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DEBT AND FREE CASH FLOW⁽⁴⁾

Debt was reduced $29.7 million in the quarter, compared with $7.1 million in the prior year quarter. Debt, net of changes in cash, has been reduced $111.4 million in the last 12 months.

Carl Schmidt, vice president, chief financial officer and treasurer, said Lee remains in compliance with financial covenants and expects to continue repaying debt primarily with ongoing cash flow. Liquidity⁽⁵⁾ at the end of the quarter totaled $103.8 million, which is comparable to the September 2010 level, and compares to $82.0 million of debt repayments due in the next four quarters.

Free cash flow totaled $41.1 million for the quarter, an 18.4 percent increase from $34.7 million a year ago. Free cash flow in the last 12 months totaled $110.6 million.

ABOUT LEE

Lee Enterprises is a premier provider of local news, information and advertising in primarily midsize markets, with 49 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 specialty publications in 23 states. Lee’s newspapers have circulation of 1.4 million daily and 1.7 million Sunday, reaching nearly four million readers daily. Lee’s digital sites attract more than 19 million unique visitors monthly. Lee’s markets include St. Louis, Mo.; Lincoln, Neb.; Madison, Wis.; Davenport, Iowa; Billings, Mont.; Bloomington, Ill.; and Tucson, Ariz. Lee stock is traded on the New York Stock Excha nge under the symbol LEE. For more information about Lee, please visit www.lee.net.

FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This news release contains information that may be deemed forward-looking that is based largely on Lee Enterprises, Incorporated’s current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Amon g such risks, trends and other uncertainties, which in some instances are beyond its control, are the Company’s ability to generate cash flows and maintain liquidity sufficient to service its debt, and comply with or obtain amendments or waivers of the financial covenants contained in its credit facilities, if necessary. Other risks and uncertainties include the impact and duration of continuing adverse economic conditions, changes in advertising demand, potential changes in newsprint and other commodity prices, energy costs, interest rates and the availability of credit due to instability in the credit markets, labor costs, legislative and regulatory rulings, difficulties in achieving planned expense reductions, maintaining employee and customer relationships, increased capital costs, competition and other risks detailed from time to time in the Company’s publicly filed documents, including the Company Annual Report on Form 10-K for the year ended September 26, 2010. Any statements that are not statements of historical fact (including statements containing the words “may,” “will,” “would,” “could,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “projects,” “considers” and similar expressions) generally should be considered forward-looking statements. Readers are cautioned not to place undue reliance on such forward-looking statements, which are made as of the date of this release. The Company does not undertake to publicly update or revise its forward-looking statements.

Contact: dan.hayes@lee.net, (563) 383-2100

LEE ENTERPRISES, INCORPORATED

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	13 Weeks Ended
(Thousands of Dollars and Shares, Except Per Share Data)	December 26 2010	December 27 2009		Percent Change

Advertising revenue:
Retail	91,491	94,779		(3.5	)
Classified:
Daily newspapers:
Employment	5,244	4,789		9.5
Automotive	5,957	6,405		(7.0	)
Real estate	4,997	6,371		(21.6	)
All other	11,089	11,179		(0.8	)
Other publications	6,400	6,599		(3.0	)
Total classified	33,687	35,343		(4.7	)
Digital	14,674	10,649		37.8
National	9,003	10,645		(15.4	)
Niche publications	2,911	2,986		(2.5	)
Total advertising revenue	151,766	154,402		(1.7	)
Circulation	45,478	45,115		0.8
Commercial printing	3,052	2,931		4.1
Digital services and other	7,372	7,390		(0.2	)
Total operating revenue	207,668	209,838		(1.0	)
Operating expenses:
Compensation	78,020	82,136		(5.0	)
Newsprint and ink	15,674	12,693		23.5
Other operating expenses	59,669	61,477		(2.9	)
Workforce adjustments	192	397		(51.6	)
	153,555	156,703		(2.0	)
Operating cash flow	54,113	53,135	&nbs p;	1.8
Depreciation	6,523	7,362		(11.4	)
Amortization	11,283	11,320		(0.3	)
Curtailment gains	10,172	31,130		(67.3	)
Equity in earnings of associated companies	2,705	2,190		23.5
Operating income	49,184	67,773		(27.4	)


