Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): June 9, 2016
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LEE ENTERPRISES, INCORPORATED
(Exact name of Registrant as specified in its charter)
_______________________________________________________________________
Commission File Number 1-6227
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Delaware (State of Incorporation) | 42-0823980 (I.R.S. Employer Identification No.) |
201 N. Harrison Street, Davenport, Iowa 52801
(Address of Principal Executive Offices)
(563) 383-2100
Registrant's telephone number, including area code
_____________________________________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01. | Regulation FD Disclosure. |
On June 9, 2016, Lee Enterprises, Incorporated will present at the Barclay's 2016 High Yield Bond & Syndicated Loan Conference. The Company's presentation includes remarks by Mary Junck, executive chairman and Ron Mayo, vice president, chief financial officer and treasurer, including:
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• | The latest independent research affirms that Lee’s print and digital products continue to reach more than three-fourths of the adults in its largest markets, with results nearly as strong among ages 18-29. |
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• | Lee continues to drive total digital revenue, with a compounded annual growth rate of 10% since 2009. |
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• | Lee continues business transformation through centralized services, consolidation and outsourcing. One recent example of this transformation, phase one of the Da Vinci project, realized annual cost savings in excess of $1 million. |
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• | Lee has maintained strong Adjusted EBITDA1 since 2013 totaling $159 million for the last twelve months ended March 2016. |
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• | Total debt at the end of May 2016 was $640 million; a $16.2 million reduction in the first two months of the third quarter of 2016. |
The text of the presentation and illustrations will be available later today at lee.net.
The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.
1 Adjusted EBITDA is a non-GAAP (Generally Accepted Accounting Principles) financial measure. See appendix of the presentation, which is available at lee.net.
FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This release contains information that may be deemed forward-looking that is based largely on our 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 our control, are:
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• | Our ability to generate cash flows and maintain liquidity sufficient to service our debt; |
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• | Our ability to comply with the financial covenants in our credit facilities; |
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• | Our ability to refinance our debt as it comes due; |
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• | That the warrants issued in our refinancing will not be exercised; |
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• | The impact and duration of adverse conditions in certain aspects of the economy affecting our business; |
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• | Changes in advertising and subscription demand; |
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• | Potential changes in newsprint, other commodities and energy costs; |
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• | Legislative and regulatory rulings; |
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• | Our ability to achieve planned expense reductions; |
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• | Our ability to maintain employee and customer relationships; |
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• | Our ability to manage increased capital costs; |
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• | Our ability to maintain our listing status on the NYSE; |
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• | Other risks detailed from time to time in our publicly filed documents. |
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. We do not undertake to publicly update or revise our forward-looking statements, except as required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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| | | LEE ENTERPRISES, INCORPORATED | |
| | | /s/ Ronald A. Mayo | |
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Date: | June 9, 2016 | By: | |
| | | Ronald A. Mayo | |
| | | Vice President, Chief Financial Officer, | |
| | | and Treasurer | |