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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lee Enterprises Inc | NYSE:LEE | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 28.50 | 0 | 01:00:00 |
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Delaware
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42-0823980
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer
|
[ ]
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Accelerated filer
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[X]
|
|
Non-accelerated filer
|
[ ]
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
[ ]
|
|
Table Of Contents
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PAGE
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PART I
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Item 1.
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Consolidated Statements of Cash Flows - 13 weeks ended
December 29, 2013 and December 30, 2012
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Item 2.
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Item 3.
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Item 4.
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PART II
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Item 1.
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Item 6.
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|
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(Thousands of Dollars)
|
December 29
2013 |
|
September 29
2013 |
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ASSETS
|
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|
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Current assets:
|
|
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||
Cash and cash equivalents
|
12,655
|
|
17,562
|
|
Accounts receivable, net
|
76,850
|
|
63,215
|
|
Income taxes receivable
|
—
|
|
6,634
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Inventories
|
6,093
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|
6,409
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Deferred income taxes
|
2,017
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|
2,017
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Other
|
8,148
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|
8,488
|
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Total current assets
|
105,763
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|
104,325
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Investments:
|
|
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||
Associated companies
|
39,593
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39,489
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Other
|
10,928
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|
10,558
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Total investments
|
50,521
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|
50,047
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Property and equipment:
|
|
|
||
Land and improvements
|
23,597
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|
23,626
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Buildings and improvements
|
184,790
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|
184,838
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Equipment
|
296,565
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|
299,828
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Construction in process
|
3,652
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|
2,868
|
|
|
508,604
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|
511,160
|
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Less accumulated depreciation
|
342,669
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|
342,247
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Property and equipment, net
|
165,935
|
|
168,913
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Goodwill
|
243,729
|
|
243,729
|
|
Other intangible assets, net
|
235,292
|
|
242,184
|
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Postretirement assets, net
|
15,584
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|
14,956
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Other
|
3,412
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|
