Posted on 05/02/2006 8:34:22 AM PDT by Grampa Dave
Lee Enterprises Earnings Fall 20 Percent Thursday April 20, 10:40 am ET By David Pitt, AP Business Writer Newspaper Publisher Lee Enterprises Earnings Fall 20 Percent
DES MOINES, Iowa (AP) -- Newspaper publisher Lee Enterprises Inc. reported at 20 percent drop in earnings for its second fiscal quarter Thursday partly due to costs related to its purchase of Pulitzer Inc. last June.
Earnings were $14.4 million, or 32 cents a share, compared $18.1 million, or 40 cents a share a year ago.
Excluding one-time costs, earnings were 33 cents a share, meeting the estimate of analysts surveyed by Thomson Financial.
Revenues rose 63.5 percent to $275.8 million from $168.7 million a year ago, missing analyst expectations of $278.05 million.
Mary Junck, chairman and chief executive officer, said in a statement that strong growth in online, employment and niche advertising revenue helped offset slower spending by automotive, national and department store customers.
On Nov. 1, Lee announced that 130 employees of the St. Louis Post-Dispatch accepted early retirement offers. Lee purchased the paper as part of its $1.5 billion acquisition of Pulitzer Inc.
Transition and early retirement costs related to the acquisition added $1.1 million to costs for the quarter and other financial costs of the acquisition totaled $22.1 million.
Excluding Pulitzer, Lee reported same property ad revenue increased 1.7 percent with small increases in retail and classified advertising and a 38.2 percent increase in online ad revenue. National advertising was down 8.8 percent and circulation down 1.9 percent, excluding the Pulitzer properties.
Comparable expenses increased 3.2 percent, with compensation up 1.4 percent, newsprint and ink up 8.5 percent and other expenses up 4.1 percent, the company said.
Lee Enterprises publishes 52 dailies and has a joint interest in six others. It also operates an online business and more than 300 weekly newspapers and specialty publications in 23 states.
Lee's shares declined 7 cents to $31.98 in morning trading on the New York Stock Exchange.
http://www.lee.net.
Supposedly that would be good news for Lee. It hasn't been.
Interesting this supposedly was put out by AP on 4/20. It is just no showing up.
http://biz.yahoo.com/ap/060426/post_dispatch_publisher.html?.v=4&printer=1
St. Louis Post-Dispatch Publisher Resigns
Wednesday April 26, 3:37 pm ET
By Cheryl Wittenauer, Associated Press Writer
St. Louis Post-Dispatch Publisher to Leave Position for New Career
"ST. LOUIS (AP) -- The St. Louis Post-Dispatch's publisher, who for nearly a year has been guiding the newspaper through a transition to new ownership, says he is leaving for a new career.
News of Terrance C.Z. Egger's resignation, effective May 19, came in a statement Tuesday by Lee Enterprises Inc., which acquired the newspaper last year, and a letter Egger wrote to employees.
Egger, 48, wrote that it was a "very difficult personal and professional decision," but it was time for him to move on.
"Even in a job you love, sometimes 10 years is enough," he told the newspaper's staff.
Egger, who joined the Post-Dispatch as general manager in 1996 and was appointed publisher in 1999, said he has found himself yearning for a new chapter in his life. Although that has not yet been defined, he mentioned a return to teaching or other roles in the newspaper industry."
Well named CEO.
In my opinion, sometimes 10 years is entirely too long, LOL....
"Mary Junck, chairman and chief executive officer,
Well named CEO."
It is a perfect name when Lee Enterprise's Bonds get rated Junk Bonds, which will probably happen to every Fishwrap which sells bonds before the next 12 months are over.
Mary Junck and happy Chapter 11.
I am sure that this is not the first, and will not be the last, purchase of a Pulitzer...
"Here's the pull quote: "...sometimes 10 years is enough,"
In my opinion, sometimes 10 years is entirely too long, LOL...."
There has to be panic in the Marxist pseudo journalist masses from publishers to the lowest paid hacks.
Their industry is dying each day. There is no place to go for them. There are far too many worthless Marxist Hacks who can only spew hate GW articles in the industry.
When they lose their job, they know that they are unemployable. We have a 50 year old friend who was a Marxist cub reporter decades ago, before she sobered up and left the industry. She knows a lot of the so called front line reports from S Cal to N Cal. She told us that all of them are depressed and feel like they are living in the end days for their so called jobs. If their fishwrap closes, is bought out or they get laid off, they really have no skills for today's job markets.
"Mary Junck and happy Chapter 11."
Wow! You are on target for the BOL's at the expense of the mediot maggots today. Thanks.
Newspapers are still excellent business models for the future as they have embraced the internet and are doing quite well there. Paid circulation is falling more due to young Johnny can't or won't read than any other factor. That is scarier than any editorial that they may print.
"I am sure that this is not the first, and will not be the last, purchase of a Pulitzer..."
You are probably correct. The PP has become an obsolute joke outside of the dying fish wrap dinosaurs.
Oh, absolutely, Dave. You can see it oozing out every time they have a confab or get-togehter. At the APNE thingy the other day, that's all they could talk about. Sunday's WaPo had this piece from Deborah Howell: http://www.washingtonpost.com/wp-dyn/content/article/2006/04/28/AR2006042801985.html
I can't tell you how happy I am to see these liberals take it in the shorts. The QC Times (Crimes) is one of the more vocal Bush bashers and I have refused to read it for years because of their far left stands on everything.
Talk about agita in the newsroom.......LOL.
One of my wife's cousins and her husband live in the Quad City area.
They cancelled their decade long subscription during the 2004 election. They now get their news from FR and Fox.
One would bet that there are a lot of hidden alcohol and CNS Prescriptions bottles in the desks of most fishwrap employees.
Printing Presses as the bones of Dinosaurs. I like that.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.