Lee Enterprises Q1 Profit Declines; Reaffirms FY23 Adj. EBITDA Guidance

(RTTNews) - Lee Enterprises, Incorporated (LEE) reported that its first quarter income attributable to Lee declined to $1.10 million from $12.66 million, prior year. Earnings per share was $0.19 compared to $2.17. Adjusted EBITDA declined to $17.62 million from $26.09 million.

Total operating revenue was $185.13 million, down 8%. Total digital revenue was $65 million, a 17% increase over the prior year, and represented 35% of total operating revenue. Digital-only subscribers were 564,000, an increase of 25% from prior year.

For fiscal 2023, the company expects: total digital revenue of $270 million - $285 million; digital-only subscribers of 632,000; and adjusted EBITDA of $94 million - $100 million.

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