Tuesday, July 27, 2010

Lee's losses continue in third quarter

Lee Enterprises posted its third quarter earnings on July 20. Revenue fell 3.6 percent, which CEO Mary Junck called "positive momentum."

The report shows $10 million in earnings, but Junck failed to mention that figure is greatly boosted by cuts made to employee benefits at the St. Louis Post-Dispatch, layoffs at several other papers and nearly across the board unpaid furloughs.

Lee's fiscal year ends in September, the same time the no-layoff guarantee at the Post-Dispatch ends. The company must pay back its debts from the 2005 Pulitzer acquisition in 2012.

Editor's note: An unexpected and important family obligation has kept me away from this blog for some time; my apologies. I make no promises, but hope to get back on a regular blogging schedule. Thanks to all for the e-mails, tips, links and comments. Tips are always welcome: lee.ent.watch@gmail.com.

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