St. Louis Post-Dispatch Parent Reports 7 Cent-Per-Share Profit

st louis post dispatch.gifLee Enterprises Inc (LEE) reported today second-quarter profits of $2.9 million, or seven cents per share, up from a $109 million loss a year ago.

Lee, which owns the St. Louis Post-Dispatch and over 50 other daily newspapers with a combined circulation of more than one million, saw revenue fall 6.6 percent to $185.7 million, with ad revenues falling 7.7 percent to $130.6 million. However, online ad revenues, which now account for nearly 9 percent of Lee’s ad income, rose over the year to $11.3 million.

The company also reduced expenses by 10.4 percent, including a 6 percent drop in compensation expenses, thanks to layoffs and a pay cut taken at the Post-Dispatch Lee’s largest paper. The pay cut and other provisions of the contract is saving the company nearly $14 million.