Lee Enterprises, Inc., parent company of the Napa Valley Register and a provider of local news, information and advertising in 50 markets, reported earnings of $35.3 million for its first fiscal quarter ended Dec. 24, 2017, or 63 cents per diluted common share.
For the same quarter a year ago, earnings totaled $12.4 million, or 22 cents per diluted common share. Excluding the impact of the new tax legislation and the adjustment related to the change in fair value of the stock warrants, adjusted earnings per diluted common share totaled 19 cents in the current year quarter compared to 16 cents in the prior year quarter.
"Digital advertising revenue increased 2.8 percent and represented 27.9 percent of total advertising revenue for the quarter," Lee CEO Kevin Mowbray said.
All digital revenue, which includes digital advertising, revenue from TownNews.com and other digital services revenue, totaled $27.3 million, an increase of 3.2 percent.
“While advertising results in the past quarter started off softer than anticipated, we saw directional improvement in several key revenue categories with results strengthening as we moved through the quarter. This was especially true in December, and we anticipate improved revenue performance for the remainder of the fiscal year,” Mowbray added.
“Total revenue in the quarter was down 6.6 percent and down 8.9 percent on same-property basis. Subscription revenue declined 1.3 percent in the quarter.”