3,551
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Total assets
|
820,236
|
|
827,705
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|
(Thousands of Dollars and Shares, Except Per Share Data)
|
December 29
2013 |
|
September 29
2013 |
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LIABILITIES AND EQUITY
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Current liabilities:
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Current maturities of long-term debt
|
9,146
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|
14,371
|
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Accounts payable
|
22,176
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|
22,448
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Compensation and other accrued liabilities
|
22,989
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|
28,493
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Accrued interest
|
8,846
|
|
9,074
|
|
Income taxes payable
|
584
|
|
—
|
|
Unearned revenue
|
32,138
|
|
32,605
|
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Total current liabilities
|
95,879
|
|
106,991
|
|
Long-term debt, net of current maturities
|
812,109
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|
820,187
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Pension obligations
|
30,161
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|
30,583
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Postretirement and postemployment benefit obligations
|
7,449
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|
7,253
|
|
Deferred income taxes
|
20,833
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|
21,224
|
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Income taxes payable
|
5,492
|
|
5,257
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Other
|
5,705
|
|
5,900
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Total liabilities
|
977,628
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|
997,395
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Equity (deficit):
|
|
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||
Stockholders' equity (deficit):
|
|
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Serial convertible preferred stock, no par value; authorized 500 shares; none issued
|
—
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|
—
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Common Stock, $0.01 par value; authorized 120,000 shares; issued and outstanding:
|
534
|
|
524
|
|
December 29, 2013; 53,449 shares;
|
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||
September 29, 2013; 52,434 shares
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Class B Common Stock, $2 par value; authorized 30,000 shares; none issued
|
—
|
|
—
|
|
Additional paid-in capital
|
243,328
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|
242,537
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Accumulated deficit
|
(409,185
|
)
|
(421,077
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)
|
Accumulated other comprehensive income
|
7,225
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|
7,666
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Total stockholders' deficit
|
(158,098
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)
|
(170,350
|
)
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Non-controlling interests
|
706
|
|
660
|
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Total deficit
|
(157,392
|
)
|
(169,690
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)
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Total liabilities and deficit
|
820,236
|
|
827,705
|
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|
13 Weeks Ended
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(Thousands of Dollars, Except Per Common Share Data)
|
December 29
2013 |
|
December 30
2012 |
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Operating revenue:
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Advertising and marketing services
|
122,391
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128,899
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Subscription
|
45,550
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46,056
