Pantagraph Owner Reports Increase In Quarterly Earnings
The parent company of the Pantagraph newspaper in Bloomington is starting the year on a high note, reporting increased earnings in its last quarter.
Earnings for Iowa-based Lee Enterprises were double what they were last year during the same period. Earnings topped $35 million for the three months ending Dec. 24, compared to $12.4 million last year.
A few factors contributed to this increase, according to company reports. Lee has been chipping away at its large debt, and interest costs fell by more than 9 percent, compared to the same quarter last year. The company has also been cutting its own costs, which are down by almost 9 percent.
Overall revenue for the newspaper chain also saw a drop of nearly 9 percent on a same property basis.
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