lee enterprises (LEE) Key Developments
Lee Enterprises, Incorporated Reaches Agreement with Berkshire Hathaway Inc. to Refinance $94 Million of Long-Term Debt
May 6 13
Lee Enterprises, Incorporated has reached agreement with Berkshire Hathaway Inc. to refinance $94 million of long-term debt known as the Pulitzer Notes. The refinancing reduces the interest to a fixed rate of 9.0% and extends the maturity from December 2015 to April 2017. The current interest rate of 11.3% had been scheduled to increase to 12.05% in January 2014 and 12.8% in January 2015. Pulitzer Inc. will be a co-borrower in the new facility with its subsidiary St. Louis Post-Dispatch LLC. Pulitzer Inc. was previously a guarantor of the Pulitzer Notes. In addition to the Pulitzer Notes, the company’s debt structure consists of 1st and 2nd Lien facilities, along with a $40 million undrawn revolver. The new maturity date of the Pulitzer Notes coincides with that of the $175 million 2nd Lien agreement. The 1st Lien agreement, with a remaining balance of $624 million, matures in December 2015.
Lee Enterprises, Incorporated Promotes Kevin Mowbray to Vice President and Chief Operating Officer
May 2 13
Kevin D. Mowbray, vice president of publishing and publisher of the St. Louis Post-Dispatch, has been promoted to vice president and chief operating officer of Lee Enterprises, Incorporated. Mowbray will return to company headquarters in Davenport, where he will oversee all of the company's newspapers and digital operations in 22 states.
Lee Enterprises, Incorporated Reports Unaudited Consolidated Earnings Results for the Thirteen and Twenty Six Weeks Ended March 31, 2013
Apr 24 13
Lee Enterprises, Incorporated reported unaudited consolidated earnings results for the thirteen and twenty six weeks ended March 31, 2013. Operating revenue for the 13 weeks ended March 31, 2013 totaled $160.6 million, a decrease of 2.4% compared with a year ago of $164.6 million. Operating income was $18.7 million against $17 million for the same period last year. Operating cash flow decreased 0.9% from a year ago to $31.9 million. Debt was reduced $23.9 million in the quarter, $52.9 million for the year to date and $72.5 million in the last 12 months. Free cash flow from continuing operations totaled $9.8 million for the quarter, compared with $0.5 million a year ago. An increase in interest expense in the current year quarter adversely impacted free cash flow, while debt financing and reorganization costs reduced prior year results. Loss before income taxes was $4.4 million against $40.7 million for the same period a year ago. Capital expenditures totaled $2.6 million versus $1.1 million of prior year period. Loss from continuing operations was $3.6 million or $0.07 basic and diluted loss per share against loss from continuing operations of $26.3 million or $0.53 basic and diluted loss per share of prior year period.
Operating revenue for the 26 weeks ended March 31, 2013, totaled $345.3 million, a decrease of 2.9% compared with a year ago of $355.7 million. Operating cash flow decreased 2.0% from a year ago to $83.4 million. Operating income was $58.2 million against $56 million for the same period last year. Income before income taxes was $18.7 million against loss before income taxes of $17.7 million of prior year period. Capital expenditures totaled $4.8 million versus $3 million of prior year period. Income from continuing operations was $10 million or $0.19 basic and diluted earnings per share against loss from continuing operations of $12 million or $0.25 basic and diluted loss per share of prior year period.
Lee Enterprises Consulting Announces Strategic Relationship with Murex LLC
Mar 19 13
Lee Enterprises announced the formation of a strategic alliance with Murex LLC of Addison, Texas. They already supply methanol and provide other services to a large segment of biodiesel clients. Murex recently formed a strategic relationship with Genscape, who was already strategic partner with respect to RIN Integrity matters, so this new partnership between them and Murex closes the loop of necessary services for renewable fuels clients. Lee notes that the new relationship allows Murex the ability to have his group of highly trained experts ready to assist with virtually any biofuels related matter, while allowing Lee Enterprises' clients access to buy methanol and sell their RINs and biodiesel at competitive prices. Lee notes that another major factor in selecting Murex as a strategic partner was the fact that the company has processed 8.1 billion RINs under the Renewable Fuel Standard with 100% validity.
Lee Enterprises, Incorporated Appoints James A. Green as VP-Digital
Feb 11 13
Lee Enterprises, Incorporated has appointed James A. Green as vice president -- digital. He most recently served as executive vice president and general manager of Travidia Inc. Green will be responsible for keeping Lee in the forefront of serving digital advertisers and audiences. She said he will lead the development of digital products and services, as well as oversee all digital operations, including Lee's TownNews.com subsidiary.