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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K



                                 CURRENT REPORT


                     PURSUANT TO SECTION 12 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


                         Date of Report: April 21, 2003


                          Commission File Number 1-6227



                          LEE ENTERPRISES, INCORPORATED
             (Exact name of Registrant as specified in its charter)


                Delaware                             42-0823980
        (State of Incorporation)         (I.R.S. Employer Identification No.)


                    215 N. Main Street, Davenport, Iowa 52801
                    (Address of Principal Executive Offices)


                                 (563) 383-2100
               Registrant's telephone number, including area code





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Item 9.  Regulation FD Disclosure

See Item 12.  Results of Operations and Financial Condition

Item 12.  Results of Operations and Financial Condition

On April 21, 2003, Lee Enterprises,  Incorporated  ("the Company")  reported its
second fiscal quarter  results and is furnishing the earnings  release  required
under Item 12. The Company  also  reported  its revenues for the month of March,
2003,  and is  furnishing  the  related  release  under Item 12.  The  following
exhibits are included herein:

EXHIBIT 99.1  Earnings Release - Second Quarter Ended March 31, 2003

EXHIBIT 99.2  Monthly Revenue Release - March, 2003

The earnings release contains several non-GAAP financial  measures.  A "non-GAAP
financial measure" is defined as a numerical  measure of a company's  financial
performance  that  excludes or includes  amounts so as to be different  than the
most directly  comparable  measure  calculated and presented in accordance  with
GAAP in the statement of income, balance sheet or statement of cash flows of the
Company.  Pursuant to the requirements of Regulation G, the Company has provided
a reconciliation  within the earnings release of all non-GAAP financial measures
to the most directly comparable GAAP financial measure.



                                   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:  April 21, 2003                   /s/ Carl G. Schmidt
                                        ------------------------------------
                                        Carl G. Schmidt
                                        Vice President, Chief Financial Officer,
                                        and Treasurer



EXHIBIT 99.1   Earnings Release - Second Quarter Ended March 31, 2003

LEE ENTERPRISES
215 Main St.
Davenport, IA 52801-1924
www.lee.net


NEWS RELEASE

Lee Enterprises reports Q2 earnings growth of 13.8%

DAVENPORT,  Iowa (April 21, 2003) - Lee Enterprises,  Incorporated  (NYSE: LEE),
reported today that diluted earnings per common share from continuing operations
were 33 cents for its second quarter ended March 31, 2003. The results represent
an increase of 13.8  percent  over  earnings of 29 cents a year ago,  which have
been restated to include employee stock option expense.

Mary Junck,  chairman and chief  executive  officer,  said:  "Lee posted another
strong quarter despite continued economic uncertainty and war-related  dampening
of ad spending.  Same-property(1)  retail  advertising  revenue grew 3.0 percent
over last year,  and  classified  increased 2.4 percent,  reflecting our ongoing
revenue priority. We're seeing especially good performances at the 16 newspapers
we  acquired  in  2002.  Our  momentum  continues,  as well,  from our  focus on
improving  readership and circulation,  emphasizing strong local news, expanding
our online services and carefully  controlling our costs. As the war winds down,
we're well positioned to take advantage of any improvement in the ad environment
when it happens."

Operating cash flow(2)  increased 57.1 percent to $37.4 million,  at a margin of
24.0 percent, compared with 24.6 percent a year ago, primarily a result of lower
margins of  businesses  acquired  a year ago and  increasing  medical  and other
compensation  costs.  Revenue  increased  61.0  percent  to $155.3  million,  as
acquisitions contributed $56.6 million this year. Operating expenses,  excluding
depreciation  and  amortization,  increased  62.2  percent  to  $118.0  million.
Operating income,  which includes equity in net income of associated  companies,
depreciation  and  amortization,  increased  34.6 percent.  Net income grew 16.4
percent to $14.6 million.

On a  same-property  basis,  which  excludes  the  impact  of  acquisitions  and
divestitures  made in the current or prior year,  total  revenue for the quarter
ended March 31, 2003,  increased 3.3 percent from a year ago. Total  advertising
revenue  increased 2.5 percent.  Retail  increased 3.0 percent to $37.1 million.
Classified  revenue  increased  2.4 percent to $22.4  million,  with  employment
advertising in the daily newspapers down only 0.8 percent. National advertising,
a small category for Lee, decreased 3.4 percent.  Circulation  revenue decreased
0.3 percent. Online revenue increased 35.6 percent.

YEAR TO DATE

For the six months ended March 31, 2003, total revenue on a same-property  basis
increased 2.7 percent.  On a reported  basis,  revenue  increased  59.8 percent.
Operating  expenses,  excluding  depreciation and  amortization,  increased 61.0
percent and operating  cash flow  increased  56.7 percent.  Operating  cash flow
margin(2)  was 26.6 percent,  compared  with 27.1 percent a year ago.  Operating
income increased 40.2 percent.

Diluted earnings per common share from continuing  operations  totaled 84 cents,
an increase of 23.5 percent from 68 cents in the first six months a year ago.

