Davenport-based
Lee Enterprises, Inc., a leading provider of high-quality, trusted, local news,
information and a major platform for advertising in 49 markets, today reported
first quarter fiscal 2020 financial results for the period ended December 29,
2019.
First quarter highlights:
• Total digital revenue was $37.2 million, representing 30.4% of
operating revenue. Digital advertising revenue increased 5.1%, after adjusting
for non-recurring political revenue in the prior year quarter, and represented
39.5% of total advertising revenue.
• Revenue at TownNews increased 17.8% from the prior year
quarter.
• Due to timing of strategic pricing actions and print unit
declines, subscription revenue was off trend, reflecting the challenging
conditions in print. However, digital-only subscribers, which totaled 57,000 in
the prior year quarter, increased 84.8% and now total 105,000.
• Total revenues were $122.3 million in the first quarter,
compared to $136.2 million in the prior year quarter. On a same property basis revenues
were $119.1 million in the first quarter, compared to $136.2 million in the
prior year quarter.
• Revenue from the management agreement with BH Media Group
totaled $4.0 million, a 53.0% increase from the prior year quarter, largely
reflecting continued implementation of operational growth initiatives.
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