"The Company estimates the contract changes will result in non-cash curtailment gains totaling $14,000,000, which will be recognized in March 2010, and are expected to further reduce operating expenses for the six months ending September 2010 by $1,300,000 and by an average of $1,800,000 on an annual basis over the life of the contract. The Company’s post retirement medical benefit and pension obligations will be reduced by approximately $6,500,000 and $2,000,000, respectively, in March 2010. Curtailment gains and changes in benefit obligations are subject to final actuarial calculations."
Monday, March 29, 2010
In its latest SEC statement, Lee Enterprises says the St. Louis Post-Dispatch contract with the St. Louis Newspaper Guild will save the company more than $30 million over the next five years.