0000058361-12-000026.txt : 20120423 0000058361-12-000026.hdr.sgml : 20120423 20120423172306 ACCESSION NUMBER: 0000058361-12-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120420 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120423 DATE AS OF CHANGE: 20120423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEE ENTERPRISES, INC CENTRAL INDEX KEY: 0000058361 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 420823980 STATE OF INCORPORATION: DE FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06227 FILM NUMBER: 12774010 BUSINESS ADDRESS: STREET 1: 201 N. HARRISON STREET, STE. 600 CITY: DAVENPORT STATE: IA ZIP: 52801 BUSINESS PHONE: 5633832100 MAIL ADDRESS: STREET 1: 201 N. HARRISON STREET, STE. 600 CITY: DAVENPORT STATE: IA ZIP: 52801 FORMER COMPANY: FORMER CONFORMED NAME: LEE ENTERPRISES INC DATE OF NAME CHANGE: 19920703 8-K 1 postconfirmation8-k.htm FORM 8-K Post Confirmation 8-K





UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT


PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported):  April 20, 2012


_______________________________________________________________________
LEE ENTERPRISES, INCORPORATED
(Exact name of Registrant as specified in its charter)

_______________________________________________________________________

Commission File Number 1-6227

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


201 N. Harrison Street, Davenport, Iowa 52801
(Address of Principal Executive Offices)


(563) 383-2100
Registrant's telephone number, including area code

_____________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 7.01.    Regulation FD Disclosure.

As previously disclosed, on January 30, 2012, Lee Enterprises, Incorporated and certain of its subsidiaries (collectively, the “Company”) emerged from proceedings under Chapter 11 of Title 11 of the United States Code (the “Ch. 11 Proceedings”). On April 20, 2012 the Company filed its unaudited Post Confirmation Quarterly Operating Report for the filing period ended March 25, 2012 (the “Quarterly Operating Report”) with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Quarterly Operating Report is attached as Exhibit 99.1 and is incorporated herein by reference.

The Quarterly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with reporting requirements of the Bankruptcy Court and the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”). The financial information contained in the Quarterly Operating Report is preliminary and unaudited and does not purport to show the Company's financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and, therefore, may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals and disclosure items. In addition, certain of the financial information contained in the Quarterly Operating Report also excludes certain subsidiaries of the Company not a party to the Ch. 11 Proceedings that are consolidated for GAAP purposes. The Quarterly Operating Report may be subject to revision. The Quarterly Operating Report is in a format required by the Bankruptcy Court and the Bankruptcy Rules and should not be used for investment purposes. The information in the Quarterly Operating Report should not be viewed as indicative of future results. The Company cautions readers not to place undue reliance on the Quarterly Operating Reports or other operating reports filed with the Bankruptcy Court.

Limitation on Incorporation by Reference

The Quarterly Operating Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended. Registration statements or other documents filed with the SEC shall not incorporate the Quarterly Operating Report by reference, except as otherwise expressly stated in such filing. This Current Report on Form 8-K will not be deemed an admission as to the materiality of any information in the Quarterly Operating Report that is required to be disclosed solely by Regulation FD.

Forward-looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This Current Report on Form 8-K contains information that may be deemed forward-looking that is based largely on our current expectations, and is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those anticipated. Among such risks, trends and other uncertainties, which in some instances are beyond our control, are our ability to generate cash flows and maintain liquidity sufficient to service our debt, comply with or obtain amendments or waivers of the financial covenants contained in our credit facilities, if necessary, and to refinance our debt as it comes due. 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, labor costs, legislative and regulatory rulings, difficulties in achieving planned expense reductions, maintaining employee and customer relationships, increased capital costs, maintaining our listing status on the NYSE, competition and other risks detailed from time to time in our publicly filed documents. Any statements that are not statements of historical fact (including statements containing the words “may”, “will”, “would”, “could”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “project”, “consider” 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 Current Report on Form 8-K. We do not undertake to publicly update or revise our forward-looking statements.

