Lee Enterprises Again Meets NYSE Listing Standard
In a letter dated Sept. 4, the NYSE notified Lee that its share price has risen to a sufficient level to cure a share price deficiency. The NYSE had notified Lee in December 2008 that the company was not in compliance with the NYSE's continued listing standard that requires an average closing price of at least $1.00 per share of its publicly traded common shares over a 30-trading day period. At the time, the exchange rules granted the company a six-month period within which to cure the price deficiency. Since then, the NYSE temporarily suspended the standard through July 31, 2009, and, as a result, extended Lee's six-month cure period until Dec. 3, 2009.
Mary Junck, Lee chairman and chief executive officer, said, "As we have noted previously, we believe the long-term prospects for our company remain strong and will become increasingly apparent to investors as the recession begins to recede. Our newspapers and online sites continue to reach the vast majority of adults in our markets, far more than any competitor, and we continue to stand out as the leading provider of local news, information and advertising in our markets."
Lee Enterprises operates 53 daily newspapers, online sites and more than 300 specialty publications in 23 states. Lee's newspapers have circulation of 1.5 million daily and 1.8 million Sunday, reaching four million readers daily. Lee's online sites attract 14 million unique visits monthly, and Lee's weekly publications have distribution of more than four million households. 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 release contains information that may be deemed forward-looking, 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, 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 of continuing adverse economic conditions, potential changes in advertising demand, 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 and other results of operations or financial conditions, difficulties in maintaining employee and customer relationships, increased capital and other 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 September 28, 2008. 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.
SOURCE: Lee Enterprises, Incorporated
Lee Enterprises, Incorporated
Dan Hayes, 563-383-2100
dan.hayes@lee.net