EMPLOYEE STOCK OPTIONS

In 2003, Lee has begun expensing employee stock option grants.  This will reduce
2003 results  about 5 to 7 cents per diluted  common share for the full year and
had an  impact of one cent per share in the  March  quarter.  Lee has  chosen to
restate prior years, which reduces previously  reported annual 2002 results by 5
cents.  Results for the quarter ended March 31, 2002,  were reduced one cent per
diluted common share from the previously  reported  amount of 30 cents.  Year to
date results in the prior year were  reduced two cents per diluted  common share
from the previously reported amount of 70 cents.

Lee Enterprises is based in Davenport,  Iowa. It owns 38 daily  newspapers and a
joint interest in six others,  along with associated  online services.  Lee also
owns more than 175 weekly  newspapers,  shoppers and  classified  and  specialty
publications.  Its  stock is  traded on the New York  Stock  Exchange  under the
symbol LEE. More information about Lee Enterprises, including revenue statistics
for March, is available at www.lee.net.




                              LEE ENTERPRISES, INCORPORATED
                            CONSOLIDATED STATEMENTS OF INCOME
                   Unaudited. (Thousands, Except Per Common Share Data)

                                         Three Months Ended      Six Months Ended
                                             March 31,               March 31,
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                                         2003      2002      %     2003      2002       %
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Operating revenue:                                  (3)                        (3)
  Advertising........................ $103,082  $ 61,332   68.1  $221,884  $133,009   66.8
  Circulation........................   33,113    20,030   65.3    66,725    40,452   64.9
  Other..............................   19,138    15,146   26.4    37,271    30,407   22.6
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                                       155,333    96,508   61.0   325,880   203,868   59.8
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Operating expenses:
  Compensation.......................   67,414    40,598   66.1   135,906    81,082   67.6
  Newsprint and ink..................   13,316     8,153   63.3    27,766    17,930   54.9
  Other..............................   37,249    23,975   55.4    75,606    49,606   52.4
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Operating expenses excluding
  depreciation and amortization......  117,979    72,726   62.2   239,278   148,618   61.0
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Operating cash flow..................   37,354    23,782   57.1    86,602    55,250   56.7
Depreciation and amortization........   11,713     5,335  119.6    23,084    11,176  106.5
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Operating income, before equity in
  net income of associated
  companies..........................   25,641    18,447   39.0    63,518    44,074   44.1
Equity in net income of associated
  companies..........................    1,553     1,752  (11.4)    3,771     3,929   (4.0)
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Operating income.....................   27,194    20,199   34.6    67,289    48,003   40.2
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Non-operating income (expense), net:
  Financial income ..................      203     2,468  (91.8)      543     5,235  (89.6)
  Financial expense..................   (4,270)   (2,844)  50.1    (8,960)   (5,882)  52.3
  Other, net.........................      (43)       (1)   --       (387)     (308)  25.6
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                                        (4,110)     (377) 990.2    (8,804)     (955) 821.9
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Income from continuing operations
  before income taxes ...............   23,084    19,822   16.5    58,485    47,048   24.3
Income tax expense...................    8,460     7,155   18.2    21,383    16,767   27.5
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Income from continuing operations....   14,624    12,667   15.4    37,102    30,281   22.5
Discontinued operations..............      --       (103)   --        (20)     (140) (85.7)
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Net income........................... $ 14,624  $ 12,564   16.4  $ 37,082  $ 30,141   23.0
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Earnings per common share:
 Basic:
  Continuing operations..............    $0.33     $0.29   13.8     $0.84     $0.68   23.5
  Discontinued operations............      --        --               --        --
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  Net income.........................    $0.33     $0.29   13.8     $0.84     $0.68   23.5
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 Diluted:
  Continuing operations..............    $0.33     $0.29   13.8     $0.84     $0.68   23.5
  Discontinued operations............      --        --               --        --
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  Net income.........................    $0.33     $0.29   13.8     $0.84     $0.68   23.5
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Average outstanding shares:
  Basic..............................   44,257    44,041           44,239    44,009
  Diluted............................   44,405    44,331           44,379    44,286