CONSOLIDATED STATEMENTS OF OPERATIONS, continued

	13 Weeks Ended
(Thousands of Dollars and Shares, Except Per Share Data)	December 26 2010		< font style="font-family:Arial;font-size:10pt;">December 27 2009		Percent Change

Non-operating income (expense):
Financial income	59		54		9.3
Financial expense	(13,437	)	(19,804	)	(32.2	)
Debt financing costs	(1,966	)	(1,995	)	(1.5	)
Other, net	(453	)	—		NM
	(15,797	)	(21,745	)	(27.4	)
Income before income taxes	33,387		46,028		(27.5	)
Income tax expense	14,407		18,069		(20.3	)
Net income	18,980		27,959		(32.1	)
Net income attributable to non-controlling interests	(35	)	(52	)	(32.7	< div style="text-align:left;font-size:10pt;">)
Income attributable to Lee Enterprises, Incorporated	18,945		27,907		(32.1	)

Earnings per common share:
Basic	0.42		0.63		(33.3	)
Diluted	0.42		0.62		(32.3	)

Average common shares:
Basic	44,680		44,531
Diluted	44,680		44,759

FREE CASH FLOW

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	13 Weeks Ended					52 Weeks Ended
(Thousands of Dollars)	December 26 2010		December 27 2009			December 26 2010

Operating income	49,184		67,773			128,603
Depreciation and amortization	18,109		18,926			73,518
Impairment of goodwill and other assets	—		—			3,290
Curtailment gains	(10,172	)	(31,130	)	< /td>	(24,054	)
Stock compensation	519		685			1,811
Cash interest expense	(13,574	)	(19,960	)		(57,352	)
Debt financing costs paid	(93	)	—			(646	)
Financial income	59		54			416
Cash income tax benefit (paid)	(1,795	)	1,271			(6,819	)
Non-controlling interests	(35	)	(52	)		(56	)
Capital expenditures	(1,105	)	(2,868	)		(8,071	)
Total	41,097		34,699			110,640

SELECTED COMBINED PRINT AND DIGITAL ADVERTISING REVENUE

< td width="56%">


	13 Weeks Ended
(Thous ands of Dollars)	December 26 2010	December 27 2009		Percent Change

Retail	96,457	98,294		(1.9	)
National	10,299	10,929		(5.8	)

Classified:
Automotive	11,092	10,230		8.4
Employment	8,745	7,762		12.7
Real estate	6,736	8,455		(20.3	)
Other	15,525	15,747		(1.4	)
Total classified	42,098	42,194	&nb sp;	(0.2	)

REVENUE BY REGION


	13 Weeks Ended
(Thousands of Dollars)	December 26 2010	December 27 2009		Percent Change

Midwest	125,929	126,375		(0.4	)
Mountain West	38,957	39,615		(1.7	)
West	23,797	24,952		(4.6	)
East/Other	18,985	18,896	< div style="overflow:hidden;font-size:10pt;">	0.5
Total	207,668	209,838		(1.0	)

DAILY NEWSPAPER ADVERTISING VOLUME


	13 Weeks Ended
(Thousands of Inches)	December 26 2010	December 27 2009	Percent Change

Retail	2,922	2,860	2.1
Classified	2,687	2,708	(0.8	)
National	116	151	(23.1	)
Total	5,725	5,719	0.1

SELECTED BALANCE SHEET INFORMATION


(Thousands of Dollars)	December 26 2010	December 27 2009

Cash	17,007	10,594
Restricted cash and investments	5,123	9,363
Debt (principal amount)	1,051,940	1,161,169

SELECTED S TATISTICAL INFORMATION

< td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;">

23,454

NOTES:


