COVID-19 contributes to drop in Lee earnings

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Nasdaq: Media company Lee Enterprises Inc. of Davenport reported a second-quarter loss per share of 9 cents, compared with a loss of 5 cents per share a year ago. Adjusted earnings before interest, taxes, depreciation and amortization totaled $17.4 million for the quarter, despite the immediate negative revenue impact from COVID-19. Pro forma adjusted EBITDA was $24.0 million. Second-quarter operating revenue was $121.4 million, a decrease of 1.1%, as a result of continuing decline of print trends and the negative impact from the COVID-19 pandemic. Total operating revenue on a pro forma basis decreased 10.0% for the quarter.

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