Lee adjusted earnings, digital revenue both up
Lee Enterprises earnings excluding unusual items increased 29 percent in the first fiscal quarter, due mainly to strength in digital advertising.
The parent company of the Times Media Co. earned $13 million in the first quarter when adjusted for unusual items, or 29 cents per diluted share, as compared to $10.1 million, or 22 cents per diluted share, in the year-ago quarter, according to the company’s earnings statement issued Tuesday.
Digital advertising sales increased 37.8 percent as compared to one year ago, as the company continues to roll out mobile sites and smart phone applications in all markets, according to Lee CEO Mary Junck.
“All by themselves, our newspapers remain, by far, the primary source of local news, information and advertising in our communities,” Junck said.
“Our online sites and digital products are expanding that reach through smart phones, e-readers and tablets.”
Net income for the first fiscal quarter unadjusted for unusual items was $19 million, or 42 cents per diluted share, as compared to $28 million, or 62 cents per diluted share in the year-ago quarter.
Unusual items for the quarter included a curtailment gain of $10.2 million in the first quarter, as compared to a $31.1 million gain in the year-ago quarter.
Lee Enterprises is the owner of The Times Media Co. and 48 other newspapers nationwide with a total Sunday circulation of 1.7 million and daily circulation of 1.4 million.