0000058361-16-000080.txt : 20161212 0000058361-16-000080.hdr.sgml : 20161212 20161209213308 ACCESSION NUMBER: 0000058361-16-000080 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20161209 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20161212 DATE AS OF CHANGE: 20161209 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: 0925 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06227 FILM NUMBER: 162045122 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 a2016q4supplementalfinanci.htm 8-K Document






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):  December 9, 2016


_______________________________________________________________________
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.

The supplemental financial information is furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference. The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.

Lee Legacy only and Pulitzer Inc. ("Pulitzer") only supplemental financial information is being provided because it is a required reporting covenant in the debt agreements of Lee Enterprises, Incorporated (the "Company"). Lee Legacy constitutes the business of the Company, including its 50% interest in Madison Newspapers, Inc.("MNI"), but excluding Pulitzer and the Company’s 50% interest in TNI Partners ("TNI").

The Lee Legacy and Pulitzer separate income statement presentations are not prepared in accordance with Generally Accepted Accounting Principles ("GAAP") as non-operating income (expense) and income tax expense are allocations of the consolidated balances and have not been prepared in accordance with Accounting Standards Codification 280: Segment Reporting. This presentation is only intended to be used for purposes of complying with covenants under the Company's debt agreements and should not be used as a substitute for the Company's consolidated financial statements prepared in accordance with GAAP. Refer to the Company's consolidated financial statements prepared in accordance with GAAP as periodically filed on Form 10-Q and Form 10-K with the Securities and Exchange Commission.


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
 
 
 
 
/s/ Ronald A. Mayo
 
 
 
 
 
Date:
December 9, 2016
By:
 
 
 
 
Ronald A. Mayo
 
 
 
 
Vice President, Chief Financial Officer,
 
 
 
 
and Treasurer
 


INDEX TO EXHIBITS

Exhibit No.
Description
 
 
99.1
Supplemental Financial Information - Fourth fiscal quarter ended September 25, 2016



 EX-99 2 pulitzerandleelegacyfinanc.htm EXHIBIT 99 Exhibit


Exhibit 99.1 - Supplemental Financial Information – Fourth fiscal quarter ended September 25, 2016.

leelogo2013a01a01a03a02a02.jpg
201 N. Harrison St.
Davenport, IA 52801
www.lee.net





13 Weeks Ended (unaudited)
 
 
 
 
 
 
 
 
September 25, 2016
 
September 27, 2015
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
86,801

60,377

26,424

 
97,318

67,944

29,374

Subscription
49,753

33,984

15,769

 
48,570

33,417

15,153

Other
11,624

9,647

1,977

 
10,211

8,719

1,492

Total operating revenue
148,178

104,008

44,170

 
156,099

110,080

46,019

Operating expenses:
 
 
 
 
 
 
 
Compensation
55,019

42,318

12,701

 
57,413

42,195

15,218

Newsprint and ink
6,767

4,881

1,886

 
6,335

4,670

1,665

Other cash costs
52,394

28,109

24,285

 
55,523

33,234

22,289

Depreciation and amortization
10,689

7,651

3,038

 
11,106

7,683

3,423

Loss (gain) on sale of assets, net
(1,573
)
(13
)
(1,560
)
 
(328
)
40

(368
)
Impairment of goodwill and other assets
2,382

1,820

562

 
—

—

—

Workforce adjustments
209

209

—

 
1,396

228

1,168

Total operating expenses
125,887

84,975

40,912

 
131,445

88,050

43,395

Equity in earnings of MNI and TNI
1,900

795

1,105

 
2,141

1,116

1,025

Operating income
24,191

19,828

4,363

 
26,795

23,146

3,649

Non-operating income (expense), net
(23,925
)
(24,835
)
910

 
(12,417
)
(12,269
)
(148
)
Income tax expense
(395
)
(2,494
)
2,099

 
4,244

2,972

1,272

Net income
661

(2,513
)
3,174

 
10,134

7,905

2,229


Adjusted EBITDA is a non-GAAP financial measure. Below is a reconciliation of adjusted EBITDA to net income, the most directly comparable measure under GAAP:
Net Income
661

(2,513
)
3,174

 
10,134

7,905

2,229

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses, net
23,925

24,835

(910
)
 
12,417

12,269

148

Income tax expense
(395
)
(2,494
)
2,099

 
4,244

2,972

1,272

Equity in earnings of TNI and MNI
(1,900
)
(795
)
(1,105
)
 
(2,141
)
(1,116
)
(1,025
)
Depreciation and amortization
10,689

7,651

3,038

 
11,106

7,683

3,423

Loss (gain) on sale of assets, net
(1,573
)
(13
)
(1,560
)
 
