Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - LEE ENTERPRISES, Inc | lee20200113c_8k.htm |
Exhibit 99.1
Exhibit 99.1 - Supplemental Financial Information – First fiscal quarter ended December 29, 2019.
4600 E. 53rd St
Davenport, IA 52807
www.lee.net
Quarter Ended (unaudited)
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December 29, 2019 |
December 30, 2018 |
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(in thousands) |
Consolidated |
Lee Legacy |
Pulitzer Inc. |
Consolidated |
Lee Legacy |
Pulitzer Inc. |
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Operating revenue: |
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Advertising and marketing services |
65,727 | 45,648 | 20,079 | 75,962 | 52,195 | 23,767 | ||||||||||||||||||
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Subscription |
41,694 | 28,242 | 13,452 | 46,268 | 31,972 | 14,296 | ||||||||||||||||||
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Other |
14,922 | 13,500 | 1,422 | 13,971 | 12,396 | 1,575 | ||||||||||||||||||
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Total operating revenue |
122,343 | 87,390 | 34,953 | 136,201 | 96,563 | 39,638 | ||||||||||||||||||
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Operating expenses: |
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Compensation |
43,243 | 31,937 | 11,306 | 47,038 | 35,286 | 11,752 | ||||||||||||||||||
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Newsprint and ink |
4,736 | 3,290 | 1,446 | 6,339 | 4,323 | 2,016 | ||||||||||||||||||
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Other operating expenses |
48,462 | 30,755 | 17,707 | 49,743 | 30,450 | 19,293 | ||||||||||||||||||
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Depreciation and amortization |
6,719 | 4,359 | 2,360 | 7,529 | 4,932 | 2,597 | ||||||||||||||||||
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Assets loss (gain) on sales, impairments, and other |
814 | 806 | 8 | (100 | ) | (100 | ) | — | ||||||||||||||||
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Restructuring costs and other |
1,632 | 1,400 | 232 | 62 | 44 | 18 | ||||||||||||||||||
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Total operating expenses |
105,606 | 72,547 | 33,059 | 110,611 | 74,935 | 35,676 | ||||||||||||||||||
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Equity in earnings of associated companies |
1,569 | 658 | 911 | 2,129 | 699 | 1,430 | ||||||||||||||||||
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Operating income |
18,306 | 15,501 | 2,805 | 27,719 | 22,327 | 5,392 | ||||||||||||||||||
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Non-operating income (expense), net |
(10,718 | ) | (13,530 | ) | 2,812 | (12,487 | ) | (15,995 | ) | 3,508 | ||||||||||||||
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Income tax expense |
1,871 | 467 | 1,404 | 4,513 | 2,288 | 2,225 | ||||||||||||||||||
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Net income |
5,717 | 1,504 | 4,213 | 10,719 | 4,044 | 6,675 | ||||||||||||||||||
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:
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Net Income |
5,717 | 1,504 | 4,213 | 10,719 | 4,044 | 6,675 | ||||||||||||||||||
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Adjusted to exclude |
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Non-operating expenses (income), net |
10,718 | 13,530 | (2,812 | ) | 12,487 | 15,995 | (3,508 | ) | ||||||||||||||||
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Income tax expense |
1,871 | 467 | 1,404 | 4,513 | 2,288 | 2,225 | ||||||||||||||||||
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Equity in earnings of TNI and MNI |
(1,569 | ) | (658 | ) | (911 | ) | (2,129 | ) | (699 | ) | (1,430 | ) | ||||||||||||
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Depreciation and amortization |
6,719 | 4,359 | 2,360 | 7,529 | 4,932 | 2,597 | ||||||||||||||||||
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Assets loss (gain) on sales, impairments, and other |
814 | 806 | 8 | (100 | ) | (100 | ) | — | ||||||||||||||||
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Restructuring costs and other |
1,632 | 1,400 | 232 | 62 | 44 | 18 | ||||||||||||||||||
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Stock compensation |
302 | 302 | — | 463 | 463 | — | ||||||||||||||||||
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Add: |
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Ownership share of TNI and MNI EBITDA (50%) |
1,918 | 903 | 1,015 | 2,601 | 1,066 | 1,535 | ||||||||||||||||||
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Adjusted EBITDA |
28,122 | 22,613 | 5,509 | 36,145 | 28,033 | 8,112 | ||||||||||||||||||
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Supplemental cash flow information |
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Distributions from MNI and TNI |
738 | 0 | 738 | 1,299 | 750 | 549 | ||||||||||||||||||
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Capital expenditures |
(2,428 | ) | (2,308 | ) | (120 | ) | (1,002 | ) | (752 | ) | (250 | ) | ||||||||||||
| Pension Contributions | — | — | — | (650 | ) | — | (650 | ) | ||||||||||||||||
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Cash income tax payments |
(8 | ) | (8 | ) | — | (21 | ) | (20 | ) | (1 | ) | |||||||||||||
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Interest income |
76 | (2,252 | ) | 2,328 | 124 | (2,660 | ) | 2,784 | ||||||||||||||||
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Interest to be settled in cash |
(11,115 | ) | (8,734 | ) | (2,381 | ) | (12,256 | ) | (9,463 | ) | (2,793 | ) | ||||||||||||
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Debt financing and administrative costs |
(193 | ) | (193 | ) | — | (8 | ) | (8 | ) | — |