SELECTED BALANCE SHEET INFORMATION March 31, - -------------------------------------------------------------------- 2003 2002 - -------------------------------------------------------------------- Cash and temporary cash investments...... $ 17,380 $ 479,030 Total assets............................. 1,436,608 975,976 Debt, including current maturities....... 357,200 173,400 Stockholders' equity..................... 768,179 703,359 (1) Beginning in March 2003, same property revenue excludes revenue of Madison Newspapers, Inc. (doing business as Capital Newspapers), in order to comply with newly issued SEC regulations related to disclosure of non-GAAP financial measures. Lee owns 50% of the capital stock of Capital Newspapers, which for financial reporting purposes is reported using the equity method of accounting. (2) Operating cash flow, which is defined as operating income before depreciation, amortization and equity in net income of associated companies, and operating cash flow margin (operating cash flow divided by operating revenue) represent non-GAAP financial measures. A reconciliation of operating cash flow to operating income, the most directly comparable measure under accounting principles generally accepted in the United States (GAAP), is included in the tables accompanying this release. The Company believes that operating cash flow and the related margin ratio are useful measures of evaluating its financial performance because of their focus on the Company's results from operations before depreciation and amortization. The Company also believes that these measures are several of the alternative financial measures of performance used by investors, rating agencies and financial analysts to estimate the value of a company and evaluate its ability to meet debt service requirements. (3) Certain amounts as previously reported have been reclassified to conform with the current period presentation. The presentation of equity in net income of associated companies has been revised to exclude those amounts from revenue. Fiscal 2002 amounts have been restated to include expense relating to employee stock options.
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, 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 and increased capital and other costs. 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) 383-2163 EXHIBIT 99.2 Monthly Revenue Release - March, 2003 LEE ENTERPRISES 215 Main St. Davenport, IA 52801-1924 www.lee.net NEWS RELEASE Lee Enterprises reports March revenue statistics DAVENPORT, Iowa (April 21, 2003) - Lee Enterprises, Incorporated (NYSE: LEE), reported today that, excluding the effects of acquisitions and divestitures, publishing revenue increased 2.0 percent in March compared with a year ago. Total advertising revenue increased 1.1 percent. Retail advertising revenue increased 1.5 percent. Classified advertising revenue increased 1.0 percent, with employment down 2.3 percent, automotive up 3.3 percent, real estate up 15.0 percent, other newspaper classified categories down 1.0 percent, and classified in alternative publications down 6.9 percent. National advertising revenue, a small category for Lee, decreased 5.1 percent. Circulation revenue declined 0.8 percent. Online revenue increased 32.5 percent. Including the results of acquisitions and divestitures, total publishing revenue increased 60.4 percent. Lee Enterprises is based in Davenport, Iowa. Lee owns 38 daily newspapers and a joint interest in six others, along with associated online services. Lee also owns more than 175 weekly newspapers, shoppers and classified and specialty publications. Its stock is traded on the New York Stock Exchange under the symbol LEE. More information about Lee Enterprises is available at www.lee.net. The monthly and year-to-date statistical information follows. LEE ENTERPRISES, INCORPORATED Revenue and Statistical Summary March 2003 (Unaudited) PUBLISHING REVENUE March Year To Date (Thousands) --------------------------- --------------------------- 2003 2002 % 2003 2002 % --------- --------- ------- --------- --------- ------- (1)(2) (1)(2) (2) (2) Advertising: Retail.................. $ 13,734 $ 13,531 1.5 % $ 82,957 $ 80,488 3.1 % National................ 782 824 (5.1) 4,936 5,155 (4.2) Classified: Daily newspapers: Employment.......... 1,911 1,956 (2.3) 9,922 10,187 (2.6) Automotive.......... 1,865 1,805 3.3 10,300 10,169 1.3 Real estate......... 1,501 1,305 15.0 8,184 7,504 9.1 All other........... 1,192 1,204 (1.0) 6,761 6,820 (0.9) Alternative publications........ 1,645 1,766 (6.9) 10,003 9,633 3.8 --------- --------- --------- --------- Total classified...... 8,114 8,036 1.0 45,170 44,313 1.9 --------- --------- --------- --------- Total advertising..... 22,630 22,391 1.1 133,063 129,956 2.4 Circulation............... 7,092 7,149 (0.8) 40,390 40,451 (0.2) Online.................... 763 576 32.5 4,171 3,037 37.3 Other..................... 5,402 5,068 6.6 28,571 27,276 4.7 --------- --------- --------- --------- Total, Same property.. 35,887 35,184 2.0 206,195 200,720 2.7 Acquired/divested properties............. 20,777 134 NM 119,685 3,148 NM --------- --------- --------- --------- Total publishing revenue............... $ 56,664 $ 35,318 60.4 % $325,880 $203,868 59.8 % ========= ========= ========= =========
DAILY NEWSPAPER ADVERTISING VOLUME March Year To Date ------------------------- ------------------------- (Thousands of Inches) 2003 2002 % 2003 2002 % ------- ------- ------ ------- ------- ------ (1)(2) (1)(2) (2) (2) Retail.................... 494 508 (2.8)% 3,057 3,045 0.4 % National.................. 22 27 (18.5) 145 172 (15.7) Classified................ 485 475 2.1 2,712 2,685 1.0 ------- ------- ------- ------- Total, Same property.. 1,001 1,010 (0.9)% 5,914 5,902 0.2 % ======= ======= ======= ======= Notes to Revenue and Statistical Summary: (1) The month had one more Monday and one fewer Friday than the prior period. (2) Beginning in March 2003, same property revenue excludes revenue of Madison Newspapers, Inc. (doing business as Capital Newspapers), in order to comply with newly issued SEC regulations related to disclosure of non-GAAP financial measures. Lee owns 50% of the capital stock of Capital Newspapers, which for financial reporting purposes is reported using the equity method of accounting. (3) The Company's fiscal year ends on September 30. (4) The Company disclaims responsibility for updating information beyond 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, 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 and increased capital and other costs. 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