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Lee Enterprises updates business outlook, plans more digital subscriptions
DAVENPORT, Iowa (March 21, 2012) -- Lee Enterprises, Incorporated (NYSE: LEE - News) expects revenue trends for the quarter ending March 25, 2012, to be similar to, or slightly better than, the December 2011 quarter, down in the range of 3% to 4%, with operating expenses, excluding depreciation and amortization, decreasing 4% to 5%, resulting in stable operating cash flow(1) and operating income.
In remarks prepared for Lee`s annual meeting of stockholders this morning, Carl Schmidt, vice president, chief financial officer and treasurer, said operating expenses, excluding depreciation and amortization, for the fiscal year ending September 30, 2012, are expected to decrease 3.5% to 4.5% from the comparable 2011 level, also excluding non-cash impairment charges in the prior year and a 53rd week of business activity in 2012, a significant improvement from previous guidance.
He said the additional week, which will be in September and which last occurred in 2007, will add $9-10 million to operating expenses for this year only, but it also will add an extra week of revenue, so the impact on cash flow and earnings should be positive.
Schmidt added that debt repayments in the quarter totaling $30.4 million made in conjunction with, and since the closing of the company`s debt refinancing on January 30 will reduce the remaining balance to $965.5 million.
Also in remarks prepared for the annual meeting, Mary Junck, chairman and chief executive officer, said Lee plans to introduce digital subscriber programs in more Lee markets within the next three months and expects to have paid digital content in most Lee markets by the end of the year.
She said reception of a digital subscriber program at six newspapers in Montana and Wyoming has been good. She said there has been no adverse effect on digital advertising revenue, that the number of unique visits has continued to grow, and that page views have remained strong.
"We`re excited about the opportunities we see for digital subscriptions," she said. "No other source can match the wealth of unique and indispensable local news and information that we provide around the clock, day in and day out. We see this development as an important part of our future."
She shared updated market studies showing that Lee`s newspapers and digital products reach 82% of the adults in its 12 largest markets over a week, including 80% of people 18-29 years old.
She said mobile and tablet audience growth has been "breathtaking," with page views up 225% in January 2012 compared with a year ago.
She added: "Next week, we`re rolling out another major update for our 104 smartphone apps. The update features an improved user interface, new content and new rich-media advertising, with more options for sharing across social media."
The complete presentation will be available later this morning at lee.net.
Lee Enterprises is a leading provider of local news and information, and a major platform for advertising, in its markets, with 48 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 specialty publications in 23 states. Lee`s newspapers have circulation of 1.3 million daily and 1.7 million Sunday, reaching nearly four million readers in print alone. Lee`s websites and mobile and tablet products attracted 22.7 million unique visitors in January 2012. Lee`s markets include St. Louis, MO; Lincoln, NE; Madison, WI; Davenport, IA; Billings, MT; Bloomington, IL; and Tucson, AZ. Lee Common Stock is traded on the New York Stock Exchange under the symbol LEE.
(1) Operating cash flow, which is defined as operating income before depreciation, amortization, impairment charges, curtailment gains, and equity in earnings of associated companies, is a non-GAAP (Generally Accepted Accounting Principles) financial measure. No non-GAAP financial measure should be considered as a substitute for any related GAAP financial measure. However, the company believes the use of non-GAAP financial measures provides meaningful supplemental information with which to evaluate its financial performance, or assist in forecasting and analyzing future periods. For further information, please refer to the most recent 10-K or 10-Q filing.
==================================================================good luck, michael
I like Lee...little trend playing ATM
Looking back at my messages and you tipped me off to LEE, lmao. Thanks Buddy, was a goodie, much appreciated. Thought I got this play from someone else, to young to be senile, man oh man, lol.
Really dead today.....ZZZZZZZZZZZZZZZZ.....volume something like 84K. I bought 14K shares at day's end -- 1.10. Could have been hasty, dunno. Low volume and down day could cause a drift lower. Hope not.
