Announcement • Apr 27
Lee Enterprises, Inc. Names Josh Rinehults as Chief Financial Officer Josh Rinehults, Vice President, Interim Chief Financial Officer and Treasurer, has been named Vice President, Chief Financial Officer and Treasurer of Lee Enterprises, Incorporated. The Board of Directors unanimously approved the appointment. Rinehults has served in the interim role since the closing of the company’s strategic investment in February 2026. Rinehults has been with Lee since its acquisition of BH Media Group in 2020 and has held various financial leadership roles across Lee, BH Media Group, and Media General since 2007. Announcement • Apr 26
Lee Enterprises, Inc. Names Nathan Bekke as Chief Executive Officers Lee Enterprises Inc. announced Nathan Bekke, President and Interim Chief Executive Officer, has been named President and Chief Executive Officer. The Board of Directors unanimously approved appointment. Bekke have served in their interim roles since the closing of the company’s strategic investment in February 2026. Bekke joined the company in 1988 and has held a broad range of leadership positions over his more than three decades of service. He was appointed Chief Operating Officer in June 2025, following his tenure as Operating Vice President and Vice President of Audience Strategy, roles he held since 2020. Announcement • Apr 23
Lee Enterprises, Incorporated to Report Q2, 2026 Results on May 07, 2026 Lee Enterprises, Incorporated announced that they will report Q2, 2026 results at 9:30 AM, US Eastern Standard Time on May 07, 2026 Announcement • Apr 08
Lee Enterprises, Incorporated Approves Election of Ronald J. Kruszewski as Director Lee Enterprises, Incorporated announced at the AGM held on April 6, 2026, approved election of Ronald J. Kruszewski as directors to serve for a three-year term expiring at the Company’s 2029 annual meeting of stockholders. Announcement • Mar 07
Lee Enterprises, Incorporated, Annual General Meeting, Apr 06, 2026 Lee Enterprises, Incorporated, Annual General Meeting, Apr 06, 2026. Recent Insider Transactions Derivative • Feb 25
Consultant notifies of intention to sell stock Timothy Millage intends to sell 30k shares in the next 90 days after lodging an Intent To Sell Form on the 24th of February. If the sale is conducted around the recent share price of US$9.00, it would amount to US$272k. Since March 2025, Timothy's direct individual holding has decreased from 38.23k shares to 30.19k. Company insiders have collectively bought US$823k more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Feb 20
Chairman recently bought US$195k worth of stock On the 18th of February, David Hoffmann bought around 27k shares on-market at roughly US$7.14 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Reported Earnings • Feb 10
First quarter 2026 earnings released: US$0.92 loss per share (vs US$2.80 loss in 1Q 2025) First quarter 2026 results: US$0.92 loss per share (improved from US$2.80 loss in 1Q 2025). Revenue: US$130.1m (down 10.0% from 1Q 2025). Net loss: US$5.61m (loss narrowed 67% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. New Risk • Feb 08
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 259% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.6x net interest cover). Negative equity (-US$41m). Earnings have declined by 67% per year over the past 5 years. Shareholders have been substantially diluted in the past year (259% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Announcement • Jan 30
Lee Enterprises, Incorporated to Report Q1, 2026 Results on Feb 10, 2026 Lee Enterprises, Incorporated announced that they will report Q1, 2026 results Pre-Market on Feb 10, 2026 Reported Earnings • Nov 26
Full year 2025 earnings released: US$6.20 loss per share (vs US$4.35 loss in FY 2024) Full year 2025 results: US$6.20 loss per share (further deteriorated from US$4.35 loss in FY 2024). Revenue: US$562.3m (down 8.0% from FY 2024). Net loss: US$37.6m (loss widened 46% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 25 percentage points per year, which is a significant difference in performance. Announcement • Nov 18
Lee Enterprises, Incorporated to Report Q4, 2025 Results on Nov 26, 2025 Lee Enterprises, Incorporated announced that they will report Q4, 2025 results Pre-Market on Nov 26, 2025 Announcement • Nov 11
Lee Enterprises, Incorporated has filed a Follow-on Equity Offering in the amount of $50 million. Lee Enterprises, Incorporated has filed a Follow-on Equity Offering in the amount of $50 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: Rights Offering New Risk • Aug 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Negative equity (-US$38m). Earnings have declined by 66% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$24.2m market cap). Reported Earnings • Aug 08
