DAVENPORT, Iowa – Lee Enterprises says its fiscal first-quarter net income fell 18 per cent as revenue slipped.
For the quarter ended Dec. 29, the Davenport, Iowa-based publisher earned $11.9 million, or 22 cents per share. That compared with $14.6 million, or 28 cents per share, in the same quarter a year earlier.
Excluding special charges related to discontinued operations, the company says it earned $12.8 million, or 24 cents per share, up from an adjusted $10.5 million, or 20 cents per share, a year earlier.
Operating revenue fell 4 per cent to $177.4 million from $184.7 million, as print and digital advertising and marketing services revenue declined 5 per cent to $122.4 million.
But digital revenue, including advertising, marketing services, subscriptions and digital businesses, increased 13 per cent to $21.6 million.