Some positive news released today:
Lee Enterprises Ranks the Lowest in Terms of EV/EBITDA Ratio in the Publishing Industry (LEE, AHC, GSOL)
11 hours 17 minutes ago - Financial News Network Online - News Corner via Comtex
Below are the three companies in the Publishing industry with the lowest enterprise value to EBITDA (EV/EBITDA) ratios. EV/EBITDA is an important metric used in valuing comparable companies. It is capital structure neutral and generally the lower the ratio, the more undervalued the company is believed to be.
Lee Enterprises (NYSE:LEE) is lowest with an EV/EBITDA ratio of 0.12. Lee Enterprises, Incorporated owns various daily newspapers and a joint interest in several others. The Company also owns various weekly newspapers, shoppers, and specialty publications. In addition, Lee provides related Internet services, primarily from the Midwest to the Pacific Northwest United States. Over the past year, Lee Enterprises has traded in a range of $0.49 to $3.47 and is now at $1.13, 131% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has remained constant.
AH Belo (NYSE:AHC) is next with an EV/EBITDA ratio of 1.40. Finishing up the bottom three is Global Sources (NASDAQ:GSOL), with an EV/EBITDA ratio of 4.28. ---------------------------------------------------------------------------------------------
Financial News Network Online (FNNO) is a leading provider of digital financial news content for distribution on the web. You can count on FNNO to bring you the latest market news, earnings reports, analyst comments, economic data reports and more. Visit http://www.fnno.com today.
You're here cause ol Wrinks tipped you off, lmao. I grabbed 2k shares this morning at $2.13, see what happens, good luck Softdaddy and everyone else.
Got in yesterday afternoon due to the sharp rise in buying. Hope to see a continuation of that today and the rest of the week.
DD~~[b]January 23, 2012 Dear Lee Stockholders and Employees:
http://www.lee.net/newsreleases/pdf/Letter%20012312.pdf
On February 17, 2012, Lee Enterprises, Incorporated (the “Company”) was notified by NYSE Registration, Inc. that the Company has returned to compliance with the New York Stock Exchange’s share price standard under its Listed Company Manual. A copy of the news release issued by the Company is attached hereto as Exhibit 99.1 and is incorporated by reference herein
good luck, michael
Hmmm......Don't think that's unusual. :) Of course the remedy is to have a nice short squeeze. Volume, let's have lots of volume.
Hey, how do.....New to board, but been following LEE off and on for a couple months. I've bought into a couple false breakouts, only to make/lose a few pennies. Maybe it's ready to run. Hope so. Probably grabbing some tomorrow -- 22K coming back into account.
I arrived today as well...
Let's just make some money instead..SEC dont care nuttin bout nuttin cept drawing that gov'met check!..good luck, michael
lmao!!!...thats a pincher no doubt!...good luck, michael
nice to see a little interest here..got mine today at 1.11...chart is screaming breakout with the price sitting above the 50dma and those bollie's pinching like butt cheeks after a night of drinking and mexican food
The BK details and terms definately look favorable towards this co. making a move north!...good luck, michael
wanna be asst mod?
go ahead and file, but you're wasting your time. if this is what you're worried about, rejoice and acquire at lower prices.
this stock has been shorted for 2 weeks now. im just about tired of the bs. im contemplating filing a complaint with the sec . there is something fishy goin on here.
i know that i dont know much except that the current price appears to be less than where i would value it if i was going to buy the entire company and keep the cash flows to myself.
I thought we'd get a tradeable bounce off these levels, but the recent filing where LEE states they will probably do a reverse split, has added some new selling pressure, imo.
I added a few more at 1.10...so I now have about 70% of what I sold @ 1.40 or so. If weakness continues, I'd probably add at a buck.
best.
thanks for your response! something to think about. it may just turn around soon. you never know.
