Lee Reports Lower Revenue & Income
Despite growing revenue from digital services, earnings fell for Lee Enterprises. Wednesday the media company based in Davenport reported financial results for the fiscal year that ended in September.
Lee owns a total of 50 local newspapers, including the Quad-City Times, Argus and Dispatch, and Muscatine Journal, plus weekly and specialty publications.
Net income for the company for the year totaled 28.6 million dollars or 50 cents per share, compared to 64 cents in the previous year - a drop of 22 per cent.
The company blames "a soft print advertising environment" for its overall revenue decline of 7 per cent.
On the bright side, revenue from digital advertising and services rose 6.7 per cent for the year.