Lee Enterprises posts third-quarter profit
Davenport-based Lee Enterprises Inc., a publisher of 46 daily newspapers across the country, reported third-quarter net income of $1.9 million, or 3 cents per share. This compares with a loss of $9.7 million, or 19 cents per share, for the same quarter one year ago. Earnings for this quarter, adjusted for non-recurring costs, came to 9 cents per share. The newspaper publisher posted revenue of $157.5 million in the period. Other highlights from the earnings report include a 6.5 percent increase in digital advertising revenue, a 23.2 percent increase in mobile advertising revenue and a 3.4 percent increase in subscription revenue. The company also reduced debt by $70 million in the past 12 months.