I think that LEE is worth more. Obviously there is a large short position and things will probably tend to churn higher. Asking me to supply a date, I have no clue, but the risks we saw 4 months ago were blown out of the water and I think we began to see "more reasonable prices"
i am indifferent, but the trading is profitable, and that's what i expected, but i figured we'd be churning higher than $1.10 lol.
i figured we'd churn around $1.90, so i'm wrong, which is fine.
doesnt really impact my belief that it is worth $3+ but is discounted for a variety of reasons, 90% of which is sentiment. I dont mind betting against unfounded sentiment.
market manipulation at its best here. walking it down with multiple 100 shares lots. its criminal. maybe someone should report this.
it seems to be going the other way. how can you predict 2.00 and when ? thanks
Good to see someone posting on this stock again on Ihub.
I'm in Lee's hometown area , Quad Cities, and am a subscriber and advertiser....I think this company will make it, but may take a couple years.
I was in it when they paid dividends, sold some at losses and made some up on the lows.
GLTA
today is the ninth day lee would close over a buck. If LEE closes over a buck tommorrow, doenst it cure their delisting problem?
Maybe shorts are trying to drive her down under buck.....although I'm really not a conspiracy theorist.
Could be just too far too soon.
anyway, glad I sold an bought back for the trading divvy.
best.
bought back some at 1.19/1.20............pretty quick twenty cent trading divvy, in a long line of LEE trading divvys.
Course, it could go down lower....I'd add near a buck.
best.
you can have the passenger seat
you are not alone my friend
anyone else want to ride to $2 with me or is this going to be a solo mission?
*turns on trading algo's on full blast. i expect this to trend between $1 and $2 for the next 12 months and i intend to make $5 every time it goes up and down 5 cents in that range.
I'm covered all the way down to $0.60.
i'm loving this volatility here.
these pullbacks are to be expected after a 100% rally. we'll see where we are trending in a few weeks. any bets?
I am looking at $1.50+
good to know. best wishes.
i'm just daytrading here and looking for $2+ by end of year.
In a few years, i see $6
I've only got a fraction left now.
Good luck with your position. Could break over two, although I still think we're at about fair value here....especially considering the Dec quarter results which came in weaker than forecast with unexpected ad revenue detrioration in Nov and December.
best.
lol, prepare to re-short if you want to. i'm still waiting for the volume to print on the charts from that death dive. i got distracted and bought more.
Sorry..hold your stock and buy more. I hardly short anything. But After watching this go up from value for no reason, I thought I should break my rule. Can't let it slip off. Hopefully it will hold above $1 to satisfy the listing rule. Then we see where it goes. By the way, I picked up about $2000 on the shorts and I am out. It's still going lower though, but I am ok leaving you to be rich here lol
honestly, if any of us knew, we wouldn't tell you anyway.
lol, you're seeking answers to questions that are unanswerable.
I mean the bottom for today before the bounce back?
what do you mean?
see you at $2
is that some sort of threat?
good one.
SELL YOUR STOCK BECAUSE I AM A FORCE TO BE RECOGNIZED!
Not alone in your position? Of course not! There are 5 million shares shorted at present.
you are in great company!
Brad...don't see that profit disappear proving tough. This business is done with brain not muscles. Last talk. See where it's going...I AM NOT ALONE IN MY POSITION. By Friday, you'd be wishing you listened
where do you guys think is the bottom befor it rebounds?
$0.38 adjusted eps last quarter.
present price of $1.51
this was over $3 before the bankruptcy scare.
Even at $0.80, the stock was trading at premium to peers
Financial position may be okay, but it is what it is
says the person who moderates the JGBO board. lol
like i said, feel free to pay me to borrow my shares. right now the going rate is over 25%
Not here..going down to $1.20 or below soon. The market is always BLIND GOING DOWN AND BLIND GOING UP. Buy the rumor, sell the news.
