Wednesday, September 9, 2009

Lee back on the big board

Lee's share prices have stayed above $1 long enough to meet listing requirements on the New York Stock Exchange. CEO Mary Junck has often said that Wall Street is undervaluing Lee, and repeated that claim Tuesday.
"As we have noted previously, we believe the long-term prospects for our company remain strong and will become increasingly apparent to investors as the recession begins to recede. Our newspapers and online sites continue to reach the vast majority of adults in our markets, far more than any competitor, and we continue to stand out as the leading provider of local news, information and advertising in our markets."

Lee stockholders voted on and approved a reverse stock split in March when the stock was hovering around the 30-cent mark. The reverse stock split was never put into effect.

Stock closed Tuesday at $1.83.

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