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Other
|
9,444
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|
9,701
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Total operating revenue
|
177,385
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184,656
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Operating expenses:
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Compensation
|
62,142
|
|
65,955
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Newsprint and ink
|
10,562
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|
12,174
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Other operating expenses
|
55,157
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|
54,211
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Depreciation
|
5,141
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|
5,487
|
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Amortization of intangible assets
|
6,893
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|
9,554
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Workforce adjustments
|
207
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|
803
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Total operating expenses
|
140,102
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|
148,184
|
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Equity in earnings of associated companies
|
2,919
|
|
3,045
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Operating income
|
40,202
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39,517
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Non-operating income (expense):
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Financial income
|
120
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|
80
|
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Interest expense
|
(20,827
|
)
|
(23,466
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)
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Debt financing costs
|
(104
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)
|
(47
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)
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Other, net
|
94
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|
7,007
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Total non-operating expense, net
|
(20,717
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)
|
(16,426
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)
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Income before income taxes
|
19,485
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23,091
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Income tax expense
|
7,383
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|
9,439
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Income from continuing operations
|
12,102
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13,652
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Discontinued operations, net of income taxes
|
—
|
|
1,046
|
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Net income
|
12,102
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|
14,698
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Net income attributable to non-controlling interests
|
(210
|
)
|
(118
|
)
|
Income attributable to Lee Enterprises, Incorporated
|
11,892
|
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14,580
|
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Other comprehensive loss, net of income taxes
|
(441
|
)
|
(93
|
)
|
Comprehensive income attributable to Lee Enterprises, Incorporated
|
11,451
|
|
14,487
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Income from continuing operations attributable to Lee Enterprises, Incorporated
|
11,892
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13,534
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Earnings per common share:
|
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Basic:
|
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Continuing operations
|
0.23
|
|
0.26
|
|
Discontinued operations
|
—
|
|
0.02
|
|
|
0.23
|
|
0.28
|
|
Diluted:
|
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Continuing operations
|
0.22
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|
