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 18, 2007

 

_______________________________________________________________________

LEE ENTERPRISES, INCORPORATED

(Exact name of Registrant as specified in its charter)

 

_______________________________________________________________________

 

Commission File Number 1-6227

 

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:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 


 

 

Item 7.01. Regulation FD Disclosure.

 

On June 18, 2007, Lee Enterprises, Incorporated reported its revenue for the month of May 2007. A copy of the revenue release is furnished as Exhibit 99.1 to this Form 8-K.

 

Item 9.01

Financial Statements and Exhibits.

 

 

(c)

Exhibits

 

 

 

 

 

 

 

 

 

99.1

Monthly Revenue Release - May 2007

 

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.

 

 

 

 

 

LEE ENTERPRISES, INCORPORATED

 

 

 

 

 

 

Date: June 18, 2007

By:

/s/Carl G. Schmidt

 

 

Carl G. Schmidt

 

 

Vice President, Chief Financial Officer,

 

 

and Treasurer

 

 

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INDEX TO EXHIBITS

 

 

Exhibit No.

Description

99.1

Monthly Revenue Release - May 2007

 

 

 

3

 


 

 

Exhibit 99.1

 

 

201 N. Harrison St.

 

Davenport, IA 52801

www.lee.net

NEWS RELEASE

 

Lee Enterprises reports revenue statistics and outlook

 

DAVENPORT, Iowa (June 18, 2007) — Lee Enterprises, Incorporated (NYSE: LEE), reported today that same property(1) advertising revenue in May decreased 1.7 percent compared with a year ago. Same property online advertising revenue increased 60.2 percent.

 

On a same property basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, combined print and online retail advertising in May decreased 2.3 percent compared with a year ago. Combined print and online classified advertising revenue decreased 0.3 percent, with employment up 7.4 percent, automotive down 7.6 percent, and real estate down 6.0 percent.

 

Print-only retail advertising revenue decreased 4.0 percent, and print-only classified revenue decreased 5.6 percent, with employment down 12.4 percent, automotive down 10.5 percent, real estate down 9.9 percent, other daily newspaper classified categories up 5.1 percent, and classified in non-daily publications up 10.8 percent. National advertising revenue decreased 7.4 percent. Circulation revenue decreased 4.0 percent.

 

Total same property operating revenue in May declined 2.0 percent compared with a year ago. Including the effect of acquisitions and divestitures, total operating revenue declined 2.2 percent.

 

In St. Louis, advertising revenue decreased 4.0 percent for the May statistical period. At the other former Pulitzer newspapers, advertising revenue declined 6.7 percent.

 

At Lee’s 50 percent subsidiary in Madison, Wis., advertising revenue in May decreased 6.4 percent. In Lee’s 50 percent partnership in Tucson, Ariz., advertising revenue for the May statistical period decreased 10.8 percent. Madison and Tucson are reported using the equity method of accounting and are not included in same property revenue.

 

Revenue in June is expected to be similar to the declines from prior year posted in April and May. As a result, the Company expects earnings from continuing operations for the three months ending June 30, 2007, to be in the range of 48 to 50 cents per diluted common share.

 

Lee Enterprises is a premier provider of local news, information and advertising in primarily midsize markets, with 51 daily newspapers and a joint interest in five others, rapidly growing online sites and more than 300 weekly newspapers and specialty publications in 23 states. Lee’s newspapers have circulation of 1.7 million daily and 1.9 million Sunday, reaching more than four million readers daily.

 


 

Lee’s online sites attract more than 11 million visits monthly, and Lee’s weekly publications are distributed to more than 4.5 million households. Lee’s 55 newspaper markets include St. Louis, Mo.; Lincoln, Neb.; Madison, Wis.; Davenport, Iowa; Billings, Mont.; Bloomington, Ill.; Tucson, Ariz.; and Napa, Calif. Lee stock is traded on the New York Stock Exchange under the symbol LEE. For more information about Lee, please visit www.lee.net.

 

 

LEE ENTERPRISES, INCORPORATED

 

 

Revenue and Statistical Summary

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May

 

Year to Date

 

(Thousands)

                  2007

2006

%

 

 

2007  

         2006

%     

 

 

Advertising revenue:

 

 

 

 

 

 

 

 

 

 

 

Retail

$ 38,669

$ 40,291

(4.0)

%

 

$ 311,703

$ 316,887

(1.6)

%

 

 

National

3,816

4,119

(7.4)

 

 

39,192

41,264

(5.0)

 

 

 

Classified:

 

 

 

 

 

 

 

 

 

 

 

 

Daily Newspapers:

 

 

 

 

 

 

 

 

 

 

 

 

 

Employment

6,805

7,765

(12.4)

 

 

54,551

59,331

(8.1)

 

 

 

 

 

Automotive

4,452

4,973

(10.5)

 

 

36,691

39,487

(7.1)

 

 

 

 

 

Real estate

4,740

5,263

(9.9)

 

 