	13 Weeks Ended
	December 26 2010	December 27 2009		Percent Change

Capital expenditures (thousands of dollars)	1,105	2,868		(61.5 < /td>	)
Newsprint volume (tonnes)	22,801		(2.8	)
Average full-time equivalent employees	6,099	6,298		(3.2	)


(1)	Operating cash flow, which is defined as operating income before depreciation, amortization, impairment charges, curtailment gains, and equity in earnings of associated companies, and operating cash flow margin (operating cash flow divided by operating revenue) are non-GAAP financial measures. Reconciliations of operating cash flow to operating income, the most directly comparable GAAP measure, are included in a table accompanying this release.

	No non-GAAP financial measure should be considered as a substitute for any related GAAP financial measure. However, the company believes the use of non-GAAP financial measures provides meaningful supplemental information with which to evaluate its financial performance, or assist in forecasting and analyzing future periods. The company also believes such non-GAAP financial measures are alternative indicators of performance used by investors, lenders, rating agencies and financial analysts to estimate the value of a publishing business and its ability to meet debt service requirements.

(2)	Adjusted net income and adjusted earnings per common share, which are defined as income attributable to Lee Enterprises, In corporated, and earnings per common share adjusted to exclude both unusual matters and those of a substantially non-recurring nature, are non-GAAP (Generally Accepted Accounting Principles) financial measures. See (1) above. Reconciliations of adjusted net income and adjusted earnings per common share to income attributable to Lee Enterprises, Incorporated, and earnings per common share are included in tables in this release.

(3)	In 2010 and 2009, adjusted earnings and adjusted earnings per common share included adjustments to remove debt financing costs, due to significant debt financing costs charged to expense in 2009. 2011 and 2010 debt financing costs do not contain any usual comparative differences. Accordingly, this adjustment has been removed. As a result, 2010 adjusted earnings and adjusted earnings per common share will differ from amounts previously reported.

(4)	Free cash flow, which is defined as operating income, plus depreciation and amortization, impairment charges, stock compensation, financial income and cash income tax benefit, minus curtailment gains, financial expense (exclusive of non-cash amortization and accretion), cash income taxes, capital ex penditures and minority interest, is a non-GAAP financial measure. See (1) above. Reconciliations of free cash flow to operating income, the most directly comparable GAAP measure, are included in a table accompanying this release. Changes in working capital are excluded.

(5)	Liquidity is defined as the sum of cash, restricted cash and revolving credit facility availability.

(6)	Certain amounts as previously reported have been reclassified to conform with the current period presentation. The prior period has been adjusted for comparative purposes, and the reclassifications have no impact on earnings.

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	< /td>		LEE ENTERPRISES, INCORPORATED


Date:	January 18, 2011	By:
			Carl G. Schmidt
			Vice President, Chief Financial Officer,
			and Treasurer


Exhibit No.	Description

99.1	Earnings Release - first fiscal quarter ended December 26, 2010


	13 Weeks Ended
	December 26				December 27
	2010				2009
(Thousands of Dollars, Except Per Share Data)	Amount		Per Share		Amount	< /font>	Per Share

Income attributable to Lee Enterprises, Incorporated, as reported	18,945		0.42		27,907		0.62
Adjustments⁽³⁾:
Curtailment gains	(10,172	)			(31,130	)
Other, net	313				789
	(9,859	)			(30,341	)
Income tax effect of adjustments, net, and other unusual tax matters	3,917				12,487
	(5,942	)	(0.13	)	(17,854	)	(0.40	)
Income attributable to Lee Enterprises, Incorporated, as adjusted⁽³⁾	13,003		0.29		10,053		0.22


Delaware (State of Incorporation)	42-0823980 (I.R.S. Employer Identification No.)


Item 2.02.< /font>	Results of Operations and Financial Condition.


(d) Exhibits

	99.1	Earnings Release - first fiscal quarter ended December 26, 2010


Item 9.01.	Financial Statements and Exhibits.