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Lee Enterprises updates business outlook, plans more digital subscriptions
DAVENPORT, Iowa (March 21, 2012) -- Lee Enterprises, Incorporated (NYSE: LEE - News) expects revenue trends for the quarter ending March 25, 2012, to be similar to, or slightly better than, the December 2011 quarter, down in the range of 3% to 4%, with operating expenses, excluding depreciation and amortization, decreasing 4% to 5%, resulting in stable operating cash flow(1) and operating income.
In remarks prepared for Lee`s annual meeting of stockholders this morning, Carl Schmidt, vice president, chief financial officer and treasurer, said operating expenses, excluding depreciation and amortization, for the fiscal year ending September 30, 2012, are expected to decrease 3.5% to 4.5% from the comparable 2011 level, also excluding non-cash impairment charges in the prior year and a 53rd week of business activity in 2012, a significant improvement from previous guidance.
He said the additional week, which will be in September and which last occurred in 2007, will add $9-10 million to operating expenses for this year only, but it also will add an extra week of revenue, so the impact on cash flow and earnings should be positive.
Schmidt added that debt repayments in the quarter totaling $30.4 million made in conjunction with, and since the closing of the company`s debt refinancing on January 30 will reduce the remaining balance to $965.5 million.
Also in remarks prepared for the annual meeting, Mary Junck, chairman and chief executive officer, said Lee plans to introduce digital subscriber programs in more Lee markets within the next three months and expects to have paid digital content in most Lee markets by the end of the year.
She said reception of a digital subscriber program at six newspapers in Montana and Wyoming has been good. She said there has been no adverse effect on digital advertising revenue, that the number of unique visits has continued to grow, and that page views have remained strong.
"We`re excited about the opportunities we see for digital subscriptions," she said. "No other source can match the wealth of unique and indispensable local news and information that we provide around the clock, day in and day out. We see this development as an important part of our future."
She shared updated market studies showing that Lee`s newspapers and digital products reach 82% of the adults in its 12 largest markets over a week, including 80% of people 18-29 years old.
She said mobile and tablet audience growth has been "breathtaking," with page views up 225% in January 2012 compared with a year ago.
She added: "Next week, we`re rolling out another major update for our 104 smartphone apps. The update features an improved user interface, new content and new rich-media advertising, with more options for sharing across social media."
The complete presentation will be available later this morning at lee.net.
Lee Enterprises is a leading provider of local news and information, and a major platform for advertising, in its markets, with 48 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 specialty publications in 23 states. Lee`s newspapers have circulation of 1.3 million daily and 1.7 million Sunday, reaching nearly four million readers in print alone. Lee`s websites and mobile and tablet products attracted 22.7 million unique visitors in January 2012. Lee`s markets include St. Louis, MO; Lincoln, NE; Madison, WI; Davenport, IA; Billings, MT; Bloomington, IL; and Tucson, AZ. Lee Common Stock is traded on the New York Stock Exchange under the symbol LEE.
(1) Operating cash flow, which is defined as operating income before depreciation, amortization, impairment charges, curtailment gains, and equity in earnings of associated companies, is a non-GAAP (Generally Accepted Accounting Principles) financial measure. No non-GAAP financial measure should be considered as a substitute for any related GAAP financial measure. However, the company believes the use of non-GAAP financial measures provides meaningful supplemental information with which to evaluate its financial performance, or assist in forecasting and analyzing future periods. For further information, please refer to the most recent 10-K or 10-Q filing.
Mary Junck
Davenport, IA 52801 Chairman, President and Chief Executive Officer
www.lee.net (563) 383-2100
January 23, 2012
Dear Lee Stockholders and Employees:
The comprehensive refinancing of Lee's debt will go into effect on January 30, 2012.
The achievement will mark the successful conclusion of a process that began nearly a year ago
in a difficult credit environment. The refinancing, along with our rapid digital growth, huge
audiences, intensive sales culture and ongoing strong cash flow, will keep Lee on solid financial
footing as we continue reshaping our company and improving our balance sheet.
