Friday, November 14, 2008

Lee profit droops; ad revenue's sag eases

Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch and other papers, reported Thursday that fourth-quarter profit fell 73 percent, but the decline in advertising revenue slowed last month.

"Like many other businesses and media companies, Lee has been battered by the unprecedented economic turmoil," Chief Executive Mary Junck said in a statement.

"Although downward trends leveled off in October, we are taking steps to protect our financial footing," she said, pointing to a recent agreement to renegotiate debt and a suspension of its dividend.

Junck also said Lee planned to reduce 2009 operating expenses by 6 to 7 percent.

In a report the company said was preliminary, its net income in the quarter ended Sept. 30 was $5.4 million, or 12 cents per share, down from $20 million, or 44 cents per share, a year earlier.

Revenue fell 13 percent to $244.9 million as advertising revenue dropped 15 percent, led by large declines in classified, employment, real estate and auto ads.

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1 comment:

Buster said...

It would seem Lee Enterprises Mary Junck is all-too-willing to blame everything except the current management for Lee's woes. The last time it was that Wall Street didn't "understand" Lee Enterprises. History has shown Wall Street understood Lee Enterprises very, very well.

So... anyone want to start a betting pool on who or what Ms. Junck will blame next besides herself?