Third quarter 2025 earnings released: US$0.31 loss per share (vs US$0.73 loss in 3Q 2024) Third quarter 2025 results: US$0.31 loss per share (improved from US$0.73 loss in 3Q 2024). Revenue: US$141.3m (down 6.2% from 3Q 2024). Net loss: US$1.92m (loss narrowed 55% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Announcement • Jul 24
Lee Enterprises, Incorporated to Report Q3, 2025 Results on Aug 07, 2025 Lee Enterprises, Incorporated announced that they will report Q3, 2025 results Pre-Market on Aug 07, 2025 Announcement • Jun 20
Lee Enterprises, Incorporated Appoints Nathan Bekke as Chief Operating Officer Nathan Bekke, Operating Vice President and Vice President of Audience Strategy, has been named Chief Operating Officer of Lee Enterprises, Incorporated. Bekke, was appointed Vice President in January 2015. He was named Operating Vice President and Vice President of Audience Strategy in 2020. He is responsible for news, audience, advertising, production, information technology and BLOX Digital operations. He began his career in 1988 advancing to many leadership positions throughout his more than three-decade career with Lee. Bekke has been involved with a wide range of charitable, community and statewide organizations throughout his career. He currently serves on the board of News Media Alliance. Nathan has two adult children and three adult stepchildren with his wife Trista. Reported Earnings • May 10
Second quarter 2025 earnings released: US$2.07 loss per share (vs US$2.06 loss in 2Q 2024) Second quarter 2025 results: US$2.07 loss per share (further deteriorated from US$2.06 loss in 2Q 2024). Revenue: US$137.4m (down 6.3% from 2Q 2024). Net loss: US$12.5m (loss widened 2.7% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • May 07
New major risk - Revenue and earnings growth Earnings have declined by 61% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.4x net interest cover). Negative equity (-US$24m). Earnings have declined by 61% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$52.4m market cap). Announcement • May 02
Lee Enterprises, Incorporated to Report Q2, 2025 Results on May 08, 2025 Lee Enterprises, Incorporated announced that they will report Q2, 2025 results Pre-Market on May 08, 2025 Major Estimate Revision • Feb 14
Consensus EPS estimates fall by 29% The consensus outlook for fiscal year 2025 has been updated. 2025 expected loss increased from -US$2.77 to -US$3.58 per share. Revenue forecast unchanged at US$587.6m. Media industry in the US expected to see average net income growth of 35% next year. Consensus price target down from US$25.00 to US$20.00. Share price fell 6.2% to US$11.46 over the past week. Price Target Changed • Feb 12
Price target decreased by 20% to US$20.00 Down from US$25.00, the current price target is provided by 1 analyst. New target price is 75% above last closing price of US$11.44. Stock is up 16% over the past year. The company is forecast to post a net loss per share of US$3.58 next year compared to a net loss per share of US$4.35 last year. Reported Earnings • Feb 06
First quarter 2025 earnings: EPS and revenues miss analyst expectations First quarter 2025 results: US$2.80 loss per share (down from US$0.12 profit in 1Q 2024). Revenue: US$144.6m (down 7.1% from 1Q 2024). Net loss: US$16.7m (down US$17.4m from profit in 1Q 2024). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates significantly. Revenue is forecast to stay flat during the next 2 years compared to a 3.6% growth forecast for the Media industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Jan 28
Lee Enterprises, Incorporated to Report Q1, 2025 Results on Feb 06, 2025 Lee Enterprises, Incorporated announced that they will report Q1, 2025 results Pre-Market on Feb 06, 2025 Announcement • Jan 07
Lee Enterprises, Incorporated, Annual General Meeting, Feb 27, 2025 Lee Enterprises, Incorporated, Annual General Meeting, Feb 27, 2025. Breakeven Date Change • Dec 17
No longer forecast to breakeven The analyst covering Lee Enterprises no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of US$3.34m in 2025. New forecast suggests the company will make a loss of US$16.2m in 2025. New Risk • Dec 16
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$7.3m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Negative equity (-US$7.3m). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Significant insider selling over the past 3 months (US$1.1m sold). Announcement • Dec 13
Lee Enterprises, Incorporated Provides Earnings Guidance for the Fiscal Year 2025 Lee Enterprises, Incorporated provided earnings guidance for the fiscal year 2025. For the year, the company expects Total Digital Revenue of YOY growth in the range of 7% - 10%. Reported Earnings • Dec 12
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: US$4.35 loss per share (further deteriorated from US$0.90 loss in FY 2023). Revenue: US$611.4m (down 12% from FY 2023). Net loss: US$25.8m (loss widened 391% from FY 2023). Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) also missed analyst estimates by 115%. Revenue is forecast to stay flat during the next 2 years compared to a 3.9% growth forecast for the Media industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 83 percentage points per year, which is a significant difference in performance. New Risk • Dec 08
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.1% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks Shareholders have been diluted in the past year (2.1% increase in shares outstanding). Significant insider selling over the past 3 months (US$1.1m sold). Market cap is less than US$100m (US$99.5m market cap). Announcement • Nov 26
Lee Enterprises, Incorporated to Report Q4, 2024 Results on Dec 12, 2024 Lee Enterprises, Incorporated announced that they will report Q4, 2024 results Pre-Market on Dec 12, 2024 New Risk • Oct 18
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$930k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (15% average weekly change). Minor Risks Significant insider selling over the past 3 months (US$930k sold). Market cap is less than US$100m (US$86.7m market cap). Reported Earnings • Aug 02
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: US$0.73 loss per share (down from US$0.26 profit in 3Q 2023). Revenue: US$150.6m (down 12% from 3Q 2023). Net loss: US$4.27m (down 384% from profit in 3Q 2023). Revenue missed analyst estimates by 9.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 2 years compared to a 3.3% growth forecast for the Media industry in the US. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Announcement • Aug 01
Lee Enterprises, Incorporated Updates Earnings Guidance for the Fiscal Year 2024 Lee Enterprises, Incorporated updated earnings guidance for the fiscal year 2024. For the period, the company expects total digital revenue to be $310 million (+13% YOY) - $330 million (+21% YOY). Announcement • Jul 18
Lee Enterprises, Incorporated to Report Q3, 2024 Results on Aug 01, 2024 Lee Enterprises, Incorporated announced that they will report Q3, 2024 results at 9:30 AM, US Eastern Standard Time on Aug 01, 2024 Reported Earnings • May 03
Second quarter 2024 earnings released: US$2.06 loss per share (vs US$1.01 loss in 2Q 2023) Second quarter 2024 results: US$2.06 loss per share (further deteriorated from US$1.01 loss in 2Q 2023). Revenue: US$146.6m (down 14% from 2Q 2023). Net loss: US$12.2m (loss widened 107% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Announcement • Apr 23
Lee Enterprises, Incorporated to Report Q2, 2024 Results on May 02, 2024 Lee Enterprises, Incorporated announced that they will report Q2, 2024 results Pre-Market on May 02, 2024 Reported Earnings • Feb 02
First quarter 2024 earnings released: EPS: US$0.12 (vs US$0.19 in 1Q 2023) First quarter 2024 results: EPS: US$0.12 (down from US$0.19 in 1Q 2023). Revenue: US$155.7m (down 16% from 1Q 2023). Net income: US$688.0k (down 37% from 1Q 2023). Profit margin: 0.4% (down from 0.6% in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 68 percentage points per year, which is a significant difference in performance. Announcement • Jan 20
Lee Enterprises, Incorporated to Report Q1, 2024 Results on Feb 01, 2024 Lee Enterprises, Incorporated announced that they will report Q1, 2024 results on Feb 01, 2024 Announcement • Jan 13
Lee Enterprises, Incorporated, Annual General Meeting, Feb 22, 2024 Lee Enterprises, Incorporated, Annual General Meeting, Feb 22, 2024, at 09:00 Central Standard Time. Agenda: To discuss and elect two directors, each for a term of three years expiring at the 2027 annual meeting of the shareholders; to discuss and approve, by non-binding vote, the Company’s compensation of its named executive officers (“Say-On-Pay” vote); to discuss and ratify the selection of BDO USA, P.C. as the Company’s independent registered public accounting firm for fiscal year ending September 29, 2024; and to discuss and transact any other business that is properly brought before the Annual Meeting. Reported Earnings • Dec 08
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: US$0.90 loss per share (further deteriorated from US$0.35 loss in FY 2022). Revenue: US$691.1m (down 12% from FY 2022). Net loss: US$5.27m (loss widened 161% from FY 2022). Revenue missed analyst estimates by 1.3%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. New Risk • Dec 08
New major risk - Revenue and earnings growth Earnings have declined by 47% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.1x net interest cover). Earnings have declined by 47% per year over the past 5 years. Minor Risk Market cap is less than US$100m (US$55.7m market cap). Announcement • Dec 08
Lee Enterprises, Incorporated Provides Earnings Guidance for the Fiscal Year 2024 Lee Enterprises, Incorporated provided earnings guidance for the fiscal year 2024. For the period, the company expects Total Digital Revenue to be $310 million (+13% YOY) - $330 million (+21% YOY). Announcement • Dec 07
Lee Enterprises, Incorporated Announces Management Changes Theodore F. Olt III has been elected by the board of directors of Lee Enterprises, Incorporated to succeed C. Dana Waterman III, who is retiring after 34 years as secretary and general counsel. Olt is a graduate of the U.S. Naval Academy and the University of Iowa College of Law, and joined Lane & Waterman LLP in 1995. His law practice focuses primarily on corporate and transactional matters, including corporate law and governance, mergers and acquisitions, contracts, commercial real estate and environmental law, and is recognized with Martindale-Hubbel’s highest AV Preeminent® rating. He is a member of the Society of Corporate Governance and is active in the Quad Cities community, currently serving on the board of directors of Illowa Council Boy Scouts of America as well as area coordinator for the U.S, Naval Academy Blue & Gold Officer (Admissions) program. He previously served as board chair for the Scott County Regional Authority and the Junior Achievement of the Heartland Central Region. Waterman served in the Lee post since 1989 and previously assisted in Lee legal matters. Waterman joined Lane & Waterman in 1971 and served as its managing partner from 2001 to 2016, the fourth generation of the Waterman family to lead the firm. In 2017, he transitioned to an Of Counsel role, where he continues to advise business organizations and individuals on matters related to business structure, operations, governance, financing, transactions and risk and compliance issues. He continues to be active in community service organizations, serving as board chair of Genesis Health System; as a board member of the Quad Cities Contributors Council; as a co-trustee and secretary of The Hubbell-Waterman Foundation; and as a founding co-trustor of the Quad Cities Cultural Trust. In December 2016, he was appointed Civilian Aide to the Secretary of the Army for Iowa (East), serving as the Secretary’s liaison to and supporting her priorities through engagement with and on behalf of soldiers in the active Army, National Guard and Army Reserve components, their families and veterans. He previously served as board chair of the Quad Cities Chapter of the American Red Cross, the Iowa Law School Foundation, the Putnam Museum and Science Center and the Quad Cities Chamber of Commerce (and several of its affiliate and/or predecessor organizations), and as a member of the Augustana College board of trustees. He also serves on the boards of directors of several privately held companies. In 2015 he was inducted into the Quad Cities Business Hall of Fame by Junior Achievement of the Heartland; and in 2020 he was selected as the Quad Cities Chamber Volunteer of the Year. Announcement • Dec 02
Lee Enterprises, Incorporated to Report Q4, 2023 Results on Dec 07, 2023 Lee Enterprises, Incorporated announced that they will report Q4, 2023 results Pre-Market on Dec 07, 2023 Announcement • Sep 07
Wick Communications Company signed an agreement to acquire Arizona Daily Sun from Lee Enterprises, Incorporated (NasdaqGS:LEE). Wick Communications Company signed an agreement to acquire Arizona Daily Sun from Lee Enterprises, Incorporated (NasdaqGS:LEE) on August 31, 2023. Brady will remain publisher, and all employees of the Daily Sun have been offered positions with Wick Communications. The Daily Sun was part of Scripps League Newspapers until 1996, when the company was purchased by Pulitzer. Lee Enterprises acquired Pulitzer in 2005. The acquisition is planned to be final on Sept. 25. Announcement • Aug 05
Lee Enterprises, Incorporated Provides Earnings Guidance for the Fiscal Year 2023 Lee Enterprises, Incorporated provided earnings guidance for the fiscal year 2023. For the period, the company expects Total Digital Revenue to be $270 million (+13% YOY) - $285 million (+19% YOY). Reported Earnings • Aug 04
Third quarter 2023 earnings released: EPS: US$0.26 (vs US$0.046 loss in 3Q 2022) Third quarter 2023 results: EPS: US$0.26 (up from US$0.046 loss in 3Q 2022). Revenue: US$171.3m (down 12% from 3Q 2022). Net income: US$1.50m (up US$1.77m from 3Q 2022). Profit margin: 0.9% (up from net loss in 3Q 2022). Revenue is forecast to grow 1.6% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Jul 22
