Business
Lee Enterprises reports third quarter results
Exceeded high end of revenue and Adjusted EBITDA outlookGenerated $36.7 million in Excess Cash FlowOn track to achieve $100 million in cost synergies by the
About this update from Lee Enterprises, Incorporated
[{"type":"text","content":"Exceeded high end of revenue and Adjusted EBITDA outlookGenerated $36.7 million in Excess Cash FlowOn track to achieve $100 million in cost synergies by the end of FY2021\n DAVENPORT, Iowa, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Lee Enterprises, Incorporated (NYSE: LEE), a leading provider of high quality, trusted, local news, information and a major platform for advertising in 77 markets, today reported third quarter fiscal 2020 financial results(1) for the period ended June 28, 2020. The discussion below reflects operating results of Lee including (i) our actual GAAP results, which reflect a full quarter of Lee Legacy(2), BHMG(2) and Buffalo(2) and year to date period of Legacy Lee results and 15 weeks of results of BHMG and Buffalo, (ii) pro forma results, which reflect the consolidated operations, adjusted as if Lee had owned BHMG and Buffalo for the entire period presented, and (iii) Adjusted EBITDA(3), which is our non-GAAP measure of operating results, calculated based on actual results (with 15 weeks included in the 39 weeks ended June 28, 2020) and on a pro forma basis (assuming BHMG and Buffalo were owned for the entire period). 13 Weeks Ended 39 Weeks Ended 39 Weeks Ended 52 Weeks Ended June 28, June 28, June 28, June 28, 2020 2020 2020 2020(in Thousands) Actual Actual Pro Forma Pro Forma Total operating revenue 182,528 426,238 630,027 860,576Income (loss) attributable to Lee Enterprises, Incorporated (1,275) (1,320) 19,334 22,592Adjusted EBITDA 26,303 71,798 96,960 135,049 “We remain committed to providing high quality, trusted local news to our huge audiences and supporting our local advertisers during these uncertain times,” said Kevin Mowbray, President and Chief Executive Officer. “It is vital in our local markets to have a strong, local voice covering critical issues, and our newsrooms are steadfast in that endeavor. I am incredibly proud of the way our organization has responded in the current circumstances,” Mowbray added. “We are pleased with our third quarter operating results, despite the significant disruption from the COVID-19 pandemic. We exceeded the high end of our revenue outlook and also exceeded the high end of our Adjusted EBITDA outlook. Revenue from subscriptions and TownNews were strong and stable in the third quarter. These revenue streams are predominately contract-based and represented more than h...