The agreements extend our existing loan agreements to 2015 and 2017 on reasonable terms that
preserve stockholders' ownership interests with only 13% dilution. I am enclosing our news
release with additional details.
As I noted in my letter of December 2, 2011, completion of the refinancing required a voluntary,
prepackaged Chapter 11 process to bind a small minority of non-consenting creditors to
agreements that had been reached with an overwhelming majority of lenders. The process did
not affect employees, vendors, contractors, customers or any aspect of company operations.
Lee continues to be listed on the New York Stock Exchange, although the stock price currently
remains below the minimum average closing price of $1 per share. We expect investor sentiment
to improve with the conclusion of the refinancing. Regardless, NYSE rules allow the cure period
to extend through Lee's annual meeting in March 2012 because, if necessary, Lee could receive
shareholder approval to enact a reverse stock split. If Lee stock were to be removed from the
NYSE, it would be traded over the counter.
As you may have seen in our earnings report for the first quarter of our fiscal 2012, Lee continues
to gain headway in a still-uneven economy. We expect revenue trends to improve slowly in 2012,
as we press forward with more digital and print initiatives. Because of our intensive sales culture
and evolving array of products, Lee has outpaced the industry in advertising revenue
performance for 33 quarters in a row, and we expect to continue extending that string.
Even in a challenging economy, our print and digital media attract huge audiences. Continual,
extensive research shows that more than 80% percent of adults in our larger markets read or use
our products each week, including two-thirds of 18- to 29-year-olds. We believe the statistics are
even stronger in our smaller markets. That strength reflects the unique and indispensable role we
have earned in our communities and reinforces our optimism for the future.
With deep appreciation for your continuing support,
Mary Junck
Chairman, President and Chief Executive Officer
Enc.: News release
Lee Enterprises Inc.
201 North Harrison Street
Suite 600
Davenport, IA 52801
Phone: 563-383-2100
Fax: 563-323-9608
Web Site: http://www.lee.net/
DETAILS
Index Membership: N/A
Sector: Services
Industry: Publishing - Newspapers
Full Time Employees: 6,200
BUSINESS SUMMARY
Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers approximately 300 weekly newspapers and specialty publications in 23 states. The company also offers online services and advertising services. In addition, it provides online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. Further, Lee Enterprises has a joint interest in four newspapers. The company has a strategic alliance with Yahoo!, Inc., which offers its classified employment advertising customer base the opportunity to post job listings on Yahoo!'s HotJobs national platform. Lee Enterprises was founded in 1890 and is based in Davenport, Iowa.
ARIZONA
Arizona Daily Sun, Flagstaff
Arizona Daily Star, Tucson
CALIFORNIA
The Sentinel, Hanford
The Kingsburg Recorder, Kingsburg
Lemoore Advance, Lemoore
The Selma Enterprise, Selma
The Lompoc Record, Lompoc
Napa Valley Register, Napa
Inside Napa Valley, Napa
American Canyon Eagle, Napa
St. Helena Star, St. Helena
Weekly Calistogan, St. Helena
North County Times, Oceanside/Escondido
