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More red ink for Pantagraph owner

Tue, 13 Nov 2012 15:40:54 CST
By: Charlie Schlenker

The parent company of the Pantagraph newspaper in Bloomington lost more than $21 million in its just completed budget year. That amount of red is not usually a cause for celebration. But, when compared to a loss of nearly 147 million the year before, it offers some consolation. Lee's financial statements show positive operating income for the year even though total revenue was down more than 2%. Of course so was employment at the firm with reductions of more than 7% for the year. In fact, over the last five years, Lee says it has chopped nearly a third of its operating costs for a total reduction of $256 million. Lee is still struggling to turn the corner after going through a prepackaged bankruptcy, accepting much higher interest payments on its debt to stay alive, and as advertising revenue continues to shrink. Apart from debt payments and special charges, the company would have come very close to breaking even for the year.

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