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Rare Quarterly Profit For Pantagraph Parent Company

Tue, 23 Jul 2013 17:36:19 CDT
By: Charlie Schlenker

The parent company of the Pantagraph Newspaper in Bloomington has posted earnings of three cents per share for the last fiscal quarter. Lee Enterprises says revenue declined, but the company cut operating expenses more than the decline in revenue and refinanced some of its debt, reducing interest costs. Last year at this time, Lee posted a loss of three cents per share. Lee says it is cutting more than planned. It has increased the expectation for full year expense reductions from a maximum of four and a half percent to an upper limit of five and a half perent. The company also says the favorable results continue to allow it to pay off debt at a faster pace than planned. Lee now owes less than $900 million. In its third quarter the Davenport, Iowa based company paid off nearly $20 million in loans. The average number of employees at Lee's newspapers including the Pantagraph is down more than 8% from this time last year. Profit for the quarter was $1.7 million. Digital revenue continues to grow, but it remains a small share of the overall picture.

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