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_pennystock版 - MNI 动了 LEE 已经飞了
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话题: percent话题: lee话题: operating话题: income话题: december
1 (共1页)
h****d
发帖数: 1420
1
盘了好久,看涨哦
LEE 已经飞了
f**********g
发帖数: 2252
2
Good. 3X.

【在 h****d 的大作中提到】
: 盘了好久,看涨哦
: LEE 已经飞了

f**********g
发帖数: 2252
3
Lee Enterprises posts 38% growth in digital ad revenue
4 hours 14 minutes ago - HUG
Thomson Reuters ONEDAVENPORT, Iowa (January18,2011) -- Lee Enterprises,
Incorporated (NYSE: LEE) reported today that for its first fiscal quarter
ended December26,2010, digital advertising sales increased 37.8 percent
compared with a year ago, while the decline in total revenue moderated to 1.
0 percent, as forecast. Cash costs decreased 2.0 percent, more than forecast
, and operating cash flow(1) increased 1.8 percent.
Earnings per diluted common share were 42 cents, compared with 62 cents a
year ago. Excluding non-cash curtailment gains and other unusual matters in
both years, adjusted earnings per diluted common share(2) increased to 29
cents from 22 cents a year ago.
Mary Junck, chairman and chief executive officer, said:
"Our digital growth continues at an aggressive pace. In addition to our 38
percent growth in digital advertising revenue, we're up 25 percent in online
unique visitors and 256 percent in mobile page views. As we introduce more
new digital services and as the economy further recovers, we expect total
revenue comparisons will continue to improve.
"In driving our strong digital growth, we have established robust mobile
sites in all our markets, along with separate smartphone applications in
most locations. Last fall we rolled out additional mobile apps in 19 markets
providing in-depth coverage of local sports. Also, we have expanded our
digital product portfolio to meet the increasing needs of our customers with
capabilities for video, local business directories, digital couponing and
search engine optimization.
"All by themselves, our newspapers remain, by far, the primary source of
local news, information and advertising in our communities. Our online sites
and digital products are expanding that reach through smartphones, e-
readers and tablets. The result is a huge, growing audience spanning all
ages. Our latest independent research shows that, over the course of a week,
our newspapers and digital products touch 82 percent of all adults in our
larger markets and 77 percent of 18- to 29-year-olds. In many of our smaller
markets, our reach is even higher."
FIRST QUARTER OPERATING RESULTS
Operating revenue for the quarter totaled $207.7 million, a decline of 1.0
percent compared with a year ago. Combined print and digital advertising
revenue decreased 1.7 percent to $151.8 million, with retail advertising
down 1.9 percent, national down 5.8 percent and classified down 0.2 percent.
Combined print and digital employment advertising revenue increased 12.7
percent. Automotive increased 8.4 percent, real estate decreased 20.3
percent and other classified decreased 1.4 percent. Digital advertising
revenue on a stand-alone basis increased 37.8 percent to $14.7 million,
representing 9.7 percent of total advertising revenue. Digital retail
advertising revenue increased 49.1 percent and digital classified
advertising increased 7.3 percent.
Lee's digital sites attracted 51.4 million unique visitors during the
quarter, an increase of 25.1 percent from a year ago, with approximately 517
.0 million page views. The number of mobile page views grew 256 percent to
25.8 million. Circulation revenue increased 0.8 percent, the company's first
quarterly increase since 2007.
Operating expenses, excluding depreciation and amortization, decreased 2.0
percent. Compensation declined 5.0 percent, with the average number of full-
time equivalent employees down 3.2 percent. Newsprint and ink expense
increased 23.5 percent, a result of higher prices partially offset by a
reduction in newsprint volume of 2.8 percent. Other operating expenses
decreased 2.9 percent. Despite the increased cost of newsprint, operating
expenses, excluding depreciation, amortization and unusual matters, are
expected to increase less than 1 percent for the year.
Operating cash flow increased 1.8 percent from a year ago to $54.1 million.
Operating cash flow margin(1) increased to 26.1 percent from 25.3 percent a
year ago. Including equity in earnings of associated companies, depreciation
and amortization, as well as unusual matters in both years, operating
income totaled $49.2 million, compared with $67.8 million a year ago, due to
a smaller curtailment gain in the current year quarter. Operating income
margin was 23.7 percent in the current year quarter. Non-operating expenses,
primarily interest expense and debt financing costs, declined $5.9 million.
Income attributable to Lee Enterprises, Incorporated totaled $18.9 million,
compared with $27.9 million a year ago.
CURTAILMENT GAIN
A $10.2 million pretax non-cash curtailment gain resulted from changes
during the quarter to postretirement medical plans for certain retirees. In
addition, the plan changes reduced benefit liabilities by $15.1 million.
ADJUSTED EARNINGS AND EPS FOR THE QUARTER
Unusual matters affecting year-over-year comparisons consist primarily of
curtailment gains in both years. The following table summarizes the impact
from unusual matters on income attributable to Lee Enterprises, Incorporated
and earnings per diluted common share. Per share amounts may not add due to
rounding.

