Lee Enterprises (LEE) has reported a 68.13 percent plunge in profit for the quarter ended Mar. 26, 2017. The company has earned $6.13 million, or $0.11 a share in the quarter, compared with $19.23 million, or $0.36 a share for the same period last year. On the other hand, adjusted net loss for the quarter narrowed to $0.59 million, or $0.01 a share from a loss of $0.63 million or $0.01 a share, a year ago.
Revenue during the quarter dropped 9.16 percent to $133.39 million from $146.84 million in the previous year period. Total expenses were 85.90 percent of quarterly revenues, down from 87.24 percent for the same period last year. This has led to an improvement of 133 basis points in operating margin to 14.10 percent.
Operating income for the quarter was $18.81 million, compared with $18.74 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $28.80 million compared with $31.13 million in the prior year period. At the same time, adjusted EBITDA margin improved 39 basis points in the quarter to 21.59 percent from 21.20 percent in the last year period.
"We are accelerating the transformation of our company," said Kevin Mowbray, president and chief executive officer. "Digital advertising revenue increased 11.3% in the quarter and represented 28.7% of total advertising revenue. Total digital revenue, including digital advertising and digital services, grew 10.0%."
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