Monday, August 3, 2009

A closer look at Form 8-K

Want a closer look at Lee's earnings report? Here's Form 8-K, which is required by the Securities and Exchange Commission. It includes a letter from CEO Mary Junck, who says the company's "streamlining of costs" is on track.

"Thanks in part to 22 percent reductions in the third quarter, we expect to reduce full-year 2009 cash costs, excluding unusual items, about 17 percent below 2008, a decrease of nearly $140 million. Among our many cost actions, we have completed page width reduction across the company, realigned staffing and consolidated or outsourced printing and distribution in several more locations."

Money spent on newsprint and ink has dropped -- 41.4 percent in the last fiscal quarter. Compensation is down 22.4 percent in the last quarter, and 18.3 percent from a year ago. Circulation is down 6.3 percent in the last quarter, and 4.9 percent from a year ago.

The letter also points out that the previously voted on and approved reverse stock split will not take place. (Which is one of those things that happened while this blog was on hiatus.)

You can also see Lee's other SEC filings.

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