Thursday, May 7, 2009

Lee Enterprises posts loss for fiscal 2Q

Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch and other newspapers, said Thursday that its second-quarter loss narrowed due to smaller write-downs on the value of its assets.

The Davenport, Iowa company says it lost $51.8 million, or $1.16 per share, compared with a loss of $713 million, or $15.90 per share. Excluding one-time costs its loss was 7 cents per share.

But Lee still faced the same wrenching advertising decline that is afflicting the newspaper industry.

Revenue fell 20 percent to $198.8 million as advertising sales fell 24 percent.

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