0.26
|
|
Discontinued operations
|
—
|
|
0.02
|
|
|
0.22
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0.28
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13 Weeks Ended
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(Thousands of Dollars)
|
December 29
2013 |
|
December 30
2012 |
|
|
|
|
||
Cash provided by operating activities:
|
|
|
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Net income
|
12,102
|
|
14,698
|
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Results of discontinued operations
|
—
|
|
(1,046
|
)
|
Income from continuing operations
|
12,102
|
|
13,652
|
|
Adjustments to reconcile income from continuing operations to net cash provided by operating activities of continuing operations:
|
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Depreciation and amortization
|
12,034
|
|
15,041
|
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Amortization of debt present value adjustment
|
1,198
|
|
1,359
|
|
Stock compensation expense
|
264
|
|
368
|
|
Distributions greater (less) than earnings of MNI
|
371
|
|
(21
|
)
|
Deferred income tax expense (benefit)
|
(84
|
)
|
(1,740
|
)
|
Debt financing costs
|
104
|
|
52
|
|
Gain on sale of investments
|
—
|
|
(7,093
|
)
|
Changes in operating assets and liabilities:
|
|
|
||
Increase in receivables
|
(13,635
|
)
|
(9,048
|
)
|
Decrease in inventories and other
|
618
|
|
1,328
|
|
Decrease in accounts payable, compensation and other accrued liabilities and unearned revenue
|
(6,471
|
)
|
(4,782
|
)
|
Decrease in pension, postretirement and postemployment benefit obligations
|
(1,602
|
)
|
(873
|
)
|
Change in income taxes receivable or payable
|
7,453
|
|
10,874
|
|
Other, net
|
(359
|
)
|
(536
|
)
|
Net cash provided by operating activities of continuing operations
|
11,993
|
|
18,581
|
|
Cash provided by (required for) investing activities of continuing operations:
|
|
|
||
Purchases of property and equipment
|
(2,295
|
)
|
(2,068
|
)
|
Proceeds from sales of assets
|
132
|
|
7,215
|
|
Distributions less than earnings of TNI
|
(474
|
)
|
(954
|
)
|
Other, net
|
—
|
|
(114
|
)
|
Net cash provided by (required for) investing activities of continuing operations
|
(2,637
|
)
|
4,079
|
|
Cash provided by (required for) financing activities of continuing operations:
|
|
|
||
Payments on long-term debt
|
(14,500
|
)
|
(29,000
|
)
|
Debt financing and reorganization costs paid
|
(2
|
)
|
—
|
|
Common stock transactions, net
|
239
|
|
6
|
|
Net cash required for financing activities of continuing operations
|
(14,263
|
)
|
(28,994
|
)
|
Net cash provided by discontinued operations:
|
|
|
||
Investing activities
|
—
|
|
12,698
|
|
Net (increase) decrease in cash and cash equivalents
|
(4,907
|
)
|
6,364
|
|
Cash and cash equivalents:
|
|
|
||
Beginning of period
|
17,562
|
|
13,920
|
|
End of period
|
12,655
|
|
20,284
|
|
1
|
BASIS OF PRESENTATION
|
|
(Thousands of Dollars)
|
February 28
2013 |
|
|
|
|
|
|
Current assets
|
433
|
|
|
Property and equipment, net
|
770
|
|
|
Goodwill
|
500
|
|
|
Other intangible assets, net
|
4,025
|
|
|
Current liabilities
|
(271
|
)
|
|
Assets, net
|
5,457
|
|
|
(Thousands of Dollars)
|
September 30
2012 |
|
|
|
|
|
|
Current assets
|
2,093
|
|
|
Property and equipment, net
|
5,158
|
|
|
Goodwill
|
3,042
|
|
|
Other intangible assets, net
|
1,920
|
|
|
Current liabilities
|
(1,714
|
)
|
|
Assets, net
|
10,499
|
|
|
|
13 Weeks Ended
|
|
|
(Thousands of Dollars)
|
December 30
2012
|
|
|
|
|
|
|
Operating revenue
|
804
|
|
|
Costs and expenses
|
(998
|
)
|
|
Gain on sale of the
North County Times
|
1,800
|
|
|
Gain from discontinued operations, before income taxes
|
1,606
|
|
|
Income tax expense
|
560
|
|
|
Net gain
|
1,046
|
|
|
|
13 Weeks Ended
|
|
14 Weeks Ended
|
|
|
(Thousands of Dollars)
|
December 29
2013 |
|
December 30
2012 |
|
|
|
|
|
||
|
Operating revenue
|
16,072
|
|
17,544
|
|
|
Operating expenses, excluding workforce adjustments, depreciation and amortization
|
12,371
|
|
13,637
|
|
|
Workforce adjustments
|
(87
|
)
|
—
|
|
|
Operating income
|
3,788
|
|
3,907
|
|
|
Company's 50% share of operating income
|
1,894
|
|
1,954
|
|
|
Less amortization of intangible assets
|
105
|
|
181
|
|
|
Equity in earnings of TNI
|
1,789
|
|
1,773
|
|
|
|
13 Weeks Ended
|
|
||
|
