We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lee Enterprises Inc | NASDAQ:LEE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.08 | -0.69% | 11.56 | 11.50 | 11.94 | 12.00 | 11.50 | 11.77 | 5,816 | 20:42:26 |
“Our Three Pillar Digital Growth Strategy is driving audience growth, improving consumer engagement, and increasing digital subscribers. We now have 735,000 subscribers to our digital-only products and digital-only subscription revenue grew 60% on a Same-store basis(2)," said Kevin Mowbray, Lee's President and Chief Executive Officer.
“Because of our impressive digital subscription revenue growth combined with solid gains at Amplified Digital®, digital revenue reached 46% of total operating revenue in the quarter. We expect digital revenue will exceed print in the back half of the year. This is an important milestone in our digital transformation as it results in the majority of our revenue coming from sustainable and growing sources,” Mowbray added.
"Our first quarter results demonstrate our confidence in Lee's digital transformation. We are on a clear path to becoming sustainable solely from the revenue and cash flow from our digital products. We expect strong digital revenue combined with cost management execution to keep us on track to achieve our overall Adjusted EBITDA guidance for the full year," added Mowbray.
Key First Quarter Highlights:
2024 Fiscal Year Outlook (unchanged):
Total Digital Revenue | $310 million (+13% YOY) - $330 million (+21% YOY) |
Digital-only subscribers | 771,000 (+7% YOY) |
Adjusted EBITDA | $83 million (-3% YOY) - $90 million (+6% YOY) |
Debt and Free Cash Flow:
The Company has $454 million of debt outstanding under our Credit Agreement(5) with BH Finance. The financing has favorable terms including a 25-year maturity, a fixed annual interest rate of 9.0%, no fixed principal payments, and no financial performance covenants.
As of and for the period ended December 24, 2023:
Conference Call Information:
As previously announced, we will hold an earnings conference call and audio webcast today at 9 a.m. Central Time. The live webcast will be accessible at www.lee.net and will be available for replay 24 hours later. Analysts have been invited to ask questions on the call. Questions from other participants may be submitted by participating in the webcast. To participate in the live conference call via telephone, please register here. Upon registering, a dial-in number and unique PIN will be provided to join the conference call.
About Lee:
Lee Enterprises is a major subscription and advertising platform and a leading provider of local news and information, with daily newspapers, rapidly growing digital products and nearly 350 weekly and specialty publications serving 73 markets in 26 states. Year to date, Lee's newspapers have an average daily circulation of 1.0 million, and our legacy websites, including acquisitions, reach more than 33 million digital unique visitors. Lee's markets include St. Louis, MO; Buffalo, NY; Omaha, NE; Richmond, VA; Lincoln, NE; Madison, WI; Davenport, IA; and Tucson, AZ. Lee Common Stock is traded on NASDAQ under the symbol LEE. For more information about Lee, please visit www.lee.net.
FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are:
Any statements that are not statements of historical fact (including statements containing the words "aim", “may”, “will”, “would”, “could”, “believes”, “expects”, “anticipates”, “intends”, “plans”, “projects”, “considers” and similar expressions) generally should be considered forward-looking statements. Statements regarding our plans, strategies, prospects and expectations regarding our business and industry, including statements regarding the impacts that the COVID-19 pandemic and our responses thereto may have on our future operations, are forward-looking statements. They reflect our expectations, are not guarantees of performance and speak only as of the date the statement is made. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this release. We do not undertake to publicly update or revise our forward-looking statements, except as required by law.
