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: firstname.lastname@example.org.