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Lee Enterprises posts third-quarter loss, ad sales plunge

Thursday, July 30, 2009 | 10:46 a.m. CDT

DAVENPORT, Iowa — Lee Enterprises Inc., publisher of the St. Louis Post-Dispatch and dozens of other newspapers, said it lost $24.5 million in the fiscal third quarter as a deep advertising slump persisted.

The Davenport, Iowa company said its losses amounted to 55 cents per share, compared with a profit of $2.8 million, or 6 cents per share, a year earlier.

The company took an impairment charge of $39.7 million to account for the tumbling value of its assets. Excluding the one-time expense, Lee would have earned 12 cents per share.

It says revenue dropped 20.5 percent to $203.8 million, as the recession and competition from the Internet cut ad sales by 24 percent.

 


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