Contact:IR@lee.net(563) 383-2100
CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED)
Three months ended | |||
(Thousands of Dollars, Except Per Common Share Data) | December24, 2023 | December 25, 2022 | PercentChange |
Operating revenue: | |||
Print advertising revenue | 24,435 | 41,836 | (41.6)% |
Digital advertising revenue | 46,452 | 47,749 | (2.7)% |
Advertising and marketing services revenue | 70,887 | 89,585 | (20.9)% |
Print subscription revenue | 51,872 | 67,370 | (23.0)% |
Digital subscription revenue | 19,467 | 12,329 | 57.9% |
Subscription revenue | 71,339 | 79,699 | (10.5)% |
Print other revenue | 8,492 | 11,120 | (23.6)% |
Digital other revenue | 4,960 | 4,727 | 4.9% |
Other revenue | 13,452 | 15,847 | (15.1)% |
Total operating revenue | 155,678 | 185,131 | (15.9)% |
Operating expenses: | |||
Compensation | 59,676 | 75,446 | (20.9)% |
Newsprint and ink | 4,843 | 7,432 | (34.8)% |
Other operating expenses | 74,776 | 86,774 | (13.8)% |
Depreciation and amortization | 7,295 | 7,886 | (7.5)% |
Assets gain on sales, impairments and other | (1,469) | (2,563) | (42.7)% |
Restructuring costs and other | 4,265 | 646 | NM |
Total operating expenses | 149,386 | 175,621 | (14.9)% |
Equity in earnings of associated companies | 1,541 | 1,668 | (7.6)% |
Operating income | 7,833 | 11,178 | (29.9)% |
Non-operating income (expense): | |||
Interest expense | (10,131) | (10,408) | (2.7)% |
Pension and OPEB related benefit (cost) and other, net | 186 | 1,494 | (87.6)% |
Curtailment/Settlement gains | 3,593 | — | NM |
Total non-operating expense, net | (6,352) | (8,914) | (28.7)% |
Income before income taxes | 1,481 | 2,264 | (34.6)% |
Income tax expense | 248 | 440 | (43.6)% |
Net Income | 1,233 | 1,824 | (32.4)% |
Net income attributable to non-controlling interests | (545) | (725) | (24.8)% |
Income attributable to Lee Enterprises, Incorporated | 688 | 1,099 | (37.4)% |
Earnings (loss) per common share: | |||
Basic | 0.12 | 0.19 | (36.8)% |
Diluted | 0.12 | 0.19 | (36.8)% |
DIGITAL / PRINT REVENUE COMPOSITION(UNAUDITED)
Three months ended | ||
(Thousands of Dollars) | December 24, 2023 | December 25, 2022 |
Digital Advertising and Marketing Services Revenue | 46,452 | 47,749 |
Digital Only Subscription Revenue | 19,467 | 12,329 |
Digital Services Revenue | 4,960 | 4,727 |
Total Digital Revenue | 70,879 | 64,805 |
Print Advertising Revenue | 24,435 | 41,836 |
Print Subscription Revenue | 51,872 | 67,370 |
Other Print Revenue | 8,492 | 11,120 |
Total Print Revenue | 84,799 | 120,326 |
Total Operating Revenue | 155,678 | 185,131 |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES(UNAUDITED)
The table below reconciles the non-GAAP financial performance measure of Adjusted EBITDA to net income, its most directly comparable U.S. GAAP measure:
Three months ended | ||||
(Thousands of Dollars) | December24, 2023 | December 25, 2022 | ||
Net income | 1,233 | 1,824 | ||
Adjusted to exclude | ||||
Income tax expense | 248 | 440 | ||
Non-operating expenses, net | 6,352 | 8,914 | ||
Equity in earnings of TNI and MNI | (1,541 | ) | (1,668 | ) |
Depreciation and amortization | 7,295 | 7,886 | ||
Restructuring costs and other | 4,265 | 646 | ||
Assets gain on sales, impairments and other, net | (1,469 | ) | (2,563 | ) |
Stock compensation | 214 | 349 | ||
Add: | ||||
Ownership share of TNI(6) and MNI EBITDA(6) (50%) | 2,052 | 1,791 | ||
Adjusted EBITDA | 18,649 | 17,619 |
The table below reconciles the non-GAAP financial performance measure of Cash Costs to Operating expenses, the most directly comparable U.S. GAAP measure:
Three months ended | ||||
(Thousands of Dollars) | December 24, 2023 | December 25, 2022 | ||
Operating expenses | 149,386 | 175,621 | ||
Adjustments | ||||
Depreciation and amortization | 7,295 | 7,886 | ||
