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Pantagraph Parent Earns Profit Because Of Cost Cutting

Thu, 08 May 2014 10:53:29 CDT
By: Charlie Schlenker

The parent company of the Pantagraph Newspaper in Bloomington is reporting earnings of three cents per share for the most recent quarter. The Lee Enterprises profit of just under $1.5 million compares to a loss of about $6 million in the same quarter last year. Even though Lee made money in the quarter that finished March 30th, the long term falling revenue trend continues. Revenue fell 4% to $154 million for the quarter. CEO Mary Junck says digital advertising continues to grow. The company cut cash costs nearly 6% for the quarter and expects a full year reduction of 3% to 3.5% in costs. the number of workers fell by 6%. Newsprint costs dropped 13%. One of the key initiatives, the company says is the full access subscription model which launched last month in two markets and will be out in more than half of Lee's markets by the end of the year.

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