(Thousands of Dollars)
|
December 29
2013 |
|
December 30
2012 |
|
|
|
|
|
||
|
Operating revenue
|
17,312
|
|
18,558
|
|
|
Operating expenses, excluding workforce adjustments, depreciation and amortization
|
13,259
|
|
14,049
|
|
|
Depreciation and amortization
|
398
|
|
383
|
|
|
Operating income
|
3,655
|
|
4,126
|
|
|
Net income
|
2,259
|
|
2,543
|
|
|
Equity in earnings of MNI
|
1,130
|
|
1,272
|
|
4
|
GOODWILL AND OTHER INTANGIBLE ASSETS
|
|
|
13 Weeks Ended
|
|
|
(Thousands of Dollars)
|
December 29
2013 |
|
|
|
|
|
|
Goodwill, gross amount
|
1,532,458
|
|
|
Accumulated impairment losses
|
(1,288,729
|
)
|
|
Goodwill, beginning of period
|
243,729
|
|
|
Goodwill, end of period
|
243,729
|
|
|
(Thousands of Dollars)
|
December 29
2013 |
|
September 29
2013 |
|
|
|
|
|
||
|
Nonamortized intangible assets:
|
|
|
||
|
Mastheads
|
27,038
|
|
27,038
|
|
|
Amortizable intangible assets:
|
|
|
||
|
Customer and newspaper subscriber lists
|
686,732
|
|
686,732
|
|
|
Less accumulated amortization
|
478,480
|
|
471,589
|
|
|
|
208,252
|
|
215,143
|
|
|
Noncompete and consulting agreements
|
28,524
|
|
28,524
|
|
|
Less accumulated amortization
|
28,522
|
|
28,521
|
|
|
|
2
|
|
3
|
|
|
|
235,292
|
|
242,184
|
|
5
|
DEBT
|
|
13 Weeks Ended
|
|
13 Weeks Ending
|
|
||||
(Thousands of Dollars)
|
December 29
2013 |
|
March 30
2014 |
|
June 29
2014 |
|
September 28
2014 |
|
|
|
|
|
|
||||
Mandatory
|
3,000
|
|
3,000
|
|
3,375
|
|
3,375
|
|
Voluntary
|
3,350
|
|
—
|
|
—
|
|
—
|
|
Asset sales
|
150
|
|
—
|
|
—
|
|
—
|
|
Excess cash flow
|
—
|
|
—
|
|
—
|
|
—
|
|
|
6,500
|
|
3,000
|
|
3,375
|
|
3,375
|
|
|
|
|
13 Weeks Ended
|
|
||||
(Thousands of Dollars)
|
December 30
2012 |
|
March 31
2013 |
|
June 30
2013 |
|
September 29
2013 |
|
|
|
|
|
|
||||
Mandatory
|
2,500
|
|
2,500
|
|
3,000
|
|
3,000
|
|
Voluntary
|
9,750
|
|
15,350
|
|
2,260
|
|
6,000
|
|
Asset sales
|
7,750
|
|
—
|
|
240
|
|
—
|
|
Excess cash flow
|
—
|
|
—
|
|
—
|
|
—
|
|
|
20,000
|
|
17,850
|
|
5,500
|
|
9,000
|
|
|
13 Weeks Ended
|
|
|
13 Weeks Ending
|
|
|||
(Thousands of Dollars)
|
December 29
2013 |
|
March 30
2014 |
|
June 29
2014 |
|
September 28
2014 |
|
|
|
|
|
|
||||
Mandatory
|
6,400
|
|
—
|
|
—
|
|
—
|
|
Voluntary
|
1,600
|
|
—
|
|
—
|
|
—
|
|
Asset sales
|
—
|
|
—
|
|
—
|
|
—
|
|
Excess cash flow
|
—
|
|
—
|
|
—
|
|
—
|
|
|
8,000
|
|
—
|
|
—
|
|
—
|
|
|
|
|
13 Weeks Ended
|
|
||||
(Thousands of Dollars)
|
December 30
2012 |
|
March 31
2013 |
|
June 30
2013 |
|
September 29
2013 |
|
|
|
|
|
|
||||
Mandatory
|
3,800
|
|
2,600
|
|
—
|
|
—
|
|
Voluntary
|
—
|
|
1,500
|
|
14,000
|
|
17,000
|
|
Asset sales
|
5,200
|
|
1,900
|
|
—
|
|
—
|
|
Excess cash flow
|
—
|
|
—
|
|
—
|
|
—
|
|
|
9,000
|
|
6,000
|
|
14,000
|
|
17,000
|
|
|
|
|
Interest Rates
(%)
|
||
(Thousands of Dollars)
|
December 29
2013 |
|
September 29
2013 |
|
December 29
2013 |
|
|
|
|
||
Revolving credit facility
|
—
|
|
—
|
|
6.75
|
1
st
Lien Agreement
|
603,000
|
|
609,500
|
|
7.50
|
2
nd
Lien Agreement
|
175,000
|
|
175,000
|
|
15.00
|
New Pulitzer Notes
|
55,000
|
|
63,000
|
|
9.00
|
Pulitzer Notes
|
—
|
|
—
|
|
|
Unamortized present value adjustment
|
(11,745
|
)
|
(12,942
|
)
|
|
|
821,255
|
|
834,558
|
|
|
Less current maturities of long-term debt
|
13,925
|
|
19,150
|
|
|
Current amount of present value adjustment
|
(4,779
|
)
|
(4,779
|
)
|
|
Total long-term debt
|
812,109
|
|
820,187
|
|
|
6
|
PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS
|
|
PENSION PLANS
|
13 Weeks Ended
|
|
||
|
(Thousands of Dollars)
|
December 29
2013 |
|
December 30
2012 |
|
|
|
|
|
||
|
Service cost for benefits earned during the period
|
39
|
|
54
|
|
|
Interest cost on projected benefit obligation
|
1,999
|
|
1,882
|
|
|
Expected return on plan assets
|
(2,483
|
)
|
(2,459
|
)
|
|
Amortization of net loss
|
106
|
|
572
|
|
|
Amortization of prior service benefit
|
(34
|
)
|
(34
|
)
|
|
|
(373
|
)
|
15
|
|
|
|
|
|
||
|
POSTRETIREMENT MEDICAL PLANS
|
13 Weeks Ended
|
|
||
|
(Thousands of Dollars)
|
December 29
2013 |
|
December 30
2012 |
|
|
|
|
|
||
|
Service cost for benefits earned during the period
|
149
|
|
182
|
|
|
Interest cost on projected benefit obligation
|
228
|
|
281
|
|
|
Expected return on plan assets
|
(371
|
)
|
(368
|
)
|
|
Amortization of net gain
|
(455
|
)
|
(331
|
)
