A Davenport-based newspaper publisher is posting a quarterly loss. Lee Enterprises Incorporated says it lost $7.7 million, or 15 cents per share, in its fiscal fourth quarter.
That’s compared with a net loss of $8.8 million, or 20 cents per share, one year ago. Lee, whose Iowa papers serve Davenport, Mason City, Muscatine, Sioux City and Waterloo-Cedar Falls, emerged from a prepackaged Chapter 11 bankruptcy process earlier this year.
The company did report some good news for investors: Revenue grew 3 percent, advertising revenue grew nearly 1 percent and circulation revenue grew 3 percent. Lee says an extra week in this year’s fiscal fourth quarter helped its results.
Excluding the additional week, revenue would have declined by about 4.5 percent.
By Phil Roberts, Davenport