Newspaper chain Lee reports fourth-quarter gains in digital revenue, cash flow and earnings per share
Davenport-based publisher Lee Enterprises Inc. reported gains in digital revenues in the quarter ended Sept. 27 to offset a 4.4 percent decline in overall revenues. The company pointed out in a release that the drop in revenues was substantially less than in the previous quarter. Earnings were 10 cents per share for the quarter, up from 2 cents per share a year ago. In addition, Lee reported an increase in operating cash flow of 5 percent. The company, which publishes the Quad-City Times in Davenport, said it is using all available cash to pay down debt. Subscription revenue increased 6 percent. Total digital revenue advanced nearly 24 percent. Digital advertising revenue increased 5 percent and represented 21.6 percent of total advertising revenue in the quarter. Mobile advertising revenue, which is included in digital advertising, increased 10.6 percent.