|
|
Amortization of prior service benefit
|
(365
|
)
|
(365
|
)
|
|
|
(814
|
)
|
(601
|
)
|
7
|
INCOME TAXES
|
|
|
13 Weeks Ended
|
|
||
|
(Percent of Income Before Income Taxes)
|
December 29
2013 |
|
December 30
2012 |
|
|
|
|
|
||
|
Computed “expected” income tax expense
|
35.0
|
|
35.0
|
|
|
State income taxes, net of federal tax effect
|
3.4
|
|
3.4
|
|
|
Dividends received deductions and credits
|
(2.6
|
)
|
(5.2
|
)
|
|
Valuation allowance
|
(0.9
|
)
|
4.8
|
|
|
Resolution of tax matters
|
1.9
|
|
1.2
|
|
|
Deferred income tax rate adjustments
|
—
|
|
—
|
|
|
Other
|
1.1
|
|
1.7
|
|
|
|
37.9
|
|
40.9
|
|
8
|
EARNINGS PER COMMON SHARE
|
|
|
13 Weeks Ended
|
|
||
|
(Thousands of Dollars and Shares, Except Per Share Data)
|
December 29
2013 |
|
December 30
2012 |
|
|
|
|
|
||
|
Income attributable to Lee Enterprises, Incorporated:
|
|
|
||
|
Continuing operations
|
11,892
|
|
13,534
|
|
|
Discontinued operations
|
—
|
|
1,046
|
|
|
|
11,892
|
|
14,580
|
|
|
Weighted average common shares
|
52,886
|
|
52,294
|
|
|
Less weighted average restricted Common Stock
|
805
|
|
500
|
|
|
Basic average common shares
|
52,081
|
|
51,794
|
|
|
Dilutive stock options and restricted Common Stock
|
1,178
|
|
60
|
|
|
Diluted average common shares
|
53,259
|
|
51,854
|
|
|
Earnings per common share:
|
|
|
||
|
Basic:
|
|
|
||
|
Continuing operations
|
0.23
|
|
0.26
|
|
|
Discontinued operations
|
—
|
|
0.02
|
|
|
|
0.23
|
|
0.28
|
|
|
Diluted:
|
|
|
||
|
Continuing operations
|
0.22
|
|
0.26
|
|
|
Discontinued operations
|
—
|
|
0.02
|
|
|
|
0.22
|
|
0.28
|
|
9
|
STOCK OWNERSHIP PLANS
|
|
(Thousands of Dollars and Shares, Except Per Share Data)
|
Shares
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
|
|
|||
|
Outstanding, September 29, 2013
|
2,769
|
|
2.94
|
|
|
|
|
|
Granted
|
15
|
|
2.99
|
|
|
|
|
|
Exercised
|
(114
|
)
|
2.09
|
|
|
|
|
|
Cancelled
|
(42
|
)
|
14.85
|
|
|
|
|
|
Outstanding, December 29, 2013
|
2,628
|
|
2.79
|
|
7.2
|
4,347
|
|
|
|
|
|
|
|
|||
|
Exercisable, December 29, 2013
|
1,647
|
|
3.73
|
|
6.5
|
2,117
|
|
|
(Thousands of Shares, Except Per Share Data)
|
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|
|
|
|
|
||
|
Outstanding, September 29, 2013
|
500
|
|
1.31
|
|
|
Granted
|
801
|
|
3.61
|
|
|
Outstanding, December 29, 2013
|
1,301
|
|
2.73
|
|
10
|
FAIR VALUE MEASUREMENTS
|
11
|
COMMITMENTS AND CONTINGENT LIABILITIES
|
12
|
COMMON STOCK
|
|
13 Weeks Ended
|
|
|
52 Weeks Ended
|
|
||
(Thousands of Dollars)
|
December 29
2013 |
|
December 30
2012 |
|
|
December 29
2013 |
|
|
|
|
|
|
|||
Operating income (loss)
|
40,202
|
|
39,517
|
|
|
(56,634
|
)
|
Equity in earnings of associated companies
|
(2,919
|
)
|
(3,045
|
)
|
|
(8,559
|
)
|
Depreciation and amortization
|
12,034
|
|
15,041
|
|
|
52,630
|
|
Impairment of intangible and other assets
|
—
|
|
—
|
|
|
171,094
|
|
Operating cash flow
|
49,317
|
|
51,513
|
|
|
158,531
|
|
Ownership share of TNI EBITDA (50%)
|
1,894
|
|
1,954
|
|
|
5,737
|
|
Ownership share of MNI EBITDA (50%)
|
2,027
|
|
2,255
|
|
|
5,753
|
|
Stock compensation
|
264
|
|
368
|
|
|
1,157
|
|
Adjusted EBITDA
|
53,502
|
|
56,090
|
|
|
171,178
|
|
Ownership share of associated companies EBITDA (50%)
|
(3,921
|
)
|
(4,209
|
)
|
|
(11,490
|
)
|
Distributions from associated companies
|
2,815
|
|
2,070
|
|
|
12,143
|
|
Capital expenditures
|
(2,295
|
)
|
(2,068
|
)
|
|
(9,967
|
)
|
Pension contributions
|
—
|
|
—
|
|
|
(6,016
|
)
|
Cash income tax refunds (paid)
|
(14
|
)
|
(240
|
)
|
|
9,352
|
|
Unlevered free cash flow
|
50,087
|
|
51,643
|
|
|
165,200
|
|
Financial income
|
120
|
|
80
|
|
|
340
|
|
Interest expense settled in cash
|
(19,628
|
)
|
(21,846
|
)
|
|
(81,794
|
)
|
Debt financing and reorganization costs paid
|
(2
|
)
|
—
|
|
|
(1,073
|
)
|
Free cash flow
|
30,577
|
|
29,877
|
|
|
82,673
|
|
•
|
50 daily and 38 Sunday newspapers with subscribers totaling
1.2 million
and
1.6 million
, respectively, for the 13 weeks ended December 29, 2013, read by nearly four million people in print;
|
•
|
Websites, mobile and tablet products in all of our markets that complement our newspapers and attracted
25.6 million
unique visitors in December 2013, with
209.7 million
page views; and
|
•
|
Nearly 300 weekly newspapers and classified and niche publications.
