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Lee Enterprises Inc. Reports Operating Results (10-Q)

February 08, 2013 | About:

Lee Enterprises Inc. (NYSE:LEE) filed Quarterly Report for the period ended 2012-12-30.

Lee Enterprises Inc. has a market cap of $71.6459 million; its shares were traded at around $1.37 with a P/E ratio of 4.3 and P/S ratio of 0.095.

Highlight of Business Operations:

In the 2013 Quarter, combined print and digital advertising revenue decreased $8,632,000, or 6.3%, compared to the 2012 Quarter. Retail advertising decreased 3.8%. Retail preprint insertion revenue increased 1.1%. Digital retail advertising increased 6.2%, partially offsetting print declines.

On a stand-alone basis, digital advertising revenue increased 4.8% in the 2013 Quarter, representing 12.7% of total advertising revenue. Year-over-year total digital advertising turned positive in the month of December 2009 and has been rising steadily since that time. Print advertising revenue on a stand-alone basis decreased 7.7%.

As a result of the factors noted above, operating cash flow decreased 2.8%, to $51,506,000, in the 2013 Quarter compared to $52,998,000 in the 2012 Quarter. Operating cash flow margin increased to 27.8% from 27.6% a year ago reflecting a larger percentage decrease in operating expenses than the decrease in operating revenue.

As a result of the factors noted above, income attributable to Lee Enterprises, Incorporated (which includes discontinued operations) totaled $14,566,000 in the 2013 Quarter compared to $14,554,000 in the 2012 Quarter. We recorded earnings per diluted common share of $0.28 in the 2013 Quarter and $0.32 in the 2012 Quarter. Excluding unusual matters, as detailed in the table below, diluted earnings per common share, as adjusted, were $0.20 in the 2013 Quarter, compared to $0.37 in the 2012 Quarter. Per share amounts may not add due to rounding.

Cash provided by investing activities of continuing operations totaled $4,074,000 in the 2013 Quarter and $5,007,000 in the 2012 Quarter. Capital spending totaled $2,073,000 in the 2013 Quarter and $1,875,000 in the 2012 Quarter. We received $7,215,000 from sales of assets in the 2013 Quarter compared to $1,324,000 in the 2012 Quarter. Restricted cash was reduced $4,972,000 in the 2012 Quarter.

Read the The complete Report

About the author:

Charlie Tian, Ph.D. - Founder of GuruFocus. You can now order his book Invest Like a Guru on Amazon.

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