Pantagraph Owner Focuses on Lowering Debt

Despite a 7.2% increase in digital ad revenue for Lee Enterprises, the parent company of the Pantagraph, overall revenue fell 5% in the first quarter. In a quarterly release, Lee says other forms of electronic revenue also increased, with mobile ad revenue shooting up over 12%. Lee says just over 40% of those who subscribe to print papers are also E-paper subscribers. Chief Financial Officer and Treasurer Ron Mayo says over the past year, debt was reduced by $80.5 million, total debt for Lee now stands at $678-Million. Mayo says Lee will dedicate it's free cash flow to paying down debt. Lee was able to cut nonoperating costs nearly 15.5%, and interest payments declined by about 9%. The Des Moines Iowa based company says income attributable to Lee Enterprises, Incorporated for the quarter totaled $11.2 million, compared with income of $9.8 million a year ago.