38,764

41,500

(6.6)

 

 

 

 

 

All others

3,750

3,569

5.1

 

 

25,286

25,573

(1.1)

 

 

 

 

Other publications

4,208

3,797

10.8

 

 

31,540

29,482

7.0

 

 

 

Total classified revenue

23,955

25,367

(5.6)

 

 

186,832

195,373

(4.4)

 

 

 

Online

5,350

3,339

60.2

 

 

34,504

22,100

56.1

 

 

 

Niche publications

1,573

1,513

4.0

 

 

10,856

10,827

0.3

 

 

Total advertising revenue

73,363

74,629

(1.7)

 

 

583,087

586,451

(0.6)

 

 

Circulation

16,063

16,725

(4.0)

 

 

136,525

137,888

(1.0)

 

 

Commercial printing

1,462

1,569

(6.8)

 

 

11,182

11,456

(2.4)

 

 

Online services and other

2,694

2,559

5.3

 

 

21,947

19,759

11.1

 

 

Total same property revenue

93,582

95,482

(2.0)

 

 

752,741

755,554

(0.4)

 

 

Acquisitions & divestitures

308

508

NM

 

 

2,634

1,469

NM

 

 

Total operating revenue

               $ 93,890

         $ 95,990

(2.2)

%

 $ 755,375

   $ 757,023

(0.2)   

%

 

 

 

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SELECTED COMBINED PRINT AND ONLINE ADVERTISING REVENUE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May

 

Year to Date

 

(Thousands, Same Property)

2007

2006

%

 

 

2007

2006

%

 

 

Retail

 

               $ 38,841

     $ 39,764

 (2.3)

%

$ 311,742

$ 312,163

(0.1)

%

 

National

 

3,816

4,119

 (7.4)

 

 

39,192

41,264

(5.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Classified:

 

 

 

 

 

 

 

 

 

 

 

Employment

$ 10,370

$ 9,656

7.4 

% 

 

$ 75,703

$ 71,189

6.3 

% 

 

 

Automotive

5,941

6,432

(7.6)

 

 

48,030

50,333

(4.6)

 

 

 

Real estate

6,237

6,635

(6.0)

 

 

49,959

52,685

(5.2)

 

 

 

Other

6,586

6,509

1.2 

 

 

47,605

47,990

(0.8)

 

 

 

Total classified revenue

              $ 29,134

              $ 29,232

   (0.3)

%

          $ 221,297

       $ 222,197

(0.4)

%

 

 

          SAME PROPERTY REVENUE BY REGION

 

 
                            May
 
 Year to Date 
(Thousands)
       2007
       2006
            %
              
        2007
        2006
            %
Midwest     $ 56,369   $ 58,260    (3.2 ) %     $ 462,997   $ 468,828    (1.2 ) %    
Mountain West    17,853    17,304    3.2         133,860    130,073    2.9  
West    12,366    13,262    (6.8 )       98,960    101,320    (2.3 )
East/other    6,994    6,656    5.1         56,924    55,333    2.9  
Total, same property   $ 93,582   $ 95,482    (2.0 ) %     $ 752,741   $ 755,554    (0.4 ) %    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DAILY NEWSPAPER ADVERTISING VOLUME

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

May

 

Year to Date

(Thousands)

2007

 2006

%

 

 

2007              

2006       

%

 

 

Retail

 

1,139

1,209

(5.8)

%

   9,011

9,179

(1.8)

%

 

National

 

56   

65  

 (13.8)

 

 

477 

557

(14.4)

 

 

Classified

1,382

1,447

(4.5)

 

 

10,415 

10,813

(3.7)

Total, same property

2,577

2,721

(5.3)

%

19,903

20,549

 (3.1)

%

 

 

NOTES:

 

(1)

Same property comparisons exclude acquisitions and divestitures made in the current and prior year. Same property revenue also excludes Lee’s 50% ownership in Madison and Tucson, which are reported using the equity method of accounting.

(2)

The month had one more Thursday and one fewer Monday than the prior period. The year to date had one more Thursday and one fewer Saturday than the prior period. The former Pulitzer properties use period accounting and are not affected by day exchanges.

(3)

Certain amounts as previously reported have been reclassified to conform with the current period presentation. The prior period has been restated for comparative purposes, and the reclassifications have no impact on earnings.

(4)

The Company’s fiscal year ends Sept. 30.

(5)

The Company disclaims responsibility for updating information beyond the release date.

 

 

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 and that is based largely on the Company’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 are changes in advertising demand, newsprint prices, energy costs, interest rates, labor costs, legislative and regulatory rulings and other results of operations or financial conditions, difficulties in integration of acquired businesses or maintaining employee and customer relationships, increased capital and other costs 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

 

3

 


 

September 30, 2006. The words “may,” “will,” “would,” “could,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “projects,” “considers” and similar expressions generally identify 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 publicly undertake to update or revise its forward-looking statements.

 

Contact: dan.hayes@lee.net, (563) 383-2100

 

 

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