(328
)
40

(368
)
Impairment of goodwill and other assets
2,382

1,820

562

 
—

—

—

Workforce adjustments
209

209

—

 
1,396

228

1,168

Stock compensation
592

592

—

 
326

326

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
2,560

1,350

1,210

 
2,814

1,683

1,131

Adjusted EBITDA
37,150

30,642

6,508

 
39,968

31,990

7,978

 
 
 
 
 
 
 
 
Supplemental cash flow information
 
 
 
 
 
Distributions from MNI and TNI
2,906

1,500

1,406

 
2,862

1,500

1,362

Capital expenditures
(1,299
)
(1,168
)
(131
)
 
(2,016
)
(1,668
)
(348
)
Pension contributions
(2,290
)
—

(2,290
)
 
(2,012
)
—

(2,012
)
Cash income tax refunds (payments)
6

12

(6
)
 
(549
)
(549
)
—

Interest income
74

(814
)
888

 
79

79

—

Interest to be settled in cash
(15,027
)
(11,028
)
(3,999
)
 
(17,095
)
(17,095
)
—

Debt financing and administrative costs
(2
)
(2
)
—

 
(256
)
(62
)
(194
)




52 Weeks Ended (unaudited)
 
 
 
 
 
 
 
 
September 25, 2016
 
September 27, 2015
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
373,463

258,920

114,543

 
412,099

287,417

124,682

Subscription
194,002

133,153

60,849

 
194,474

131,352

63,122

Other
46,899

39,330

7,569

 
41,970

35,328

6,642

Total operating revenue
614,364

431,403

182,961

 
648,543

454,097

194,446

Operating expenses:
 
 
 
 
 
 
 
Compensation
229,752

175,166

54,586

 
239,028

180,035

58,993

Newsprint and ink
26,110

18,822

7,288

 
30,263

22,307

7,956

Other cash costs
218,726

123,600

95,126

 
229,165

130,530

98,635

Depreciation and amortization
43,441

30,666

12,775

 
45,563

31,358

14,205

Loss (gain) on sale of assets, net
(3,139
)
643

(3,782
)
 
106

(109
)
215

Impairment of goodwill and other assets
2,185

1,820

365

 
—

—

—

Workforce adjustments
1,825

1,719

106

 
3,304

983

2,321

Total operating expenses
518,900

352,436

166,464

 
547,429

365,104

182,325

Equity in earnings of MNI and TNI
8,533

3,473

5,060

 
8,254

3,416

4,838

Operating income
103,997

82,440

21,557

 
109,368

92,409

16,959

Non-operating income (expense), net
(45,802
)
(48,988
)
3,186

 
(71,456
)
(71,510
)
54

Income tax expense
22,176

13,189

8,987

 
13,594

7,415

6,179

Net income
36,019

20,263

15,756

 
24,318

13,484

10,834


Adjusted EBITDA is a non-GAAP financial measure. Below is a reconciliation of adjusted EBITDA to net income, the most directly comparable measure under GAAP:
Net Income
36,019

20,263

15,756

 
24,318

13,484

10,834

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses, net
45,802

48,988

(3,186
)
 
71,456

71,510

(54
)
Income tax expense
22,176

13,189

8,987

 
13,594

7,415

6,179

Equity in earnings of TNI and MNI
(8,533
)
(3,473
)
(5,060
)
 
(8,254
)
(3,416
)
(4,838
)
Depreciation and amortization
43,441

30,666

12,775

 
45,563

31,358

14,205

Loss (gain) on sale of assets, net
(3,139
)
643

(3,782
)
 
106

(109
)
215

Impairment of goodwill and other assets
2,185

1,820

365

 
—

—

—

Workforce adjustments
1,825

1,719

106

 
3,304

983

2,321

Stock compensation
2,306

2,306

—

 
1,971

1,971

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
11,705

6,226

5,479

 
11,246

5,989

5,257

Adjusted EBITDA
153,787

122,347

31,440

 
163,304

129,185

34,119

 
 
 
 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
 
Distributions from MNI and TNI
13,886

7,250

6,636

 
10,975

5,500

5,475

Capital expenditures
(7,091
)
(6,281
)
(810
)
 
(9,707
)
(6,747
)
(2,960
)
Pension contributions
(4,604
)
—

(4,604
)
 
(3,577
)
—

(3,577
)
Cash income tax refunds (payments)
(269
)
(263
)
(6
)
 
(485
)
(396
)
(89
)
Interest income
400

(2,759
)
3,159

 
337

(1,331
)
1,668

Interest to be settled in cash
(64,233
)
(47,787
)
(16,446
)
 
(72,409
)
(71,510
)
(899
)
Debt financing and administrative costs
(422
)
(378
)
(44
)
 
(733
)
(440
)
(293
)


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