Item 9.01.
Financial Statements and Exhibits.
 
 
 
 
 
(d)
Exhibits
 
 
 
99.1
Post Confirmation Quarterly Operating Report of Lee Enterprises, Incorporated and certain of its subsidiaries for the filing period ended March 25, 2012, filed with the United States Bankruptcy Court for the District of Delaware

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
LEE ENTERPRISES, INCORPORATED
 
 
 
 
Date: April 23, 2012
By:
 
 
Carl G. Schmidt
 
 
Vice President, Chief Financial Officer,
 
 
and Treasurer



 EX-99.1 2 postconfirmationquarterlyo.htm POST CONFIRMATION QUARTERLY OPERATING REPORT OF LEE ENTERPRISES, INCORPORATED AND CERTAIN OF ITS SUBSIDIARIES FOR THE FILING PERIOD ENDED MARCH 25, 2012, FILED WITH THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE Post Confirmation Quarterly Operating Report


UNITED STATES BANKRUPTCY COURT
 DISTRICT OF DELAWARE
 
 
 
 
 
 
 
 
 
 
In re: Lee Enterprises, Incorporated, et al
Case No. 11-13918
 
         Debtors
Reporting Period:
December 26, 2011 - March 25, 2012
 
 
 
 
 
 
 
 
 
 
POST CONFIRMATION QUARTERLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
 
 
 
 
 
 
 
 
 
 
Submit copy of report to any official committee appointed in the case.
 
 
 
 
 
 
 
 
 
 
 
 
Affidavit/
REQUIRED DOCUMENTS
Form No.
Document Attached
Explanation Attached
Supplement Attached
Schedule of Cash Receipts and Disbursements (1)
QOR-1
X
 
 
     Bank Reconciliation (or copies of debtor's bank reconciliations)
QOR-1a
 
X
 
Statement of Operations (1)
QOR-2
X
 
 
Balance Sheet (1)
QOR-3
X
 
 
 
 
 
 
 
 
 
 
 
 
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
 
are true and correct to the best of my knowledge and belief.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signature of Debtor
Date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Signature of Joint Debtor
Date
 
 
 
 
 
 
 
 
 
 
 
 
 
/s/ Bradley D. Junker
April 20, 2012
 
 
 
Signature of Authorized Individual*
Date
 
 
 
 
 
 
 
 
 
 
 
 
 
Bradley D. Junker
Asst. Secretary/Asst. Treasurer
 
 
Printed Name of Authorized Individual
Title of Authorized Individual
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor
is a partnership; a manager or member if debtor is a limited liability company.
 
 
 
 
 
(1) The information contained in MOR-1, MOR-2 and MOR-3 is not considered final by the debtors and may change between now and the
date of our March 10Q SEC filing which is May 4, 2012.






 Lee Enterprises Incorporated
 
 
 
 
 
 
 
 
 
 
 
 Schedule of Cash Receipts and Disbursements (QOR-1)
 
 
 
 
 
 
 
 
 
 
 
December 26, 2011 - March 25, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 Total
 Lee Enterprises, Incorporated
 K. Falls Basin Publishing, Inc.
 INN Partners, L.C.
 Accudata, Inc.
 Journal-Star Printing Co.
 Lee Publications, Inc.
 Lee Consolidated Holdings Co.
 Lee Procurement Solutions Co.
 Sioux City Newspapers, Inc.
 STL Distribution Services LLC
 St. Louis Post-Dispatch LLC
 
 
 
 
 
 
 
 
 
 
 
 
 
 Cash as of December 26, 2011
31,428,000

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Receipts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Accounts Receivable
200,330,380

 
 
 
 
 
 
 
 
 
 
 
 Loans and Advances
—

 
 
 
 
 
 
 
 
 
 
 
 Sale of Assets
3,579,701

 
 
 
 
 
 
 
 
 
 
 
 Dividends
800,000

 
 
 
 
 
 
 
 
 
 
 
 Transfers (from DIP accounts)
—

 
 
 
 
 
 
 
 
