0000058361-17-000033.txt : 20170504 0000058361-17-000033.hdr.sgml : 20170504 20170504164338 ACCESSION NUMBER: 0000058361-17-000033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170504 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20170504 DATE AS OF CHANGE: 20170504 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: 0924 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06227 FILM NUMBER: 17814725 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 fy17q2pulitzerandleelegacy.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):  May 4, 2017


_______________________________________________________________________
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:
May 4, 2017
By:
 
 
 
 
Ronald A. Mayo
 
 
 
 
Vice President, Chief Financial Officer,
 
 
 
 
and Treasurer
 


INDEX TO EXHIBITS

Exhibit No.
Description
 
 
99.1
Supplemental Financial Information – Second fiscal quarter ended March 26, 2017




 EX-99.1 2 pulitzerandleelegacyfinanc.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1 - Supplemental Financial Information – Second fiscal quarter ended March 26, 2017.

leelogo2013a01a01a03a02a03.jpg
201 N. Harrison St.
Davenport, IA 52801
www.lee.net





13 Weeks Ended (unaudited)
 
 
 
 
 
 
 
 
March 26, 2017
 
March 27, 2016
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
77,533

54,601

22,932

 
88,731

62,247

26,484

Subscription
45,009

31,349

13,660

 
46,658

32,300

14,358

Other
10,845

8,981

1,864

 
11,446

9,723

1,723

Total operating revenue
133,387

94,931

38,456

 
146,835

104,270

42,565

Operating expenses:
 
 
 
 
 
 
 
Compensation
52,414

40,138

12,276

 
58,850

44,754

14,096

Newsprint and ink
6,200

4,279

1,921

 
6,053

4,559

1,494

Other cash costs
48,756

28,232

20,524

 
54,107

30,970

23,137

Depreciation and amortization
10,318

7,391

2,927

 
10,941

7,673

3,268

Loss (gain) on sale of assets, net
(3,783
)
(3,714
)
(69
)
 
(438
)
96

(534
)
Workforce adjustments
2,405

1,560

845

 
588

571

17

Total operating expenses
116,310

77,886

38,424

 
130,101

88,623

41,478

Equity in earnings of MNI and TNI
1,729

465

1,264

 
2,009

645

1,364

Operating income
18,806

17,510

1,296

 
18,743

16,292

2,451

Non-operating income (expense), net
(11,285
)
(12,152
)
867

 
13,129

12,358

771

Income tax expense
1,144

359

785

 
12,389

11,218

1,171

Net income
6,377

4,999

1,378

 
19,483

17,432

2,051


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
6,377

4,999

1,378

 
19,483

17,432

2,051

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses, net
11,285

12,152

(867
)
 
(13,129
)
(12,358
)
(771
)
Income tax expense
1,144

359

785

 
12,389

11,218

1,171

Equity in earnings of TNI and MNI
(1,729
)
(465
)
(1,264
)
 
(2,009
)
(645
)
(1,364
)
Depreciation and amortization
10,318

7,391

2,927

 
10,941

7,673

3,268

Loss (gain) on sale of assets, net
(3,783
)
(3,714
)
(69
)
 
(438
)
96

(534
)
Workforce adjustments
2,405

1,560

845

 
588

571

17

Stock compensation
559

559

—

 
594

594

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
2,220

852

1,368

 
2,711

1,242

1,469

Adjusted EBITDA
28,796

23,693

5,103

 
31,130

25,823

5,307

 
 
 
 
 
 
 
 
Supplemental cash flow information
 
 
 
 
 
Distributions from MNI and TNI
2,437

1,000

1,437

 
4,501

2,250

2,251

Capital expenditures
(989
)
(953
)
(36
)
 
(1,801
)
(1,644
)
(157
)
Pension contributions
—

—

—

 
(744
)
—

(744
)
Cash income tax refunds (payments)
(269
)
(269
)
—

 
(282
)
(282
)
—

Interest income
109

109

—

 
110

110

—

Interest to be settled in cash
(14,637
)
(10,747
)
(3,890
)
 
(16,281
)
(12,151
)
(4,130
)





26 Weeks Ended (unaudited)
 
 
 
 
 
 
 
 
March 26, 2017
 
March 27, 2016
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
170,568

118,706

51,862

 
194,368

134,685

59,683

Subscription
93,896

65,366

28,530

 
97,089

66,839

30,250

Other
22,912

18,970

3,942

 
23,783

20,130

3,653

Total operating revenue
287,376

203,042

84,334

 
315,240

221,654

93,586

Operating expenses:
 
 
 
 
 
 
 
Compensation
107,470

82,191

25,279

 
117,514

89,601

27,913

Newsprint and ink
13,093

9,181

3,912

 
12,738

9,706

3,032

Other cash costs
101,533

59,456

42,077

 
112,977

65,038

47,939

Depreciation and amortization
20,698

14,801

5,897

 
21,884

15,308

6,576

Loss (gain) on sale of assets, net
(3,716
)
(3,715
)
(1
)
 
(1,409
)
133

(1,542
)
Workforce adjustments
2,470

1,622

848

 
1,192

1,114

78

Total operating expenses
241,548

163,536

78,012

 
264,896

180,900

83,996

Equity in earnings of MNI and TNI
4,417

1,600

2,817

 
4,808

1,828

2,980

Operating income
50,245

41,106

9,139

 
55,152

42,582

12,570

Non-operating income (expense), net
(24,017
)
(25,727
)
1,710

 
(4,626
)
(6,098
)
1,472

Income tax expense
7,410

3,470

3,940

 
19,535

14,435

5,100

Net income
18,818

11,909

6,909

 
30,991

22,049

8,942


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
18,818

11,909

6,909

 
30,991

22,049

8,942

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses, net
24,017

25,727

(1,710
)
 
4,626

6,098

(1,472
)
Income tax expense
7,410

3,470

3,940

 
19,535

14,435

5,100

Equity in earnings of TNI and MNI
(4,417
)
(1,600
)
(2,817
)
 
(4,808
)
(1,828
)
(2,980
)
Depreciation and amortization
20,698

14,801

5,897

 
21,884

15,308

6,576

Loss (gain) on sale of assets, net
(3,716
)
(3,715
)
(1
)
 
(1,409
)
133

(1,542
)
Workforce adjustments
2,470

1,622

848

 
1,192

1,114

78

Stock compensation
1,083

1,083

—

 
1,164

1,164

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
5,696

2,670

3,026

 
6,519

3,330

3,189

Adjusted EBITDA
72,059

55,967

16,092

 
79,694

61,803

17,891

 
 
 
 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
 
Distributions from MNI and TNI
4,670

2,250

2,420

 
7,729

4,000

3,729

Capital expenditures
(2,079
)
(1,879
)
(200
)
 
(3,271
)
(2,846
)
(425
)
Pension contributions
—

—

—

 
(1,488
)
—

(1,488
)
Cash income tax refunds (payments)
(639
)
(635
)
(4
)
 
(271
)
(271
)
—

Interest income
184

184

—

 
185

185

—

Interest to be settled in cash
(29,588
)
(21,797
)
(7,791
)
 
(33,423
)
(25,035
)
(8,388
)
Debt financing and administrative costs
—

—

—

 
(44
)
—

(44
)


 GRAPHIC 3 leelogo2013a01a01a03a02a03.jpg begin 644 leelogo2013a01a01a03a02a03.jpg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end