Business
Lee Enterprises continues strong digital transformation; reports quarter and fiscal year results
DAVENPORT, Iowa, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NYSE: LEE), a leading provider of high quality, trusted, local news,
About this update from Lee Enterprises, Incorporated
[{"type":"text","content":"DAVENPORT, Iowa, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NYSE: LEE), a leading provider of high quality, trusted, local news, information and a major platform for advertising in 50 markets, today reported fourth quarter and year to date financial results(1) for the period ended September 29, 2019.\n Fourth quarter highlights:(2)(5) Total digital revenue was $36.2 million and represented 29.3% of our operating revenue. Digital advertising revenue on a same property basis increased 2.5% in the quarter and represented 41.0% of total advertising revenue. Revenue at TownNews increased 10.7% in the fourth quarter, excluding the 53rd week of operations in 2018, and revenue over the last twelve months totaled $22.6 million. Subscription revenue on a same property basis decreased 4.6% in the quarter. Digital only subscribers increased 79.1% and now total 91,000. Total revenues were $123.7 million in the fourth quarter, compared to $139.7 million in the prior year quarter. Excluding the impact of acquisitions and the 53rd week of operations last year, total revenue on a same property basis decreased 8.2%. Net income totaled $1.3 million and Adjusted EBITDA(3) totaled $31.1 million. \"We made great progress on our digital transformation in 2019, as we saw positive results in digital advertising, continued double-digit growth at TownNews and solid digital-only subscriber growth,” said Kevin Mowbray, President and Chief Executive Officer. “In the fourth quarter, total digital revenue, which includes digital advertising, digital subscription revenue and digital services revenue, totaled $36.2 million, or 29.3% of our total operating revenue. Digital advertising revenue comprised more than 40% of our total advertising revenue in the fourth quarter, and print advertising accounted for less than 30% of our total operating revenue. Also, based on third party research, we believe we capture more than twice the industry average in digital market share.\" “Digital advertising revenue on a same property basis increased 2.5% in the fourth quarter due to an enhanced focus on local retail accounts and the expansion of our Amplified Agency,” said Mowbray. “Revenue at the Amplified Agency increased 28.6% compared to the prior year.” “Revenue at TownNews increased 10.7% in the fourth quarter due to gains in market share, product en...