From GlobeNewswire: 2024-12-12 07:00:00

Lee Enterprises, Incorporated reported that Total Digital Revenue was 51% of revenue in the quarter, amounting to $82 million. Digital-only subscription revenue increased by 30% in the quarter. Amplified Digital® Agency revenue reached $28 million, up 21% year over year, approaching $100 million for the fiscal year. Total operating revenue for the fiscal year was $611 million, with Total Digital Revenue at $299 million, a 11% increase over the prior year, representing about half of the total operating revenue. Total Print Revenue was $312 million, a 21% decrease over the prior year. Operating expenses totaled $611 million, with Cash Costs at $553 million, a 7% and 10% decrease compared to the prior year, respectively. Adjusted EBITDA totaled $65 million. Looking ahead to FY25, Lee remains confident in their core strategy and the growth opportunities it presents. They are positioned to lead local advertising growth driven by advancements in AI, with strategic partnerships with leading AI and technology companies to scale rapidly and solidify their dominant position in the local market. The company has $446 million of debt outstanding under their Credit Agreement with favorable terms. They reported a reduction of $10 million in debt for the fiscal year, with cash on the balance sheet totaling $10 million. Debt, net of cash on the balance sheet, totaled $436 million. Capital expenditures for FY24 were $9 million, and for FY25, they expect them to be approximately $12 million. Cash paid for income taxes in FY24 totaled $7 million, with an expected total between $4 million and $10 million in FY25. Lee Enterprises made no pension contributions in the fiscal year. The Company will hold an earnings conference call and audio webcast today at 9 a.m. Central Time. Analysts have been invited to ask questions on the call, and questions from other participants may be submitted by participating in the webcast. To participate in the live conference call via telephone, registration is required. Lee Enterprises is a major subscription and advertising platform, providing local news and information in 73 markets across 26 states. Their core commitment is to provide valuable, intensely local news and information to the communities they serve. Lee Common Stock is traded on NASDAQ under the symbol LEE.



Read more at GlobeNewswire:: Lee Enterprises Reports Fourth Quarter and Full-Year FY24