew 6.6% or $116.5 million and total operating revenue increased 5.3% or $160.3 million. Excluding recent acquisitions and divestitures, total advertising revenue increased 5.9% and operating revenue rose 4.6%.
The results for the quarter also include a $550,000 pretax charge for refunding critical vendor payments possibly owed to Kmart.
As for February and March, total advertising revenue increased 6.5%. Retail revenue rose 6.5%, employment revenue is up 18.9% and real estate revenue grew 9.3%. Automotive revenue was down 4.5%. The company also noted big increases in national advertising -- considered a small category by the company -- up 25.5%.
Circulation revenue was flat.
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