Lee Enterprises, Inc. reported earnings of $3.5 million for its fourth quarter ended Sept. 24, or 6 cents per diluted common share.
Lee Enterprises is the parent company of the Napa Valley Register, and is a major provider of local news, information and advertising in 50 U.S. markets.
For the same quarter a year ago, earnings totaled $0.7 million, or 1 cent per diluted common share. For the fiscal year, earnings totaled $28.6 million, or 50 cents per diluted common share, compared to $36.0 million, or 64 cents per diluted common share, in the prior year.
"Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) for the fourth quarter totaled $36.7 million and was down 1.1 percent from the prior year. This is an improving trend and the best quarterly Adjusted EBITDA performance, as compared to the prior year quarter, in two years," Chief Executive Officer Kevin Mowbray said.
"Digital advertising revenue increased 6.1 percent and represented 29.3 percent of total advertising revenue for the quarter," Mowbray said. "For the fiscal year, digital advertising revenue increased 8 percent and accounted for 27.8 percent of total advertising revenue, making it our best annual performance in the category since 2014."