Lee revenues in 4Q down 14%, ad performance improves

Posted by Erina Lin on January 20, 2010 at 1:21 PM

Lee Enterprises announced its 4Q results, with total revenues down 14 percent year-over-year, to US$209.8 million. However, it is a great improvement over the U.S. publisher's recent performance, Media Post reported.

Total revenues dropped 19.7 percent in 1Q year-over-year, 20.5 percent in 2Q and 20 percent in 3Q. In the first nine month of 2009, total revenues were down 20 compared to the same period one year ago.

In the full year of 2009, Lee's total operating revenues decreased 18.2 percent to $842 million.

However, although its ad revenues in 1Q of 2010 were down 16.4 percent year-over-year, it is a huge improvement from a 23.8 percent drop in the previous quarter. "This improvement appears to be continuing into January and February," CEO Mary Junck said in a statement.

Lee, just like other players, has been reducing costs to deal with a prolonged downturn and the ad revenue slump. It cut 1,000 jobs last year and has also outsourced some operations including printing and delivery, Miami Herald reported.

Lee shares increased 42 cents to $4.47 in Tuesday morning trading.