Santa Maria Times, Santa Maria
Adobe Press, Nipomo
El Tiempo, Santa Maria
Times Press Recorder, Arroyo Grande
Santa Ynez Valley News, Santa Maria
HAWAII
The Garden Island, Lihue, Kauai
IDAHO
Ag Weekly, Twin Falls
The Times-News, Twin Falls
ILLINOIS
The Pantagraph, Bloomington
The Southern Illinoisan, Carbondale
Journal Gazette and Times-Courier, Mattoon/Charleston
Herald & Review, Decatur
Prairie Shopper, Decatur
INDIANA
The Times, Munster
IOWA
Iowa Farmer Today, Cedar Rapids
Quad-City Times, Davenport
Globe-Gazette, Mason City
Mason City Shopper, Mason City
Britt News-Tribune, Britt
Forest City Summit, Forest City
Winnebago/Hancock Shopper, Forest City
Mitchell County Press-News, Osage
Muscatine Journal, Muscatine
Classic Images / Films of the Golden Age, Muscatine
Sioux City Journal, Sioux City
The Courier, Waterloo-Cedar Falls
KENTUCKY
The Ledger Independent, Maysville
MINNESOTA
Minnesota Farm Guide, Bismarck, ND
Winona Daily News, Winona
MISSOURI
Daily Journal, Park Hills
Democrat News, Fredericktown
The Farmington Press, Farmington
St. Louis Post-Dispatch, St. Louis
Suburban Journals, Greater St. Louis
MONTANA
Billings Gazette, Billings
Thrifty Nickel, Billings
Mini Nickel, Bozeman
The Montana Standard, Butte
The Prairie Star, Great Falls
Ravalli Republic, Hamilton
Independent Record, Helena
The Adit, Helena
LewisandClark.com, Helena
Montana Magazine, Helena
Missoulian, Missoula
Grizzly Nickel, Missoula
Sellitmt statewide classifieds
NEBRASKA
Beatrice Daily Sun, Beatrice
Columbus Telegram, Columbus
Fremont Tribune, Fremont
Lincoln Journal Star, Lincoln
Midwest Messenger, Tekamah
Midwest Producer, Tekamah
Plattsmouth Journal, Plattsmouth
NEVADA
Elko Daily Free Press, Elko
NEW YORK
The Citizen, Auburn
Skaneateles Journal, Skaneateles
The Post-Star, Glens Falls
NORTH DAKOTA
The Bismarck Tribune, Bismarck
Farm & Ranch Guide, Bismarck
FarmEquipmentCenter.com, Bismarck
Dickinson Finder, Dickinson
The Finder, Mandan
Mandan News, Mandan
OREGON
The World, Coos Bay
Bandon Western World, Bandon
The Umpqua Post, Umpqua
Democrat-Herald, Albany
Gazette-Times, Corvallis
Lebanon Express, Lebanon
PENNSYLVANIA
The Sentinel, Carlisle
SOUTH CAROLINA
The Times and Democrat, Orangeburg
SOUTH DAKOTA
Rapid City Journal, Rapid City
Black HIlls Weekly Group, Black Hills
Tri-State Neighbor, Sioux Falls
UTAH
The Daily Herald, Provo
Nebo Reporter, Payson
The Pyramid, Mt. Pleasant
Spanish Fork Press
Springville Herald
WASHINGTON
The Daily News, Longview
WISCONSIN
Agri-View, Madison
Baraboo News Republic, Baraboo
The Chippewa Herald, Chippewa Falls
Chippewa Valley Newspapers, Chippewa region
Daily Citizen, Beaver Dam
Tradin' Post Buyer's Guide, Eau Claire
Foxxy Shopper, La Crosse
La Crosse Tribune, La Crosse
River Valley Newspapers, La Crosse-Winona region
Onalaska/Holmen Courier-Life News, Onalaska/Holmen
Wisconsin State Journal, Madison
Juneau County Star-Times, Mauston
The Chronicle, Melrose
Dunn County News, Menomonie
Portage Daily Register, Portage
The Journal Times, Racine
Pennysaver, Racine
Reedsburg Times-Press, Reedsburg
Sauk Prairie Eagle, Sauk City
Foxxy Shopper, Sparta
Tomah Journal/Monitor Herald, Tomah
Vernon County Broadcaster, Viroqua
Coulee News, West Salem
Westby Times, Westby
Wisconsin Dells Events, Wisconsin Dells
WYOMING
Casper Star-Tribune, Casper
Casper Journal, Casper
LATEST SEC FILINGS http://www.otcmarkets.com/stock/LEE/financials
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