• by Ray Schultz , Columnist, 3 hours ago

Lee Enterprises racked up a so-so year in fiscal 2025, generating $139 million in total operating revenue in the fourth quarter, down from $158.5 million in the same period last year. For the full year, it reported $562 million, versus $661 million in 2024.  

Lee, which has 72 newspaper properties nationwide, “continued to outperform the industry," said Kevin Mowbray, president and chief executive officer, in a statement. 

Mowbray added, “Solid top-line performance combined with disciplined cost actions drove our profitability gains.” 

The firm recorded operating expenses of $141.8 million in the fourth quarter, compared to $162.9 million last year. Expenses for the year fell to $571 million, compared to $611.4 million in the prior year.  

Compensation declined to $51.6 million from $58.8 million in the quarter, and to $216 million from $234.5 million for the full year. 

The company made no pension contributions during the fiscal year, and announced “a strategic termination of our fully funded benefit pension plan.”

This eliminates “the long-term volatility tied to interest rate movement, mortality assumptions and asset performance, while preserving participant benefits and improving balance sheet flexibility,” the firm said. 

The net loss fell to $5.6 million from $9.9 million during the same quarter last year. But the loss grew to $35.7 million from $23.5 million for the year. 

Meanwhile, digital marketing and marketing services revenue fell from $52 million to $44 million for the quarter and from $194 million to $183.8 million for the year.  

Total digital revenue slipped from $81.6 million in the final quarter of 2024 to $74 million. The total for the year was $298 million, essentially flat with that of 2024. 

In a separate development, the company announced that its chief financial officer Tim Millage is departing to become an executive pastor at Coram Deo Bible Church in Davenport, Iowa.