 
 
 
 Total Receipts
204,710,081

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Disbursements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Net Payroll
42,939,736
17,478,853
 
887,879

 
2,629,629

8,678,471

1,065,500

 
841,252

603,639

5,770,134

 Payroll Taxes
16,384,683
16,384,683
 
 
 
 
 
 
 
 
 
 
 Employee Benefits
14,690,924
14,690,924
 
 
 
 
 
 
 
 
 
 
 US Bank Credit Card Transactions
2,823,282
1,246,738
 
88,658

 
187,715

492,112

43,021

 
78,096

16,901

93,989

 Comdata Credit Card Transactions
2,087,177
908,987
 
263,039

 
95,357

393,615

12,516

 
30,629

26,604

147,806

 Newsprint
15,549,040
4,066,338
 
 
 
859,629

4,049,641

415,352

 
389,258

 
5,053,613

 Debt Payments
30,365,000
20,010,000
 
 
 
 
 
 
 
 
 
 
 Interest Payments
11,731,458
8,285,104
 
 
 
 
 
 
 
 
 
 
 Reorganization Fees
13,089,348
11,496,597
 
 
 
 
 
 
 
 
 
 
 Other
56,822,435
23,040,733
 
807,736

 
2,127,354

11,356,030

972,987

 
1,010,691

3,284,871

8,053,544

 
206,483,081
117,608,956
—
2,047,311
—
5,899,684
24,969,870
2,509,374
—
2,349,926
3,932,016
19,119,087
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Net Cash Flow
(1,773,000
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Cash as of March 25, 2012
29,655,000

 
 
 
 
 
 
 
 
 
 
 





 Lee Enterprises Incorporated
 
 
 
 
 
 
 
 
 
 
 
 
 Schedule of Cash Receipts and Disbursements (QOR-1)
 
 
 
 
 
 
 
 
 
 
 
 
December 26, 2011 - March 25, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 Fairgrove LLC
 Pulitzer Network Systems LLC
 Suburban Journals of Greater St. Louis LLC
 Pulitzer Inc.
 Pulitzer Technologies Inc.
 Pulitzer Newspapers Inc.
 Flagstaff Publishing Co.
 Hanford Sentinel, Inc.
 Kauai Publishing Co.
 NIPC, Inc.
 Santa Maria Times, Inc.
 Ynez Corporation
 Pulitzer Utah Newspapers, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Cash as of December 26, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Receipts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Accounts Receivable
 
 
 
 
 
 
 
 
 
 
 
 
 
 Loans and Advances
 
 
 
 
 
 
 
 
 
 
 
 
 
 Sale of Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 Dividends
 
 
 
 
 
 
 
 
 
 
 
 
 
 Transfers (from DIP accounts)
 
 
 
 
 
 
 
 
 
 
 
 
 
 Total Receipts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Disbursements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Net Payroll
 
112,258
709,721

 
 
578,783

346,164

419,043

249,266

 
539,673

 
 
 Payroll Taxes
 
 
 
 
 
 
 
 
 
 
 
 
 
 Employee Benefits
 
 
 
 
 
 
 
 
 
 
 
 
 
 US Bank Credit Card Transactions
 
 
10,047

 
 
344,093

54,396

21,884

5,217

 
12,314

 
 
 Comdata Credit Card Transactions
 
 
12,111

 
 
30,613

62,617

9,295

6,445

 
18,050

 
 
 Newsprint
 
 
 
 
 
 
79,346

115,856

44,032

 
134,652

 
 
 Debt Payments
 
 
 
10,355,000

 
 
 
 
 
 
 
 
 
 Interest Payments
 
 
 
3,446,354

 
 
 
 
 
 
 
 
 
 Reorganization Fees
 
 
 
1,592,751

 
 
 
 
 
 
 
 
 
 Other
 
 
755,231

923,919

 
871,885

314,541

325,990

384,434

 
513,629

 
 
 
—
112,258
1,487,110
16,318,023
—
1,825,374
857,063
892,068
689,395
—
1,218,318
—
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Net Cash Flow
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




