By: E&P Staff Lee Enterprises reported today that earnings soared in Q4 due to favorable tax settlements and calendar changes. For the period, earnings per common share were 44 cents compared to 33 cents a year ago. Excluding the tax settlements and early retirement matters, EPS grew 11.4% to 35 cents.
"The enormous strength of the newspaper industry and its prospects for future growth are not well understood these days on Wall Street, and this is especially true in the case of Lee," Mary Junck, chairman and CEO, said in a statement. "We reach two-thirds of all adults in our markets, more than all of our competitors combined, with strength across all age groups."
Junck said she believes the ad downturn is mostly cyclical.
Total revenue increased 1.6% to $284.1 million while total advertising revenue rose 1.6% to $219.8 million.
Two calendar changes affected results for Q4. The Pulitzer properties included an extra week and legacy Lee properties included an extra Sunday.
Including print and online, retail advertising was up 3.5%. Classified advertising was flat. Within that category, employment rose 8.8% while automotive and real estate declined 7.2% and 6.9%, respectively. National ad revenue fell 1.3%.
Circulation revenue inched up 0.9%.
Excluding the extra week at the Pulitzer properties, total advertising revenue dropped 1.4% to $213.3 million. Including print and online, retail ad revenue was up slightly, 0.3%. Classified revenue was down 2.7%, with employment up 6.2%; auto down 9.7%; and real estate down 9.1%. National ad revenue decreased 6.3%.
Circulation revenue declined 1.3%.
Comments
No comments on this item Please log in to comment by clicking here