13 Weeks Ended

December 26 December 27

2010 2009
(Thousands of Dollars, Except Per Share Data)
Amount Per Share Amount Per Share
Income attributable to Lee Enterprises, Incorporated, as reported 18,945
0.42 27,907 0.62
Adjustments(3):
Curtailment gains (10,172
) (31,130 )
Other, net 313
789
(9,859
) (30,341 )
Income tax effect of adjustments, net, and other unusual tax matters 3,917
12,487
(5,942
) (0.13 ) (17,854 ) (0.40 )
Income attributable to Lee Enterprises, Incorporated, as adjusted(3) 13,003
0.29 10,053 0.22
DEBT AND FREE CASH FLOW(4)
Debt was reduced $29.7 million in the quarter, compared with $7.1 million in
the prior year quarter. Debt, net of changes in cash, has been reduced $111
.4 million in the last 12 months.
Carl Schmidt, vice president, chief financial officer and treasurer, said
Lee remains in compliance with financial covenants and expects to continue
repaying debt primarily with ongoing cash flow. Liquidity(5) at the end of
the quarter totaled $103.8 million, which is comparable to the September
2010 level, and compares to $82.0 million of debt repayments due in the next
four quarters.
Free cash flow totaled $41.1 million for the quarter, an 18.4 percent
increase from $34.7 million a year ago. Free cash flow in the last 12 months
totaled $110.6 million.
ABOUT LEE
Lee Enterprises is a premier provider of local news, information and
advertising in primarily midsize markets, with 49 daily newspapers and a
joint interest in four others, rapidly growing digital products and nearly
300 specialty publications in 23 states. Lee's newspapers have circulation
of 1.4 million daily and 1.7 million Sunday, reaching nearly four million
readers daily. Lee's digital sites attract more than 19 million unique
visitors monthly. Lee's markets include St. Louis, Mo.; Lincoln, Neb.;
Madison, Wis.; Davenport, Iowa; Billings, Mont.; Bloomington, Ill.; and
Tucson, Ariz. Lee stock is traded on the New York Stock Exchange under the
symbol LEE. For more information about Lee, please visit www.lee.net.
FORWARD-LOOKING STATEMENTS -- The Private Securities Litigation Reform Act
of 1995 provides a "safe harbor" for forward-looking statements. This news
release contains information that may be deemed forward-looking that is
based largely on Lee Enterprises, Incorporated's current expectations, and
is subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those anticipated. Among such risks
, trends and other uncertainties, which in some instances are beyond its
control, are the Company's ability to generate cash flows and maintain
liquidity sufficient to service its debt, and comply with or obtain
amendments or waivers of the financial covenants contained in its credit
facilities, if necessary. Other risks and uncertainties include the impact
and duration of continuing adverse economic conditions, changes in
advertising demand, potential changes in newsprint and other commodity
prices, energy costs, interest rates and the availability of credit due to
instability in the credit markets, labor costs, legislative and regulatory
rulings, difficulties in achieving planned expense reductions, maintaining
employee and customer relationships, increased capital costs, competition
and other risks detailed from time to time in the Company's publicly filed
documents, including the Company Annual Report on Form 10-K for the year
ended September26,2010. Any statements that are not statements of historical
fact (including statements containing the words "may," "will," "would," "
could," "believes," "expects," "anticipates," "intends," "plans," "projects,
" "considers" and similar expressions) generally should be considered
forward-looking statements. Readers are cautioned not to place undue
reliance on such forward-looking statements, which are made as of the date
of this release. The Company does not undertake to publicly update or revise
its forward-looking statements.
Contact: d*******[email protected], (563) 383-2100
LEE ENTERPRISES, INCORPORATED
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