|
|
13 Weeks Ended
|
|
||||
(Thousands of Dollars, Except Per Share Data)
|
December 29
2013 |
|
December 30
2012 |
|
Percent
Change
|
|
|
|
|
|
|||
Advertising and marketing services revenue:
|
|
|
|
|||
Retail
|
80,103
|
|
83,207
|
|
(3.7
|
)
|
Classified:
|
|
|
|
|||
Employment
|
7,209
|
|
7,683
|
|
(6.2
|
)
|
Automotive
|
8,129
|
|
9,318
|
|
(12.8
|
)
|
Real estate
|
4,419
|
|
4,652
|
|
(5.0
|
)
|
All other
|
10,453
|
|
11,633
|
|
(10.1
|
)
|
Total classified
|
30,210
|
|
33,286
|
|
(9.2
|
)
|
National
|
7,517
|
|
7,794
|
|
(3.6
|
)
|
Niche publications and other
|
4,561
|
|
4,612
|
|
(1.1
|
)
|
Total advertising and marketing services revenue
|
122,391
|
|
128,899
|
|
(5.0
|
)
|
Subscription
|
45,550
|
|
46,056
|
|
(1.1
|
)
|
Commercial printing
|
3,032
|
|
3,302
|
|
(8.2
|
)
|
Digital services and other
|
6,412
|
|
6,399
|
|
0.2
|
|
Total operating revenue
|
177,385
|
|
184,656
|
|
(3.9
|
)
|
Operating expenses:
|
|
|
|
|||
Compensation
|
62,142
|
|
65,955
|
|
(5.8
|
)
|
Newsprint and ink
|
10,562
|
|
12,174
|
|
(13.2
|
)
|
Other operating expenses
|
55,157
|
|
54,211
|
|
1.7
|
|
Workforce adjustments
|
207
|
|
803
|
|
(74.2
|
)
|
|
128,068
|
|
133,143
|
|
(3.8
|
)
|
Operating cash flow
|
49,317
|
|
51,513
|
|
(4.3
|
)
|
Depreciation and amortization
|
12,034
|
|
15,041
|
|
(20.0
|
)
|
Equity in earnings of associated companies
|
2,919
|
|
3,045
|
|
(4.1
|
)
|
Operating income
|
40,202
|
|
39,517
|
|
1.7
|
|
Non-operating expense, net
|
(20,717
|
)
|
(16,426
|
)
|
26.1
|
|
Income from continuing operations before income taxes
|
19,485
|
|
23,091
|
|
(15.6
|
)
|
Income tax expense
|
7,383
|
|
9,439
|
|
(21.8
|
)
|
Income from continuing operations
|
12,102
|
|
13,652
|
|
(11.4
|
)
|
Discontinued operations, net of income taxes
|
—
|
|
1,046
|
|
NM
|
|
Net income
|
12,102
|
|
14,698
|
|
(17.7
|
)
|
Net income attributable to non-controlling interests
|
(210
|
)
|
(118
|
)
|
78.0
|
|
Income attributable to Lee Enterprises, Incorporated
|
11,892
|
|
14,580
|
|
(18.4
|
)
|
Other comprehensive loss, net of income taxes
|
(441
|
)
|
(93
|
)
|
NM
|
|
Comprehensive income attributable to Lee Enterprises, Incorporated
|
11,451
|
|
14,487
|
|
(21.0
|
)
|
Income from continuing operations attributable to Lee Enterprises, Incorporated
