LEE ENTERPRISES, Inc - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - February 3, 2017

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Exhibit 99.1 - Supplemental Financial Information – First fiscal quarter ended December 25, 2016.

leelogo2013a01a01a03a02a03.jpg
201 N. Harrison St.
Davenport, IA 52801
www.lee.net





13 Weeks Ended (unaudited)
 
 
 
 
 
 
 
 
December 25, 2016
 
December 27, 2015
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
93,035

64,105

28,930

 
105,637

72,438

33,199

Subscription
48,888

34,018

14,870

 
50,430

34,538

15,892

Other
12,066

9,988

2,078

 
12,338

10,408

1,930

Total operating revenue
153,989

108,111

45,878

 
168,405

117,384

51,021

Operating expenses:
 
 
 
 
 
 
 
Compensation
55,056

42,053

13,003

 
58,665

44,848

13,817

Newsprint and ink
6,893

4,902

1,991

 
6,685

5,147

1,538

Other cash costs
52,777

31,224

21,553

 
58,869

34,067

24,802

Depreciation and amortization
10,380

7,410

2,970

 
10,943

7,635

3,308

Loss (gain) on sale of assets, net
68

—

68

 
(971
)
37

(1,008
)
Workforce adjustments
65

62

3

 
604

543

61

Total operating expenses
125,239

85,651

39,588

 
134,795

92,277

42,518

Equity in earnings of MNI and TNI
2,689

1,136

1,553

 
2,799

1,183

1,616

Operating income
31,439

23,596

7,843

 
36,409

26,290

10,119

Non-operating income (expense), net
(12,733
)
(13,576
)
843

 
(17,754
)
(18,454
)
700

Income tax expense
6,266

3,111

3,155

 
7,147

3,218

3,929

Net income
12,440

6,909

5,531

 
11,508

4,618

6,890


Adjusted EBITDA is a non-GAAP financial measure. Below is a reconciliation of adjusted EBITDA to net income, the most directly comparable measure under GAAP:
Net Income
12,440

6,909

5,531

 
11,508

4,618

6,890

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses, net
12,733

13,576

(843
)
 
17,754

18,454

(700
)
Income tax expense
6,266

3,111

3,155

 
7,147

3,218

3,929

Equity in earnings of TNI and MNI
(2,689
)
(1,136
)
(1,553
)
 
(2,799
)
(1,183
)
(1,616
)
Depreciation and amortization
10,380

7,410

2,970

 
10,943

7,635

3,308

Loss (gain) on sale of assets, net
68

—

68

 
(971
)
37

(1,008
)
Workforce adjustments
65

62

3

 
604

543

61

Stock compensation
524

524

—

 
570

570

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
3,476

1,818

1,658

 
3,809

2,088

1,721

Adjusted EBITDA
43,263

32,274

10,989

 
48,565

35,980

12,585

 
 
 
 
 
 
 
 
Supplemental cash flow information
 
 
 
 
 
Distributions from MNI and TNI
2,233

1,250

983

 
3,229

1,750

1,479

Capital expenditures
(1,090
)
(926
)
(164
)
 
(1,470
)
(1,203
)
(267
)
Pension contributions
—

—

—

 
(744
)
—

(744
)
Cash income tax refunds (payments)
(370
)
(366
)
(4
)
 
11

11

—

Interest income
75

(768
)
843

 
76

(621
)
697

Interest to be settled in cash
(14,952
)
(11,051
)
(3,901
)
 
(17,142
)
(12,885
)
(4,257
)
Debt financing and administrative costs
—

—

—

 
(44
)
—

(44
)



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