Newspaper publisher Lee Enterprises posts fiscal 3Q loss on costs for refinanced debt

MarketsAssociated Press

Lee Enterprises Inc. sustained a loss of $9.7 million in its fiscal third quarter as the publisher of the St. Louis Post Dispatch, Rapid City Journal and 44 other newspapers absorbed the costs of refinancing its debt.

The results announced Thursday translated into a loss of 19 cents per share for the 13 weeks ending June 29. The Davenport, Iowa, company posted earnings of $1.8 million, or 3 cents per share, at the same time last year.

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If not for the expense of its refinanced debt, a legal settlement and other accounting items, Lee said it would have earned 11 cents per share in its most recent quarter.

Revenue for the period slipped 2 percent from last year to $163 million.

Combined print and digital advertising and marketing services revenue decreased 3.2 percent to $110.3 million. But on a stand-alone basis, digital advertising and marketing services revenue increased 13 percent to $19.5 million. Mobile advertising revenue increased 25 percent to $1.9 million.