 Cash as of March 25, 2012
 
 
 
 
 
 
 
 
 
 
 
 
 Lee Enterprises Incorporated
 
 
 
 
 
 
 
 
 
 
 Schedule of Cash Receipts and Disbursements (QOR-1)
 
 
 
 
 
 
 
 
 
 
December 26, 2011 - March 25, 2012
 
 
 
 
 
 
 
 
 
 
 
 Napa Valley Publishing Co.
 Northern Lakes Publishing Co.
 Pantagraph Publishing Co.
 Southwestern Oregon Publishing Co.
 Pulitzer Missouri Newspapers, Inc.
 SHTP LLC
 HomeChoice, LLC
 NVPC LLC
 NLPC LLC
 HSTAR LLC
 SOPC LLC
 
 
 
 
 
 
 
 
 
 
 
 
 Cash as of December 26, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Receipts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Accounts Receivable
 
 
 
 
 
 
 
 
 
 
 
 Loans and Advances
 
 
 
 
 
 
 
 
 
 
 
 Sale of Assets
 
 
 
 
 
 
 
 
 
 
 
 Dividends
 
 
 
 
 
 
 
 
 
 
 
 Transfers (from DIP accounts)
 
 
 
 
 
 
 
 
 
 
 
 Total Receipts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Disbursements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Net Payroll
501,803
 
1,067,762

285,604

174,301

 
 
 
 
 
 
 Payroll Taxes
 
 
 
 
 
 
 
 
 
 
 
 Employee Benefits
 
 
 
 
 
 
 
 
 
 
 
 US Bank Credit Card Transactions
9,082
 
70,102

33,361

15,556

 
 
 
 
 
 
 Comdata Credit Card Transactions
10,145
 
16,518

38,745

4,086

 
 
 
 
 
 
 Newsprint
114,410
 
157,948

68,965

 
 
 
 
 
 
 
 Debt Payments
 
 
 
 
 
 
 
 
 
 
 
 Interest Payments
 
 
 
 
 
 
 
 
 
 
 
 Reorganization Fees
 
 
 
 
 
 
 
 
 
 
 
 Other
519,025
 
1,175,347

190,013

194,475

 
 
 
 
 
 
 
1,154,466
—
2,487,676
616,688
388,418
—
—
—
—
—
—
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Net Cash Flow
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 Cash as of March 25, 2012
 
 
 
 
 
 
 
 
 
 




Lee Enterprises, Incorporated, et al
Case No. 11-13918
Bank Reconciliation QOR-1a
Quarterly Period Ended March 25, 2012
 
The above debtors declare for this report that all bank reconciliations have been completed.






Lee Enterprises, Incorporated, et al
 
 
 
 
 
 
 
 
 
 
 
Case No. 11-13918
 
 
 
 
 
 
 
 
 
 
 
Statement of Operations (QOR-2)
 
 
 
 
 
 
 
 
 
 
 
Quarter Ended March 25, 2012
 
 
 
 
 
 
 
 
 
 
 
 
CURRENT QUARTER
 
YEAR TO DATE
(Thousands, Except Per Share Data)
 
 
 Prior
% D - Actual
 
 
 
 Prior
% D - Actual
 
 Actual
 Plan
 Year
Plan
PY
 
 Actual
 Plan
 Year
Plan
PY
 
 
 
 
 
 
 
 
 
 
 
 
Operating Revenue:
 
 
 
 
 
 
 
 
 
 
 
   Retail
63,407

65,303

67,512

(2.9
)
(6.1
)
 
147,398

150,410

159,003

(2.0
)
(7.3
)
   Classified
29,589

31,276

32,193

(5.4
)
(8.1
)
 
59,730

63,362

65,880

(5.7
)
(9.3
)
   Digital
15,704

17,306

14,288

(9.3
)
9.9

 
31,906

34,516

28,963

(7.6
)
10.2

   National
5,879

6,257

6,758

(6.0
)
(13.0
)
 