Assets gain on sales, impairments and other, net | (1,469 | ) | (2,563 | ) |
Restructuring costs and other | 4,265 | 646 | ||
Cash Costs | 139,295 | 169,652 |
The table below reconciles the non-GAAP financial performance measure of Same-store Revenues to Operating Revenues, its most directly comparable U.S. GAAP measure:
Three months ended | ||||||
(Thousands of Dollars) | December 24, 2023 | December 25, 2022 | Percent Change | |||
Print Advertising Revenue | 24,435 | 41,836 | (41.6)% | |||
Exited operations | (78 | ) | (7,916 | ) | NM | |
Same-store, Print Advertising Revenue | 24,357 | 33,920 | (28.2)% | |||
Digital Advertising Revenue | 46,452 | 47,749 | (2.7)% | |||
Exited operations | (90 | ) | (786 | ) | NM | |
Same-store, Digital Advertising Revenue | 46,362 | 46,963 | (1.3)% | |||
Total Advertising Revenue | 70,887 | 89,585 | (20.9)% | |||
Exited operations | (168 | ) | (8,702 | ) | NM | |
Same-store, Total Advertising Revenue | 70,719 | 80,883 | (12.6)% | |||
Print Subscription Revenue | 51,873 | 67,370 | (23.0)% | |||
Exited operations | (174 | ) | (682 | ) | NM | |
Same-store, Print Subscription Revenue | 51,699 | 66,688 | (22.5)% | |||
Digital Subscription Revenue | 19,467 | 12,329 | 57.9% | % | ||
Exited operations | (96 | ) | (236 | ) | NM | |
Same-store, Digital Subscription Revenue | 19,371 | 12,093 | 60.25 | % | ||
Total Subscription Revenue | 71,339 | 79,699 | (10.5)% | |||
Exited operations | (270 | ) | (918 | ) | NM | |
Same-store, Total Subscription Revenue | 71,069 | 78,781 | (9.8)% | |||
Print Other Revenue | 8,492 | 11,120 | (23.6)% | |||
Exited operations | (1 | ) | (121 | ) | NM | |
Same-store, Print Other Revenue | 8,491 | 10,999 | (22.8)% | |||
Digital Other Revenue | 4,960 | 4,727 | 4.9 | % | ||
Exited operations | — | — | NM | |||
Same-store, Digital Other Revenue | 4,960 | 4,727 | 4.9% | % | ||
Total Other Revenue | 13,452 | 15,847 | (15.1)% | |||
Exited operations | (1 | ) | (121 | ) | NM | |
Same-store, Total Other Revenue | 13,451 | 15,726 | (14.5)% | |||
Total Operating Revenue | 155,678 | 185,131 | (15.9)% | |||
Exited operations | (439 | ) | (9,741 | ) | NM | |
Same-store, Total Operating Revenue | 155,239 | 175,390 | (11.5)% |
NOTES
(1) | The following are non-GAAP (Generally Accepted Accounting Principles) financial measures for which reconciliations to relevant U.S GAAP measures are included in tables accompanying this release: |
(2) | Same-store revenues is a non-GAAP performance measure based on U.S. GAAP revenues for Lee for the current period, excluding exited operations. Exited operations include (1) business divestitures and (2) the elimination of stand-alone print products discontinued within our markets. | |
(3) | Total Digital Revenue is defined as digital advertising and marketing services revenue (including Amplified Digital®), digital-only subscription revenue and digital services revenue. | |
(4) | This earnings release is a preliminary report of results for the periods included. The reader should refer to the Company's most recent reports on Form 10-Q and on Form 10-K for definitive information. | |
(5) | The Company's debt is the $576 million term loan under a credit agreement with BH Finance LLC dated January 29, 2020 (the "Credit Agreement"). Excess Cash Flow is defined under the Credit Agreement as any cash greater than $20,000,000 on the balance sheet in accordance with U.S. GAAP at the end of each fiscal quarter, beginning with the quarter ending June 28, 2020. | |
(6) | TNI refers to TNI Partners publishing operations in Tucson, AZ. MNI refers to Madison Newspapers, Inc. publishing operations in Madison, WI. |
1 Year Lee Enterprises Chart |
1 Month Lee Enterprises Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions