Posted: Nov 12, 2012 4:43 PM
Updated: Nov 12, 2012 4:44 PM
DAVENPORT, Iowa (AP) Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch and other newspapers, said on Monday that it posted a smaller loss for its fiscal fourth quarter than it did a year ago as both advertising and circulation revenue inched higher.
Lee had a loss of $7.7 million, or 15 cents per share, in the July through September period. That compared with a loss of $8.8 million, or 20 cents per share, a year earlier.
Excluding special items, Lee's loss would have been $334,000, or 1 cent per share, in the latest quarter. That compared with a loss of $8.9 million, or 20 cents per share, a year ago.
Revenue grew 3 percent to $180.3 million from $175.8 million. Advertising revenue grew nearly 1 percent to $124.7 million from $123.7 million. Circulation revenue increased 3 percent to $45.2 million from $43.7 million. Lee said that an extra week in this year's quarter helped its results. Excluding the additional week, revenue would have declined by about 4.5 percent, the company said.
Lee emerged from a prepackaged Chapter 11 bankruptcy process earlier this year. The process allowed the company to restructure its roughly $1 billion of debt. In October, the company said it had reduced its debt to $930.6 million.
Lee's stock closed down 7 cents, or 4.2 percent, to $1.58 on Monday and was unchanged in after-hours trading. The stock has traded between 49 cents and $1.81 in the past 52 weeks.