15,330

14,064

15,761

9.0

(2.7
)
   Niche publications
2,921

3,301

3,302

(11.5
)
(11.5
)
 
5,636

6,144

6,214

(8.3
)
(9.3
)
 
 
 
 
 
 
 
 
 
 
 
 
Total advertising revenue
117,500

123,443

124,053

(4.8
)
(5.3
)
 
260,000

268,496

275,821

(3.2
)
(5.7
)
 
 
 
 
 
 
 
 
 
 
 
 
   Circulation
44,878

45,107

44,821

(0.5
)
0.1

 
91,574

90,948

90,298

0.7

1.4

   Commercial print
3,066

3,027

2,891

1.3

6.1

 
6,207

5,967

5,943

4.0

4.4

   Digital services and other
6,814

7,096

6,961

(4.0
)
(2.1
)
 
14,038

14,067

14,331

(0.2
)
(2.0
)
 
 
 
 
 
 
 
 
 
 
 
 
Total revenue
172,258

178,673

178,726

(3.6
)
(3.6
)
 
371,819

379,478

386,393

(2.0
)
(3.8
)
 
 
 
 
 
 
 
 
 
 
 
 
Operating Expenses:
 
 
 
 
 
 
 
 
 
 
 
   Compensation
72,524

75,367

76,529

(3.8
)
(5.2
)
 
146,101

149,127

154,549

(2.0
)
(5.5
)
   Newsprint and ink
13,077

14,173

14,849

(7.7
)
(11.9
)
 
27,937

29,082

30,523

(3.9
)
(8.5
)
   Other operating expenses
54,011

54,941

57,476

(1.7
)
(6.0
)
 
111,253

110,879

117,144

0.3

(5.0
)
 
 
 
 
 
 
 
 
 
 
 
 
Total cash costs excluding special items
139,612

144,481

148,854

(3.4
)
(6.2
)
 
285,291

289,088

302,216

(1.3
)
(5.6
)
 
 
 
 
 
 
 
 
 
 
 
 
Operating cash flow excluding special items
32,646

34,192

29,872

(4.5
)
9.3

 
86,528

90,390

84,177

(4.3
)
2.8

 
 
 
 
 
 
 
 
 
 
 
 
   Workforce adjustments
542

118

443

 NM

22.3

 
880

202

635

 NM

38.6

 
 
 
 
 
 
 
 
 
 
 
 
Total cash costs
140,154

144,599

149,297

(3.1
)
(6.1
)
 
286,171

289,290

302,851

(1.1
)
(5.5
)
 
 
 
 
 
 
 
 
 
 
 
 
Operating cash flow
32,104

34,074

29,429

(5.8
)
9.1

 
85,648

90,188

83,542

(5.0
)
2.5

   Margin
18.6
%
19.1
%
16.5
%
 
 
 
23
%
23.8
%
21.6
%
 
 
   Margin, excluding special items
19
%
19.1
%
16.7
%
 
 
 
23.3
%
23.8
%
21.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   Depreciation
6,126

6,157

7,293

(0.5
)
(16.0
)
 
12,362

12,307

13,816

0.4

(10.5
)
   Amortization of intangible assets
10,920

10,868

11,201

0.5

(2.5
)
 
21,844

21,739

22,484

0.5

(2.8
)
   Curtailment gains
—

—

1,991

 NM

 NM

 
—

—

12,163

 NM

 NM

 
 
 
 
 
 
 
 
 
 
 
 
Operating income before equity investments
15,058

17,049

12,926

(11.7
)
16.5

 
51,442

56,142

59,405

(8.4
)
(13.4
)
 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings of associated companies:
 
 
 
 
 
 
 
 
 
 
 
   Madison Newspapers, Inc.
445

550

447

(19.1
)
(0.4
)
 
1,687

1,850

1,688

(8.8
)
 NM

   MNI workforce adjustments
5

—

(34
)
 NM

 NM

 
(8
)
—

(40
)
 NM

(79.0
)
   TNI Partners
1,161

1,161

1,039

 NM

11.7

 
2,891

2,317

2,927

24.8

(1.2
)
   TNI amortization
(181
)
(181
)
(304
)
 NM

(40.5
)
 
