By: E&P Staff Lee Enterprises Inc. on Thursday reported diluted earnings per share from continuing operations of 33 cents for its quarter ended Sept. 30, up from 25 cents in the same period a year ago.
Including discontinued operations, net income for the quarter totaled $10.9 million, or 24 cents per share, down from 29 cents in 2005. Lee said expenses related to its 2005 Pulitzer Inc. acquisition reduced income from continuing operations 2 cents per share with losses on the sales of discontinued operations reducing net income an additional 11 cents a share. In the fourth quarter of 2005, Lee noted, acquisition expenses and an early retirement program decreased income 22 cents per share.
Total revenue for the quarter was up 0.2% to $279.7 million.
Total advertising revenue, however, decreased 0.3%, on declines in retail, down1.4 percent; classified, down 1.9%; and national, down 8.6%.
Online advertising revenue increased 43.1%, and niche advertising increased 9%.
Circulation revenue was down 0.2%, Lee said.
Total operating expenses, excluding depreciation and amortization, for the quarter decreased 4.8%, Lee said, reflecting the cycling of Pulitzer acquisition costs.
Chairman and CEO Mary Junck said Lee reduced its net debt by $179 million in fiscal 2006.
"Lee continues to drive advertising revenue aggressively both in print and online, well ahead of the industry average," Junck said. "At the same time, we're rapidly building larger online audiences while protecting our strong base of paid newspaper circulation. A standout in circulation growth is the St. Louis Post-Dispatch, and the success of the Cardinals in the World Series enhances our prospects for a good start to our new fiscal year in St. Louis, where new management and new sales programs are gaining traction."
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