By: Mark Fitzgerald In 2007, Wall Street hammered down the value of Lee Enterprises stock by more than 50%. Not surprisingly, Lee is disclosing that none of its top executives received performance-based bonuses for the year.
In a proxy for its annual meeting filed with the Securities and Exchange Commission (SEC), Lee said that it had budgeted in 2007 for revenue growth of 2.4% and operating cash flow growth of 1%. "Due to general economic conditions, including a decline in the national real estate market, and conditions specific to the publishing industry, these targets were not met," Lee said.
The company disclosed, however, that last year its executive compensation committee of directors "developed a special incentive program for 2007 and approved the CEO's determination of discretionary bonuses to the NEOs (named executive officers) other than the CEO based on the company's revenue and operating results relative to its peers, its success in growing audience, and its success in generating significant cash flow and debt reduction." The committee said Lee Chairman and CEO Mary Junck was also granted a discretionary bonus based on the same factors.
For 2007, Junck received a 3.1% salary raise to $825,000. In addition, she received a discretionary bonus of $375,000.
At noon Tuesday, Lee stock (NYSE: LEE) was trading at $11.28, down 25 cents, or 2.18%, from its opening. Lee has traded in a 52-week range of $10.41 to $35.65.
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