13 Weeks Ended
(Thousands of Dollars and Shares, Except Per Share Data) December 26 2010
December 27 2009 Percent Change
Advertising revenue:
Retail 91,491
94,779 (3.5 )
Classified:
Daily newspapers:
Employment 5,244
4,789 9.5
Automotive 5,957
6,405 (7.0 )
Real estate 4,997
6,371 (21.6 )
All other 11,089
11,179 (0.8 )
Other publications 6,400
6,599 (3.0 )
Total classified 33,687
35,343 (4.7 )
Digital 14,674
10,649 37.8
National 9,003
10,645 (15.4 )
Niche publications 2,911
2,986 (2.5 )
Total advertising revenue 151,766
154,402 (1.7 )
Circulation 45,478
45,115 0.8
Commercial printing 3,052
2,931 4.1
Digital services and other 7,372
7,390 (0.2 )
Total operating revenue 207,668
209,838 (1.0 )
Operating expenses:
Compensation 78,020
82,136 (5.0 )
Newsprint and ink 15,674
12,693 23.5
Other operating expenses 59,669
61,477 (2.9 )
Workforce adjustments 192
397 (51.6 )
153,555
156,703 (2.0 )
Operating cash flow 54,113
53,135 1.8
Depreciation 6,523
7,362 (11.4 )
Amortization 11,283
11,320 (0.3 )
Curtailment gains 10,172
31,130 (67.3 )
Equity in earnings of associated companies 2,705
2,190 23.5
Operating income 49,184
67,773 (27.4 )
CONSOLIDATED
STATEMENTS OF OPERATIONS, continued

13 Weeks Ended
(Thousands of Dollars and Shares, Except Per Share Data) December 26 2010
December 27 2009 Percent Change
Non-operating income (expense):
Financial income 59
54 9.3
Financial expense (13,437 )
(19,804 ) (32.2 )
Debt financing costs (1,966 )
(1,995 ) (1.5 )
Other, net (453 )
- NM
(15,797 )
(21,745 ) (27.4 )
Income before income taxes 33,387
46,028 (27.5 )
Income tax expense 14,407
18,069 (20.3 )
Net income 18,980
27,959 (32.1 )
Net income attributable to non-controlling interests (35 )
(52 ) (32.7 )
Income attributable to Lee Enterprises, Incorporated 18,945
27,907 (32.1 )
Earnings per common share:
Basic 0.42
0.63 (33.3 )
Diluted 0.42
0.62 (32.3 )
Average common shares:
Basic 44,680
44,531
Diluted 44,680
44,759
FREE CASH FLOW
13 Weeks
52 Weeks Ended
Ended
(Thousands of Dollars) December 26 2010 December 27 2009
December 26 2010
Operating income 49,184 67,773
128,603
Depreciation and amortization 18,109 18,926
73,518
Impairment of goodwill and other assets - -
3,290
Curtailment gains (10,172 ) (31,130 )
(24,054 )
Stock compensation 519 685
1,811
Cash interest expense (13,574 ) (19,960 )
(57,352 )
Debt financing costs paid (93 ) -
(646 )
Financial income 59 54
416
Cash income tax benefit (paid) (1,795 ) 1,271
(6,819 )
Non-controlling interests (35 ) (52 )
(56 )
Capital expenditures (1,105 ) (2,868 )
(8,071 )
Total 41,097 34,699
110,640
SELECTED COMBINED PRINT AND DIGITAL ADVERTISING REVENUE
13 Weeks Ended
(Thousands of Dollars) December 26 2010 December 27 2009 Percent Change
Retail 96,457 98,294 (1.9 )
National 10,299 10,929 (5.8 )
Classified:
Automotive 11,092 10,230 8.4
Employment 8,745 7,762 12.7
Real estate 6,736 8,455 (20.3 )
Other 15,525 15,747 (1.4 )
Total classified 42,098 42,194 (0.2 )
REVENUE BY REGION
13 Weeks Ended
(Thousands of Dollars) December 26 2010 December 27 2009 Percent Change
Midwest 125,929 126,375 (0.4 )
Mountain West 38,957 39,615 (1.7 )
West 23,797 24,952 (4.6 )
East/Other 18,985 18,896 0.5
Total 207,668 209,838 (1.0 )
DAILY NEWSPAPER ADVERTISING VOLUME
13 Weeks Ended
(Thousands of Inches) December 26 2010 December 27 2009 Percent Change
Retail 2,922 2,860 2.1
Classified 2,687 2,708 (0.8 )
National 116 151 (23.1 )
Total 5,725 5,719 0.1
SELECTED BALANCE SHEET INFORMATION
(Thousands of Dollars) December 26 2010 December 27 2009
Cash 17,007 10,594
Restricted cash and investments 5,123 9,363
Debt (principal amount) 1,051,940 1,161,169
SELECTED STATISTICAL INFORMATION

