The parent company of the Bloomington Pantagraph Newspaper says it has made substantial inroads in paying off its debt.
In the latest quarterly financial reports, Lee Enterprises says it continues to use all its available cash to reduce debt, more than sixteen million dollars in the last quarter and eighty six million dollars in the first three quarters of the year. Lee still owes more than 640 million dollars.
The company says it continues its aggressive strategy of monetizing real estate. Included in that is the forthcoming sale of the landmark Pantagraph building in downtown Bloomington.
Other years long trends in the company's financials remain unchanged. The Iowa based company continues to cut expenses as total revenue drops.
Lee increased its earnings per share from the same quarter last year.