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Lee Enterprises expects 4th-quarter revenue to fall nearly 4 percent, digital revenue to grow
DAVENPORT, Iowa (AP) ' Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch and more than 40 other newspapers, said Monday that it expects revenue to drop nearly 4 percent in the latest quarter.
Lee expects revenue of about $181.4 million for the fiscal fourth quarter, which ended Sept. 25. The company posted revenue of $188.6 million in the same period a year-ago.
The company said digital advertising revenue is expected to grow by 23 percent.
For the full year, Lee expects revenue to fall about 3 percent. Digital revenue is expected to grow 27 percent.
In August, Lee said it lost $156 million in its fiscal third quarter, mostly because of an accounting charge. Revenue fell nearly 5 percent to $187 million.
The company plans to report its fourth-quarter financial results on Nov. 7.
Last week, McClatchy Co., the publisher of newspapers such as The Miami Herald and The Sacramento Bee in California, reported an 8 percent drop in revenue. The New York Times Co. posted a 3 percent revenue decline.
Lee's stock rose 1 cent to 70 cents on Monday. Year-to-date, the stock has lost more than two-thirds of its value.