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.