Delaware (State of Incorporation) | 42-0823980 (I.R.S. Employer Identification No.) |
Item 7.01. | Regulation FD Disclosure. |
LEE ENTERPRISES, INCORPORATED | ||||
/s/ Ronald A. Mayo | ||||
Date: | August 4, 2017 | By: | ||
Ronald A. Mayo | ||||
Vice President, Chief Financial Officer, | ||||
and Treasurer |
Exhibit No. | Description |
99.1 | Supplemental Financial Information – Third fiscal quarter ended June 25, 2017 |
13 Weeks Ended (unaudited) | |||||||||||||
June 25, 2017 | June 26, 2016 | ||||||||||||
(in thousands) | Consolidated | Lee Legacy | Pulitzer Inc. | Consolidated | Lee Legacy | Pulitzer Inc. | |||||||
Operating revenue: | |||||||||||||
Advertising and marketing services | 81,247 | 56,393 | 24,854 | 92,294 | 63,858 | 28,436 | |||||||
Subscription | 47,410 | 32,757 | 14,653 | 47,160 | 32,330 | 14,830 | |||||||
Other | 10,698 | 8,859 | 1,839 | 11,492 | 9,553 | 1,939 | |||||||
Total operating revenue | 139,355 | 98,009 | 41,346 | 150,946 | 105,741 | 45,205 | |||||||
Operating expenses: | |||||||||||||
Compensation | 51,577 | 39,702 | 11,875 | 57,218 | 43,246 | 13,972 | |||||||
Newsprint and ink | 6,123 | 4,234 | 1,889 | 6,604 | 4,234 | 2,370 | |||||||
Other cash costs | 48,571 | 29,236 | 19,335 | 53,356 | 30,454 | 22,902 | |||||||
Depreciation and amortization | 10,296 | 7,392 | 2,904 | 10,868 | 7,707 | 3,161 | |||||||
Loss (gain) on sale of assets, net | (61 | ) | (3 | ) | (58 | ) | (354 | ) | 18 | (372 | ) | ||
Workforce adjustments and other | 3,902 | 3,664 | 238 | 424 | 396 | 28 | |||||||
Total operating expenses | 120,408 | 84,225 | 36,183 | 128,116 | 86,055 | 42,061 | |||||||
Equity in earnings of MNI and TNI | 1,616 | 645 | 971 | 1,825 | 850 | 975 | |||||||
Operating income | 20,563 | 14,429 | 6,134 | 24,655 | 20,536 | 4,119 | |||||||
Non-operating income (expense), net | (12,433 | ) | (13,908 | ) | 1,475 | (17,251 | ) | (18,055 | ) | 804 | |||
Income tax expense | 1,843 | (921 | ) | 2,764 | 3,037 | 1,249 | 1,788 | ||||||
Net income | 6,287 | 1,442 | 4,845 | 4,367 | 1,232 | 3,135 |
Net Income | 6,287 | 1,442 | 4,845 | 4,367 | 1,232 | 3,135 | |||||||
Adjusted to exclude | |||||||||||||
Non-operating expenses, net | 12,433 | 13,908 | (1,475 | ) | 17,251 | 18,055 | (804 | ) | |||||
Income tax expense | 1,843 | (921 | ) | 2,764 | 3,037 | 1,249 | 1,788 | ||||||
Equity in earnings of TNI and MNI | (1,616 | ) | (645 | ) | (971 | ) | (1,825 | ) | (850 | ) | (975 | ) | |
Depreciation and amortization | 10,296 | 7,392 | 2,904 | 10,868 | 7,707 | 3,161 | |||||||
Loss (gain) on sale of assets, net | (61 | ) | (3 | ) | (58 | ) | (354 | ) | 18 | (372 | ) | ||
Workforce adjustments and other | 3,902 | 3,664 | 238 | 424 | 396 | 28 | |||||||
Stock compensation | 481 | 481 | — | 550 | 550 | — | |||||||
Add: | |||||||||||||
Ownership share of TNI and MNI EBITDA (50%) | 2,246 | 1,170 | 1,076 | 2,625 | 1,545 | 1,080 | |||||||
Adjusted EBITDA | 35,811 | 26,488 | 9,323 | 36,943 | 29,902 | 7,041 | |||||||
Supplemental cash flow information | |||||||||||||
Distributions from MNI and TNI | 1,713 | 500 | 1,213 | 3,251 | 1,750 | 1,501 | |||||||
Capital expenditures | (1,153 | ) | (1,033 | ) | (120 | ) | (2,521 | ) | (2,267 | ) | (254 | ) | |
Pension contributions | — | — | — | (826 | ) | — | (826 | ) | |||||
Cash income tax refunds (payments) | (441 | ) | (441 | ) | — | (4 | ) | (4 | ) | — | |||
Interest income | 77 | 77 | — | 141 | 141 | — | |||||||
Interest to be settled in cash | (14,330 | ) | (10,565 | ) | (3,765 | ) | (15,783 | ) | (11,724 | ) | (4,059 | ) | |
