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Lee Enterprises Incorporated (LEE) has submitted its Form 10-K filing for the fiscal year ended September 29, 2024.
The filing reports total operating revenue of $611.4 million, a decrease from $691.1 million in the previous year. The decline is attributed to reductions in both print advertising and subscription revenues.
Digital advertising and marketing services revenue increased slightly to $194.2 million, representing 70.4% of total advertising and marketing services revenue. Print advertising revenue decreased significantly to $81.5 million.
Subscription revenue declined by 10%, totaling $281.9 million, with digital-only subscription revenue growing by 38.9% to offset declines in print subscriptions.
The company reported a net loss of $23.6 million for the year, compared to a net loss of $2.7 million in the previous year. The loss per share was $4.35, compared to $0.90 in the previous year.
Operating expenses decreased by 7.4% to $611.4 million, with significant reductions in compensation expenses and newsprint and ink costs.
Lee Enterprises continues to focus on its digital transformation strategy, emphasizing digital subscription growth and expanding digital advertising and marketing services.
The company completed a voluntary lump sum payment of future benefits to terminated vested participants, resulting in a non-cash settlement gain of $2.4 million.
Lee Enterprises' liquidity, consisting of cash on the balance sheet, was reported at $9.6 million as of September 29, 2024.
The company remains committed to its strategic initiatives, including expanding its audience with local content, accelerating digital subscription growth, and diversifying offerings for local advertisers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Lee Enterprises Incorporated annual 10-K report dated December 13, 2024. To report an error, please email earnings@qz.com.