0000058361-17-000043.txt : 20170804 0000058361-17-000043.hdr.sgml : 20170804 20170804163826 ACCESSION NUMBER: 0000058361-17-000043 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170804 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20170804 DATE AS OF CHANGE: 20170804 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: 171009098 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 fy17q3pulitzerandleelegacy.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):  August 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:
August 4, 2017
By:
 
 
 
 
Ronald A. Mayo
 
 
 
 
Vice President, Chief Financial Officer,
 
 
 
 
and Treasurer
 


INDEX TO EXHIBITS

Exhibit No.
Description
 
 
99.1
Supplemental Financial Information – Third fiscal quarter ended June 25, 2017




 EX-99.1 2 pulitzerandleelegacyfinanc.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1 - Supplemental Financial Information – Third fiscal quarter ended June 25, 2017.

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





13 Weeks Ended (unaudited)
 
 
 
 
 
 
 
 
June 25, 2017
 
June 26, 2016
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
81,247

56,393

24,854

 
92,294

63,858

28,436

Subscription
47,410

32,757

14,653

 
47,160

32,330

14,830

Other
10,698

8,859

1,839

 
11,492

9,553

1,939

Total operating revenue
139,355

98,009

41,346

 
150,946

105,741

45,205

Operating expenses:
 
 
 
 
 
 
 
Compensation
51,577

39,702

11,875

 
57,218

43,246

13,972

Newsprint and ink
6,123

4,234

1,889

 
6,604

4,234

2,370

Other cash costs
48,571

29,236

19,335

 
53,356

30,454

22,902

Depreciation and amortization
10,296

7,392

2,904

 
10,868

7,707

3,161

Loss (gain) on sale of assets, net
(61
)
(3
)
(58
)
 
(354
)
18

(372
)
Workforce adjustments and other
3,902

3,664

238

 
424

396

28

Total operating expenses
120,408

84,225

36,183

 
128,116

86,055

42,061

Equity in earnings of MNI and TNI
1,616

645

971

 
1,825

850

975

Operating income
20,563

14,429

6,134

 
24,655

20,536

4,119

Non-operating income (expense), net
(12,433
)
(13,908
)
1,475

 
(17,251
)
(18,055
)
804

Income tax expense
1,843

(921
)
2,764

 
3,037

1,249

1,788

Net income
6,287

1,442

4,845

 
4,367

1,232

3,135


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
6,287

1,442

4,845

 
4,367

1,232

3,135

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses, net
12,433

13,908

(1,475
)
 
17,251

18,055

(804
)
Income tax expense
1,843

(921
)
2,764

 
3,037

1,249

1,788

Equity in earnings of TNI and MNI
(1,616
)
(645
)
(971
)
 
(1,825
)
(850
)
(975
)
Depreciation and amortization
10,296

7,392

2,904

 
10,868

7,707

3,161

Loss (gain) on sale of assets, net
(61
)
(3
)
(58
)
 
(354
)
18

(372
)
Workforce adjustments and other
3,902

3,664

238

 
424

396

28

Stock compensation
481

481

—

 
550

550

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
2,246

1,170

1,076

 
2,625

1,545

1,080

Adjusted EBITDA
35,811

26,488

9,323

 
36,943

29,902

7,041

 
 
 
 
 
 
 
 
Supplemental cash flow information
 
 
 
 
 
Distributions from MNI and TNI
1,713

500

1,213

 
3,251

1,750

1,501

Capital expenditures
(1,153
)
(1,033
)
(120
)
 
(2,521
)
(2,267
)
(254
)
Pension contributions
—

—

—

 
(826
)
—

(826
)
Cash income tax refunds (payments)
(441
)
(441
)
—

 
(4
)
(4
)
—

Interest income
77

77

—

 
141

141

—

Interest to be settled in cash
(14,330
)
(10,565
)
(3,765
)
 
(15,783
)
(11,724
)
(4,059
)
Debt financing and administrative costs
(371
)
(371
)
—

 
(376
)
(376
)
—






39 Weeks Ended (unaudited)
 
 
 
 
 
 
 
 
June 25, 2017
 
June 26, 2016
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
251,815

175,099

76,716

 
286,662

198,543

88,119

Subscription
141,306

98,123

43,183

 
144,249

99,169

45,080

Other
33,610

27,829

5,781

 
35,275

29,683

5,592

Total operating revenue
426,731

301,051

125,680

 
466,186

327,395

138,791

Operating expenses:
 
 
 
 
 
 
 
Compensation
159,047

121,893

37,154

 
174,733

132,848

41,885

Newsprint and ink
19,216

13,415

5,801

 
19,343

13,941

5,402

Other cash costs
150,109

88,697

61,412

 
166,332

95,491

70,841

Depreciation and amortization
30,993

22,192

8,801

 
32,752

23,015

9,737

Loss (gain) on sale of assets and other, net
(3,777
)
(3,718
)
(59
)
 
(1,763
)
151

(1,914
)
Workforce adjustments and other
6,372

5,286

1,086

 
1,616

1,510

106

Total operating expenses
361,960

247,765

114,195

 
393,013

266,956

126,057

Equity in earnings of MNI and TNI
6,034

2,246

3,788

 
6,633

2,678

3,955

Operating income
70,805

55,532

15,273

 
79,806

63,117

16,689

Non-operating income (expense), net
(36,447
)
(39,632
)
3,185

 
(21,877
)
(24,153
)
2,276

Income tax expense
9,253

2,549

6,704

 
22,571

15,683

6,888

Net income
25,105

13,351

11,754

 
35,358

23,281

12,077


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
25,105

13,351

11,754

 
35,358

23,281

12,077

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses, net
36,447

39,632

(3,185
)
 
21,877

24,153

(2,276
)
Income tax expense
9,253

2,549

6,704

 
22,571

15,683

6,888

Equity in earnings of TNI and MNI
(6,034
)
(2,246
)
(3,788
)
 
(6,633
)
(2,678
)
(3,955
)
Depreciation and amortization
30,993

22,192

8,801

 
32,752

23,015

9,737

Loss (gain) on sale of assets and other, net
(3,777
)
(3,718
)
(59
)
 
(1,763
)
151

(1,914
)
Workforce adjustments and other
6,372

5,286

1,086

 
1,616

1,510

106

Stock compensation
1,564

1,564

—

 
1,714

1,714

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
7,943

4,917

3,026

 
9,145

4,875

4,270

Adjusted EBITDA
107,866

83,527

24,339

 
116,637

91,704

24,933

 
 
 
 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
 
Distributions from MNI and TNI
6,384

2,750

3,634

 
10,980

5,750

5,230

Capital expenditures
(3,232
)
(2,912
)
(320
)
 
(5,792
)
(5,113
)
(679
)
Pension contributions
—

—

—

 
(2,314
)
—

(2,314
)
Cash income tax refunds (payments)
(1,080
)
(1,076
)
(4
)
 
(275
)
(275
)
—

Interest income
261

261

—

 
326

326

—

Interest to be settled in cash
(43,919
)
(32,362
)
(11,557
)
 
(49,206
)
(36,759
)
(12,447
)
Debt financing and administrative costs
(371
)
(371
)
—

 
(420
)
(376
)
(44
)


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