Lee Enterprises on Tuesday reported an improved revenue trend and continued cost reduction in its second-quarter earnings.
The parent company of The Times Media Co. reported a loss of $6 million profit for its second fiscal quarter that ended March 31, or 12 cents a share, which improves from its $26.6 million loss from a year ago, or 54 cents a share.
Excluding unusual matters, the adjusted loss per diluted common share was 5 cents, compared with a loss of 3 cents a year ago.
“Lee continues to post strong cash flow and reduce debt ahead of schedule as we build on our ability to resume revenue growth,” said Mary Junck, chairwoman and chief executive officer, in a statement.
Junck noted that revenue trends continue to improve, with total revenue down 2.4 percent from the same quarter a year ago, the best results in more than two years. Mobile advertising revenue also continues to grow rapidly, up 165 percent over a year ago, to $1.4 million.
Lee reduced its debt by $23.9 million in the quarter, with a principal amount of $893 million, putting it 18 months ahead of its debt reduction projections, the company said.
Davenport, Iowa-based Lee owns 46 daily newspapers including The Times and The St. Louis Post-Dispatch. It also owns a joint interest in four other newspapers.