Pantagraph Owner Sees Increased Revenue In Quarterly Report
Pantagraph owner Lee Enterprises Inc. reported Friday overall quarterly earnings of $4.8 million, down $1.5 million from this time last year.
The Iowa-based company presented its June quarterly report via webcast Friday.
Lee also reported strong subscription revenue and local and national advertising, which contributed to overall increased revenue.
President and CEO Kevin Mowbray said national digital advertising increased nearly 15 percent in the quarter ending in June and totaled more than $10 million the last year.
“We attribute these gains to smart and strategic pricing, coupled with a periodic implementation of our companywide sweeps program which drives maximum audience engagement during peak national advertising periods,” Mowbray said.
Mowbray said subscription numbers also play a major role.
“Subscription revenue continues to be a strong and stable performer and an opportunity for the company. Through sound pricing models, premium content and acquisitions, subscription revenue increased 1.6 percent in the June quarter,” Mowbray said. “Over the last 12 months, subscription revenue represents 35.5 percent of total revenue for the company.”
Mowbray said the company expects subscription revenue to remain stable through the end of the year.
The company also reported debt reductions of $16.5 million in the last quarter, totaling more than $345 million since 2014.
Lee partnered with Berkshire Hathaway’s Media Group in June in 30 markets. They anticipate a $50 million earning from that five-year agreement.
People like you value experienced, knowledgeable and award-winning journalism that covers meaningful stories in Bloomington-Normal. To support more stories and interviews like this one, please consider making a contribution.