Lee Enterprises, Inc., the parent company of the Napa Valley Register, and a leading provider of local news, information and a major platform for advertising in 50 markets, reported fourth quarter and year-to-date financial results for the period ended Sept. 29.
• Total digital revenue was $36.2 million and represented 29.3% of operating revenue.
• Digital advertising revenue on a same property basis increased 2.5% in the quarter and represented 41.0% of total advertising revenue.
• Revenue at TownNews increased 10.7% in the fourth quarter, excluding the 53rd week of operations in 2018, and revenue over the last 12 months totaled $22.6 million.
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• Subscription revenue on a same-property basis decreased 4.6% in the quarter. Digital-only subscribers increased 79.1% and now total 91,000.
• Total revenues were $123.7 million in the fourth quarter, compared to $139.7 million in the prior year quarter. Excluding the impact of acquisitions and the 53rd week of operations last year, total revenue on a same-property basis decreased 8.2%.
• Net income totaled $1.3 million and Adjusted EBITDA totaled $31.1 million.
"We made great progress on our digital transformation in 2019, as we saw positive results in digital advertising, continued double-digit growth at TownNews and solid digital-only subscriber growth,” said Kevin Mowbray, president and CEO.
“In the fourth quarter, total digital revenue, which includes digital advertising, digital subscription revenue and digital services revenue, totaled $36.2 million, or 29.3% of our total operating revenue,” Mowbray added.
“Digital advertising revenue comprised more than 40% of our total advertising revenue in the fourth quarter, and print advertising accounted for less than 30% of our total operating revenue,” said Mowbray.
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