(361
)
(361
)
(607
)
 NM

(40.5
)
   TNI workforce adjustments
—

—

—

 NM

 NM

 
32

—

(116
)
 NM

 NM

 
 
 
 
 
 
 
 
 
 
 
 
Operating income
16,488

18,579

14,074

(11.3
)
17.2

 
55,683

59,948

63,257

(7.1
)
(12.0
)
   Margin
9.6
%
10.4
%
7.9
%
 
 
 
15
%
15.8
%
16.4
%
 
 
   Margin, excluding special items
9.9
%
10.5
%
7
%
 
 
 
15.2
%
15.9
%
13.4
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Nonoperating income (expenses) net:
 
 
 
 
 
 
 
 
 
 
 
   Financial income
54

52

18

3.8

 NM

 
109

108

77

0.9

41.6

   Financial expense
(20,312
)
(19,330
)
(13,140
)
5.1

54.6

 
(33,064
)
(32,082
)
(26,578
)
3.1

24.4

   Debt financing costs
(715
)
—

(1,895
)
 NM

(62.3
)
 
(2,739
)
(2,024
)
(3,861
)
35.3

(29.1
)
   Other, net
—

—

(231
)
 NM

 NM

 
—

—

(684
)
 NM

 NM

 
 
 
 
 
 
 
 
 
 
 
 
 
(20,973
)
(19,278
)
(15,248
)
8.8

37.5

 
(35,694
)
(33,998
)
(31,046
)
5.0

15.0

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before reorganization costs and income taxes
(4,485
)
(699
)
(1,174
)
 NM

 NM

 
19,989

25,950

32,211

(23.0
)
(37.9
)
 
 
 
 
 
 
 
 
 
 
 
 
Reorganization costs
36,626

57,780

—

(36.6
)
 NM

 
37,867

59,021

—

(35.8
)
 NM

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
(41,111
)
(58,479
)
(1,174
)
(29.7
)
 NM

 
(17,878
)
(33,071
)
32,211

(45.9
)
 NM

 
 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit) excluding special items
(719
)
(252
)
(570
)
 NM

26.1

 
9,142

8,737

9,920

4.6

(7.8
)
Income tax expense (benefit) from special items
(13,850
)
(22,204
)
845

(37.6
)
 NM

 
(15,101
)
(21,436
)
4,762

(29.6
)
 NM

   Effective tax rate
35.4
%
38.4
%
(23.4%)

 
 
 
33.3
%
38.4
%
45.6
%
 
 
   Effective tax rate, excluding special items
22.2
%
43.4
%
71.9
%
 
 
 
38.8
%
31
%
40.2
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
(26,542
)
(36,023
)
(1,449
)
(26.3
)
 NM

 
(11,919
)
(20,372
)
17,529

(41.5
)
 NM

 
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to non-controlling interests
(83
)
(106
)
(23
)
(21.7
)
 NM

 
(153
)
(185
)
(58
)
(17.3
)
 NM

 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) attributable to Lee Enterprises, Incorporated
(26,625
)
(36,129
)
(1,472
)
(26.3
)
 NM

 
(12,072
)
(20,557
)
17,471

(41.3
)
 NM

 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share:
(0.54
)
(0.69
)
(0.03
)
(21.7
)
 NM

 
(0.26
)
(0.4
)
0.39

(35.0
)
 NM

 
 
 
 
 
 
 
 
 
 
 
 
Diluted Average Common Shares
49,552

52,000

44,855

(4.7
)
10.5

 
47,242

52,000

44,768

(9.2
)
5.5



Lee Enterprises, Incorporated, et al
 
 
 
 
Case No. 11-13918
 
 
 
 
Balance Sheet (QOR-3)
 
 
 
 
Quarter Ended March 25, 2012
 
 
 
 
 
 
 
 
 
 
 