Lee Enterprises, Incorporated to Report Q3, 2023 Results on Aug 03, 2023 Lee Enterprises, Incorporated announced that they will report Q3, 2023 results Pre-Market on Aug 03, 2023 Board Change • May 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Independent Director Shaun McAlmont was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • May 05
Lee Enterprises, Incorporated Provides Earnings Guidance for the Fiscal Year 2023 Lee Enterprises, Incorporated provided earnings guidance for the fiscal year 2023. For the year, the company expects total digital revenue to be between $270 million (+13% year-over-year) to $285 million (+19% year-over-year). Announcement • Feb 16
Lee Enterprises Receives A Notification Letter from Nasdaq Due to Delay in Filing Its Quarterly Report on from 10-Q for the Quarter Ended December 25, 2022 On February 8, 2023, Lee Enterprises, Incorporated (the "Company") received a notification letter from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") indicating that, as a result of the Company's delay in filing its Quarterly Report on From 10-Q for the quarter ended December 25, 2022 (the "2023 First Quarter Form 10-Q"), the Company is not in compliance with the timely filing requirements for continued listing under Nasdaq Listing Rule 5250(c)(1). The Company filed a Notification of Late Filing on Form 12b-25 on February 6, 2023, stating it was unable to file the 2023 First Quarter Form 10-Q within the prescribed time period without unreasonable effort or expense because it required additional time to review its financial statements and other disclosures and complete its closing processes and controls in connection with its assessment of the effectiveness of its internal controls over financial reporting as of September 25, 2022, and December 25, 2022. The Company provided an update on the status of filing its Annual Report on Form 10-K on a Current Report on Form 8-K filed on February 6, 2023. As a result of the foregoing, the Company requires additional time to complete its review of its financial statements and other disclosures as of September 25, 2022, and December 25, 2022, and to complete its closing processes and controls, and is unable to file its Quarterly Report on Form 10-Q on or prior to the prescribed due date of February 3, 2023. The Company does not currently anticipate that it will be able to file the Form 10-Q on or before the fifth calendar day following the February 3, 2023, prescribed filing date as a result of the circumstances described above. The Company will seek to resolve these issues as soon as practicable and plans to file the Form 10-Q as soon as possible. The notification letter stated that, under Nasdaq rules, the Company has until February 27, 2023, to submit a plan to regain compliance with Nasdaq's continued listing requirements. If the plan is accepted, Nasdaq may grant an extension until June 26, 2023, to regain compliance. The Company can also regain compliance with Nasdaq's continued listing requirements at any time before February 27, 2023, by filing the 2022 Form 10-K and 2023 First Quarter Form 10-Q with the SEC, and continuing to comply with Nasdaq's other continued listing requirements. The notification letter has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Global Select Market. The Company's management intends to file the 2022 Form 10-K and 2023 First Quarter Form 10-Q as soon as practicable; however, no assurance can be given as to the definitive date on which the 2022 Form 10-K and 2023 First Quarter Form 10-Q will be filed. Announcement • Feb 07
Lee Enterprises, Incorporated announced delayed 10-Q filing On 02/06/2023, Lee Enterprises, Incorporated announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Jan 05
Lee Enterprises Receives Notification from Nasdaq Related to Delayed Annual Report on Form 10-K Lee Enterprises, Incorporated has received a letter from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of the company’s delay in filing its Annual Report on Form 10-K for the fiscal year ended Sept. 25, 2022 (the “2022 Form 10-K”) within the prescribed time period, the company is not in compliance with the timely filing requirement for continued listing under Nasdaq Listing Rule 5250(c)(1). This notification has no immediate effect on the listing or trading of the company's common stock on The Nasdaq Capital Market. Lee must submit to Nasdaq a plan of compliance within 60 days, or no later than Feb. 27, 2023, addressing how it intends to regain compliance with the Nasdaq Listing Rule. If Nasdaq accepts the plan, it may grant an extension of up to 180 days from the original filing due date of the 2022 Form 10-K, or until June 26, 2023, to regain compliance. If the company fails to regain compliance with the Nasdaq Listing Rule within the time periods described above, the company's common stock could be subject to delisting from Nasdaq. On Dec. 12, 2022, Lee disclosed that it required