Lee Enterprises -3.1% as print ad revenues continue decline

|About: Lee Enterprises, Incorporated (LEE)|By:, SA News Editor

Lee Enterprises (NYSE:LEE) is off 3.1% after Q4 earnings showed profits that improved but missed expectations on declining revenues.

EBITDA was down 1.1% to $36.7M (the best Y/Y change in EBITDA in two years).

Earnings were $3.5M, up from a year-ago $0.7M.

Digital ad revenue rose 6.1%, helped make up in part for a soft print ad environment. Subscription revenues were up 0.6% for the quarter.

Average daily newspaper circulation came to 0.8M; Sunday circulation was 1.1M.

Debt as of Sept. 24 is $548.4M after being reduced by $20.1M in the quarter and $68.8M in the fiscal year. Liquidity was $44.4M.

Press release