|
11,892
|
|
13,534
|
|
(12.1
|
)
|
Income per common share:
|
|
|
|
|||
Basic
|
0.23
|
|
0.28
|
|
(17.9
|
)
|
Diluted
|
0.22
|
|
0.28
|
|
(21.4
|
)
|
|
13 Weeks Ended
|
|
||||||
|
December 29
2013 |
|
December 30
2012 |
|
||||
(Thousands of Dollars, Except Per Share Data)
|
Amount
|
|
Per Share
|
|
Amount
|
|
Per Share
|
|
|
|
|
|
|
||||
Income attributable to Lee Enterprises, Incorporated, as reported
|
11,892
|
|
0.22
|
|
14,580
|
|
0.28
|
|
Adjustments:
|
|
|
|
|
||||
Gain on sale of investment, net
|
—
|
|
|
(6,909
|
)
|
|
||
Debt financing and reorganization costs
|
104
|
|
|
47
|
|
|
||
Amortization of debt present value adjustment
|
1,198
|
|
|
1,358
|
|
|
||
Other, net
|
163
|
|
|
1,066
|
|
|
||
|
1,465
|
|
|
(4,438
|
)
|
|
||
Income tax effect of adjustments, net
|
(512
|
)
|
|
1,553
|
|
|
||
|
953
|
|
0.02
|
|
(2,885
|
)
|
(0.06
|
)
|
Unusual matters related to discontinued operations
|
—
|
|
—
|
|
(1,167
|
)
|
(0.02
|
)
|
Income attributable to Lee Enterprises, Incorporated, as adjusted
|
12,845
|
|
0.24
|
|
10,528
|
|
0.20
|
|
|
|
|
Interest Rates
(%)
|
|
||
(Thousands of Dollars)
|
December 29
2013 |
|
September 29
2013 |
|
December 29
2013 |
|
|
|
|
|
|||
Revolving credit facility
|
—
|
|
—
|
|
6.75
|
|
1
st
Lien Agreement
|
603,000
|
|
609,500
|
|
7.50
|
|
2
nd
Lien Agreement
|
175,000
|
|
175,000
|
|
15.00
|
|
New Pulitzer Notes
|
55,000
|
|
63,000
|
|
9.00
|
|
Unamortized present value adjustment
|
(11,745
|
)
|
(12,942
|
)
|
|
|
|
821,255
|
|
834,558
|
|
|
|
Less current maturities of debt
|
13,925
|
|
19,150
|
|
|
|
Current amount of present value adjustment
|
(4,779
|
)
|
(4,779
|
)
|
|
|
Total long-term debt
|
812,109
|
|
820,187
|
|
|
Number
|
|
Description
|
|
|
|
31.1
|
|
Rule 13a-14(a)/15d-14(a) certification
|
31.2
|
|
Rule 13a-14(a)/15d-14(a) certification
|
32
|
|
Section 1350 certification
|
|
|
|
LEE ENTERPRISES, INCORPORATED
|
|
|
|
|
|
/s/ Carl G. Schmidt
|
|
February 7, 2014
|
Carl G. Schmidt
|
|
|
Vice President, Chief Financial Officer and Treasurer
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
1 Year Lee Enterprises Chart |
1 Month Lee Enterprises Chart |
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