Lee Enterprises Reports Solid Q2 Adj. EBITDA Despite Pandemic - Quick Facts

(RTTNews) - Lee Enterprises, Incorporated (LEE) reported a second quarter loss per share of $0.09 compared to a loss of $0.05, prior year. Adjusted EBITDA totaled $17.4 million, despite the immediate negative revenue impact from COVID-19. Pro forma adjusted EBITDA was $24.0 million, for the quarter.

Second quarter operating revenue was $121.4 million, a decrease of 1.1%, as a result of continuing decline of print trends and the negative impact from the COVID-19 pandemic. Total operating revenue on a pro forma basis decreased 10.0% for the quarter. Pro forma total digital revenue was $46.0 million, representing 22.2% of operating revenue.

Tim Millage, CFO, said, "As we focus on driving top-line growth across our markets, we remain vigilant on costs. As we evaluate the post-pandemic operating environment and integration of BHMG and Buffalo, we expect to realize more than $100 million of cost synergies by the end of fiscal year 2021."

For the 13-weeks ended June 28, 2020, the company expects: total revenue of $177.0 million to $180.0 million; and adjusted EBITDA of $21.5 million to $23.5 million.

Shares of Lee Enterprises were up 13% in pre-market trade on Thursday.