The owner of the Pantagraph Newspaper in Bloomington is highlighting some financial results ahead of its fiscal year end reports next month. Lee Enterprises reports it cut fourth quarter costs more than revenue fell.
Total revenue was down 4.4% for the quarter ending in September. Cash costs dropped 7.8% or nearly $10 million. Lee says the decline in overall revenue is an improvement from the previous quarter.
For the full year, Lee has paid down nearly $79 million in debt. Its principal debt remains about $726 million.
Digital revenue grew nearly 24% for the quarter. And Lee continues to shift people from ordinary to digital subscriptions.