Lee papers don't report company's revenue loss

At its shareholder meeting earlier this week, Lee announced its revenue in January fell 9.2 percent from the previous year.

If you already knew that, it probably wasn't from reading a Lee newspaper.

It looks like the Quad-City Times in Davenport, Iowa, wrote the official story on the shareholder meeting, which never mentions the loss in revenue. Reading the story, one would think Lee's revenue has increased.

Read it for yourself. Here it is in the:
Quad-City Times
The Chippewa Herald
The Pantagraph
Sioux City Journal
St. Louis Post-Dispatch
Times of Northwest Indiana

Have you seen the same story (or a slightly edited version) on other Lee websites? Post a link in the comments, or send me an e-mail and I'll add it to the list.

Earnings down 'only' 9.2 percent

Lee's revenue continues to slide: January total revenue fell 9.2 percent from the previous year. At the annual stockholder meeting, CFO Carl Schmidt said he expects the "improvement" to continue in February and March.

In the second quarter, which ends in March, Lee expects operating costs to fall by 9 percent. No details on cost-cutting measures, but compensation costs have fallen 19.6 percent from 2008 to 2009. The opening slide in the stockholder slideshow said "We continue to generate substantial cash flow in a difficult economy."

CEO Mary Junck told stockholders that Lee's papers and websites reach up to three-fourths of adults over a week in their markets.

"In a time of rapidly evolving digital interactivity, our newspapers and online sites remain in front, by far, surpassing all print, broadcast and online competitors as the primary source for local news, information and advertising in our communities," she said. "Without us, most local news would never come to light."

Schmidt also said the company paid down $198 million of debt in 2009.

Read Lee's statement on its earnings report, and see the 31-page slideshow (PDF).

Annual stockholder meeting set for Feb. 17

Lee's annual stockholder meeting will be 9 a.m. CST Feb. 17 at corporate headquarters in Davenport, Iowa. On the agenda:

• Elect directors Mary Junck, Andrew E. Newman and Gordon D. Prichett for three-year terms. Junck has been a director since 1999; Newman has been a director since 1991; Prichett has been a director since 1998. (Short bios on each director can be found here.)
• Ratify KPMG LLP as the company's accountant.
• Consider proposals to amend and restate a stock plan for non-employee directors and a long-term incentive plan.

Stockholders can vote now online at eproxy.com/lee.