13 Weeks Ended
December 26 2010 December 27
2009 Percent Change
Capital expenditures (thousands of dollars) 1,105 2,868
(61.5 )
Newsprint volume (tonnes) 22,801 23,454
(2.8 )
Average full-time equivalent employees 6,099 6,298
(3.2 )
NOTES:
(1)

Operating cash flow, which is defined as operating income before
depreciation, amortization, impairment charges, curtailment gains, and
equity in earnings of associated companies, and operating cash flow margin (
operating cash flow divided by operating revenue) are non-GAAP financial
measures. Reconciliations of operating cash flow to operating income, the
most directly comparable GAAP measure, are included in a table accompanying
this release.
No non-GAAP financial measure should be considered as a substitute for
any related GAAP financial measure. However, the company believes the use of
non-GAAP financial measures provides meaningful supplemental information
with which to evaluate its financial performance, or assist in forecasting
and analyzing future periods. The company also believes such non-GAAP
financial measures are alternative indicators of performance used by
investors, lenders, rating agencies and financial analysts to estimate the
value of a publishing business and its ability to meet debt service
requirements.
(2) Adjusted net income and adjusted
earnings per common share, which are defined as income attributable to Lee
Enterprises, Incorporated, and earnings per common share adjusted to exclude
both unusual matters and those of a substantially non-recurring nature, are
non-GAAP (Generally Accepted Accounting Principles) financial measures. See
(1) above. Reconciliations of adjusted net income and adjusted earnings per
common share to income attributable to Lee Enterprises, Incorporated, and
earnings per common share are included in tables in this release.
(3)
In
2010 and 2009, adjusted earnings and adjusted earnings per common share
included adjustments to remove debt financing costs, due to significant debt
financing costs charged to expense in 2009. 2011 and 2010 debt financing
costs do not contain any usual comparative differences. Accordingly, this
adjustment has been removed. As a result, 2010 adjusted earnings and
adjusted earnings per common share will differ from amounts previously
reported.
(4) Free cash flow, which is defined as operating income
, plus depreciation and amortization, impairment charges, stock compensation
, financial income and cash income tax benefit, minus curtailment gains,
financial expense (exclusive of non-cash amortization and accretion), cash
income taxes, capital expenditures and minority interest, is a non-GAAP
financial measure. See (1) above. Reconciliations of free cash flow to
operating income, the most directly comparable GAAP measure, are included in
a table accompanying this release. Changes in working capital are excluded.
(5)



Liquidity is defined as the sum of cash, restricted
cash and revolving credit facility availability.
(6)



Certain amounts as previously reported have been
reclassified to conform with the current period presentation. The prior
period has been adjusted for comparative purposes, and the reclassifications
have no impact on earnings.
This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality
of the
information contained therein.
Source: Lee Enterprises Inc. via Thomson Reuters ONE
HUG#1480437
h****d
发帖数: 1420
4
今天不错,明天继续 :)
h****d
发帖数: 1420
5
今天不错,明天继续 :)
1 (共1页)
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话题: percent话题: lee话题: operating话题: income话题: december