Debt financing and administrative costs | (371 | ) | (371 | ) | — | (376 | ) | (376 | ) | — |
39 Weeks Ended (unaudited) | |||||||||||||
June 25, 2017 | June 26, 2016 | ||||||||||||
(in thousands) | Consolidated | Lee Legacy | Pulitzer Inc. | Consolidated | Lee Legacy | Pulitzer Inc. | |||||||
Operating revenue: | |||||||||||||
Advertising and marketing services | 251,815 | 175,099 | 76,716 | 286,662 | 198,543 | 88,119 | |||||||
Subscription | 141,306 | 98,123 | 43,183 | 144,249 | 99,169 | 45,080 | |||||||
Other | 33,610 | 27,829 | 5,781 | 35,275 | 29,683 | 5,592 | |||||||
Total operating revenue | 426,731 | 301,051 | 125,680 | 466,186 | 327,395 | 138,791 | |||||||
Operating expenses: | |||||||||||||
Compensation | 159,047 | 121,893 | 37,154 | 174,733 | 132,848 | 41,885 | |||||||
Newsprint and ink | 19,216 | 13,415 | 5,801 | 19,343 | 13,941 | 5,402 | |||||||
Other cash costs | 150,109 | 88,697 | 61,412 | 166,332 | 95,491 | 70,841 | |||||||
Depreciation and amortization | 30,993 | 22,192 | 8,801 | 32,752 | 23,015 | 9,737 | |||||||
Loss (gain) on sale of assets and other, net | (3,777 | ) | (3,718 | ) | (59 | ) | (1,763 | ) | 151 | (1,914 | ) | ||
Workforce adjustments and other | 6,372 | 5,286 | 1,086 | 1,616 | 1,510 | 106 | |||||||
Total operating expenses | 361,960 | 247,765 | 114,195 | 393,013 | 266,956 | 126,057 | |||||||
Equity in earnings of MNI and TNI | 6,034 | 2,246 | 3,788 | 6,633 | 2,678 | 3,955 | |||||||
Operating income | 70,805 | 55,532 | 15,273 | 79,806 | 63,117 | 16,689 | |||||||
Non-operating income (expense), net | (36,447 | ) | (39,632 | ) | 3,185 | (21,877 | ) | (24,153 | ) | 2,276 | |||
Income tax expense | 9,253 | 2,549 | 6,704 | 22,571 | 15,683 | 6,888 | |||||||
Net income | 25,105 | 13,351 | 11,754 | 35,358 | 23,281 | 12,077 |
Net Income | 25,105 | 13,351 | 11,754 | 35,358 | 23,281 | 12,077 | |||||||
Adjusted to exclude | |||||||||||||
Non-operating expenses, net | 36,447 | 39,632 | (3,185 | ) | 21,877 | 24,153 | (2,276 | ) | |||||
Income tax expense | 9,253 | 2,549 | 6,704 | 22,571 | 15,683 | 6,888 | |||||||
Equity in earnings of TNI and MNI | (6,034 | ) | (2,246 | ) | (3,788 | ) | (6,633 | ) | (2,678 | ) | (3,955 | ) | |
Depreciation and amortization | 30,993 | 22,192 | 8,801 | 32,752 | 23,015 | 9,737 | |||||||
Loss (gain) on sale of assets and other, net | (3,777 | ) | (3,718 | ) | (59 | ) | (1,763 | ) | 151 | (1,914 | ) | ||
Workforce adjustments and other | 6,372 | 5,286 | 1,086 | 1,616 | 1,510 | 106 | |||||||
Stock compensation | 1,564 | 1,564 | — | 1,714 | 1,714 | — | |||||||
Add: | |||||||||||||
Ownership share of TNI and MNI EBITDA (50%) | 7,943 | 4,917 | 3,026 | 9,145 | 4,875 | 4,270 | |||||||
Adjusted EBITDA | 107,866 | 83,527 | 24,339 | 116,637 | 91,704 | 24,933 | |||||||
Supplemental cash flow information: | |||||||||||||
Distributions from MNI and TNI | 6,384 | 2,750 | 3,634 | 10,980 | 5,750 | 5,230 | |||||||
Capital expenditures | (3,232 | ) | (2,912 | ) | (320 | ) | (5,792 | ) | (5,113 | ) | (679 | ) | |
Pension contributions | — | — | — | (2,314 | ) | — | (2,314 | ) | |||||
Cash income tax refunds (payments) | (1,080 | ) | (1,076 | ) | (4 | ) | (275 | ) | (275 | ) | — | ||
Interest income | 261 | 261 | — | 326 | 326 | — | |||||||
Interest to be settled in cash | (43,919 | ) | (32,362 | ) | (11,557 | ) | (49,206 | ) | (36,759 | ) | (12,447 | ) | |
Debt financing and administrative costs | (371 | ) | (371 | ) | — | (420 | ) | (376 | ) | (44 | ) |