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Lee Enterprises Incorporated (LEE-6.99%) has submitted its 10-Q filing for the quarterly period ended December 29, 2024.
The filing includes financial statements for the quarter, showing a decrease in total operating revenue to $144.6 million from $155.7 million in the same quarter the previous year. The decrease is attributed to a decline in print advertising and subscription revenues.
Advertising and marketing services revenue totaled $66.6 million, down 6.1% from the previous year. Print advertising revenue decreased by 18.7%, while digital advertising and marketing services revenue increased by 0.6%.
Subscription revenue was $65.0 million, down 8.9% from the previous year. This decline was due to a decrease in print subscription revenue, partially offset by a 10.8% increase in digital subscription revenue.
Operating expenses for the quarter were $149.0 million, a slight decrease from $149.4 million in the previous year. Compensation expenses increased by 1.0%, while newsprint and ink costs decreased by 25.3%.
The company reported an operating loss of $3.4 million for the quarter, compared to an operating income of $7.8 million in the previous year.
Interest expense for the quarter increased to $10.3 million from $10.1 million in the previous year. The company also recorded a net periodic pension and other postretirement benefit of $0.7 million.
Net loss for the quarter was $16.2 million, compared to a net income of $1.2 million in the previous year. The loss per common share was $2.80, compared to earnings per share of $0.12 in the previous year.
Cash required by operating activities was $7.3 million, compared to cash provided by operating activities of $0.1 million in the previous year.
The company anticipates that its operations will continue to generate sufficient cash flow to meet its requirements for at least the next twelve months.
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 quarterly 10-Q report dated February 7, 2025. To report an error, please email earnings@qz.com.