Lee Enterprises, Incorporated (LEE) has reported an 8.33 percent rise in profit for the quarter ended Dec. 25, 2016. The company has earned $12.17 million, or $0.22 a share in the quarter, compared with $11.24 million, or $0.21 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $9.08 million, or $0.16 a share compared with $11.16 million or $0.21 a share, a year ago.
Revenue during the quarter dropped 8.56 percent to $153.99 million from $168.40 million in the previous year period. Total expenses were 79.58 percent of quarterly revenues, up from 78.38 percent for the same period last year. That has resulted in a contraction of 120 basis points in operating margin to 20.42 percent.
Operating income for the quarter was $31.44 million, compared with $36.41 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $43.26 million compared with $48.56 million in the prior year period. At the same time, adjusted EBITDA margin contracted 74 basis points in the quarter to 28.09 percent from 28.84 percent in the last year period.
"We continue to aggressively grow digital revenue and transform the business in a challenging print advertising environment," said Kevin Mowbray, president and chief executive officer. "We remain highly focused on cost reductions, which enabled us to deliver strong Adjusted EBITDA(2) and to continue to aggressively repay our debt with total reductions of $17.8 million in the first quarter."
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