March
September
 (Thousands)
 
2012
2011
2011
 
 
 
 
 
Current Assets:
 
 
 
 
   Cash and cash equivalents
 
29,655

24,897

23,555

   Accounts receivable, net
 
64,667

68,901

71,024

   Income taxes receivable
 
 
—

1,335

   Receivable from associated company
 
 
 
 
   Inventories
 
8,164

10,428

7,388

   Deferred tax assets
 
967

2,687

967

   Prepaid expenses and other current
 
6,286

9,703

19,553

Total current assets
 
109,739

116,616

123,822

 
 
 
 
 
Investments:
 
 
 
 
   Associated companies
 
42,992

57,891

44,057

   Restricted cash & investments
 
—

5,101

4,972

   Capital Times
 
3,876

3,876

3,876

   Rabbi trust
 
768

535

568

   Sandler
 
2,764

2,764

2,764

   Other
 
1,991

2,095

1,991

 
 
52,391

72,262

58,228

 
 
 
 
 
Property and Equipment :
 
 
 
 
   Land and improvements
 
27,017

27,411

27,017

   Buildings and improvements
 
191,905

192,988

191,250

   Equipment
 
312,889

318,056

319,978

 
 
531,811

538,455

538,245

   Less accumulated depreciation
 
329,162

316,319

326,205

 
 
202,649

222,136

212,040

 
 
 
 
 
Intangible and Other Assets:
 
 
 
 
  Goodwill
 
247,271

433,552

247,271

  Other intangible assets
 
473,665

535,656

495,509

  Postretirement assets
 
16,042

11,214

14,934

  Loan costs
 
—

8,155

4,514

  Other
 
2,530

2,305

1,930

 
 
739,508

990,882

764,158

 
 
 
 
 
Total assets
 
1,104,287

1,401,896

1,158,248

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 




Current Liabilities:
 
 
 
 
   Current maturities of long-term debt
 
12,400

92,000

994,550

   Accounts payable
 
31,659

23,966

27,740

   Compensation and other accruals
 
39,333

36,362

35,437

   Income taxes payable
 
8,440

363

—

   Unearned income
 
38,559

38,305

36,512

Total current liabilities
 
130,391

190,996

1,094,239

 
 
 
 
 
First lien term loan
 
664,500

—

—

Second lien term loan
 
175,000

—

—

Pulitzer notes
 
113,600

135,000

—

Lien Discounts
 
(21,823
)
 
 
A Term Loan
 
—

524,335

—

Revolving credit facility
 
—

274,425

—

Unamortized fair value adjustment
 
—

564

—

 
 
931,277

934,324

—

 
 
 
 
 
Pension obligations
 
69,778

53,952

73,518

Postretirement & post employment benefit obligations
 
6,509

5,962

6,104

 
 
 
 
 
Deferred Items:
 
 
 
 
   Retirement and compensation
 
1,803

2,072

1,485

   Income taxes
 
50,129

112,275

66,204

 
 
51,932

114,347

67,689

 
 
 
 
 
Income taxes payable
 
9,016

12,244

8,588

Other
 
7,880

12,417

9,004

 
 
 
 
 
Liabilities subject to compromise
 
—

—

—

 
 
 
 
 
Equity (Deficit):
 
 
 
 
   Stockholders' Equity (Deficit):
 
 
 
 
      Capital Stock:
 
 
 
 
         Common
 
517

89,730

89,915

         Class B common
 
—

—

—

      Additional paid-in capital
 
240,355

140,452

140,887

      Accumulated deficit
 
(338,132
)
(161,722
)
(326,062
)
      Accumulated other comprehensive income
 
(5,782
)
8,862

(6,086
)
   Total stockholders' equity (deficit)
 
(103,042
)
77,322

(101,346
)
   Non-controlling interests
 
546

332

452

      Total equity (deficit)
 
(102,496
)
77,654

(100,894
)
 
 
 
 
 
Total liabilities and equity (deficit)
 
1,104,287

1,401,896

1,158,248





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