For the quarter ended
Excluding unusual matters, adjusted earnings per diluted common share totaled
Digital revenue, including advertising, marketing services, subscriptions and digital businesses, totaled
Digital audiences continue to grow, Lee reports. Mobile, tablet, desktop and app page views increased 12.8 percent to 209.7 million, and monthly unique visitors increased 19.9 percent to 25.6 million. Increases from branded editions resulted in a 10.6 percent increase in Sunday circulation during the quarter. Daily circulation decreased 4.3 percent.
"Lee is off to a solid start in 2014," said
"We expect overall revenue trends to improve for January and February. In the months ahead, we plan more digital and audience initiatives and we expect continued expense benefit from business transformation initiatives under way.
"Beginning in April, we plan to launch new subscription models in several markets, providing audiences with the printed newspaper along with full access to all of our digital platforms, including web, app and digital replica across desktop, mobile and tablet."
Operating revenue for the quarter totaled
Operating expenses, excluding depreciation, amortization and unusual matters, decreased 3.4 percent in the quarter. Compensation decreased 5.8 percent, with the average number of full-time equivalent employees down 5.9 percent. Newsprint and ink expense decreased 13.2 percent, primarily a result of a reduction in newsprint volume of 10.1 percent.
For the full year, 2014 cash costs are expected to decrease 0.5-1.5 percent, excluding the impact of circulation-related expense reclassification as a result of moving to fee-for-service delivery contracts at several newspapers.
Operating cash flow decreased 4.3 percent from a year ago to
The company reported debt was reduced
Lee announced this week it has reached an agreement with a group of lenders to refinance its
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