additional time to file its fiscal 2022 Form 10-K for the period ended Sept. 25, 2022. The company is working diligently to complete the internal controls evaluation described in its Form 8-K filing on Dec. 12 and file its 10-K for fiscal 2022. Lee expects to file the 2022 Form 10-K within the 60-day period described above, which would eliminate the need for the company to submit a formal plan to regain compliance with the Nasdaq Listing Rule. However, no assurance can be given as to the definitive date on which the 2022 Form 10-K will be filed. Notwithstanding the ongoing nature of its internal controls evaluation, the company does not expect the evaluation to result in any material impact on the preliminary financial results the Company released on Dec. 8, 2022 for the 12-month period as of and ended Sept. 25, 2022. Reported Earnings • Dec 12
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: US$0.21 loss per share (down from US$3.99 profit in FY 2021). Revenue: US$781.0m (down 1.7% from FY 2021). Net loss: US$1.22m (down 105% from profit in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates. Revenue is forecast to grow 1.9% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Media industry in the US. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Sep 27
Insider recently bought US$855k worth of stock On the 20th of September, Mason Slaine bought around 46k shares on-market at roughly US$18.52 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$894k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 05
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: US$0.05 loss per share (down from US$0.56 profit in 3Q 2021). Revenue: US$195.0m (flat on 3Q 2021). Net loss: US$269.0k (down 108% from profit in 3Q 2021). Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) missed analyst estimates. Over the next year, revenue is forecast to stay flat compared to a 2.9% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • May 06
Second quarter 2022 earnings: EPS misses analyst expectations Second quarter 2022 results: US$1.26 loss per share (down from US$0.20 loss in 2Q 2021). Revenue: US$190.0m (down 1.3% from 2Q 2021). Net loss: US$7.28m (loss widened US$6.14m from 2Q 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1,045%. Over the next year, revenue is forecast to stay flat compared to a 4.3% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 10
Investor sentiment improved over the past week After last week's 15% share price gain to US$27.70, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 14x in the Media industry in the US. Total returns to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improved over the past week After last week's 21% share price gain to US$24.23, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 15x in the Media industry in the US. Total returns to shareholders of 3.1% over the past three years. Reported Earnings • Aug 10
Third quarter 2021 earnings released: EPS US$0.56 (vs US$0.23 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$196.5m (up 7.6% from 3Q 2020). Net income: US$3.23m (up US$4.50m from 3Q 2020). Profit margin: 1.6% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Reported Earnings • May 12
Second quarter 2021 earnings released: US$0.20 loss per share (vs US$0.95 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: US$192.4m (up 59% from 2Q 2020). Net loss: US$1.13m (loss narrowed 79% from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • May 05
Investor sentiment improved over the past week After last week's 20% share price gain to US$36.13, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 22x in the Media industry in the US. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Apr 02
Investor sentiment improved over the past week After last week's 17% share price gain to US$26.02, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 27x in the Media industry in the US. Total returns to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 21% share price gain to US$2.81, the stock is trading at a trailing P/E ratio of 21.3x, up from the previous P/E ratio of 17.6x. This compares to an average P/E of 30x in the Media industry in the US. Total returns to shareholders over the past three years are 20%. Executive Departure • Mar 01
Independent Director has left the company On the 25th of February, William Mayer's tenure in the role of Independent Director ended. As of December 2020, William personally held 152.43k shares (US$192k worth at the time). A total of 2 executives have left over the last 12 months. Executive Departure • Mar 01
Independent Director has left the company On the 25th of February, Richard Cole's tenure as Independent Director ended after 15.0 years in the role. As of December 2020, Richard personally held 135.24k shares (US$170k worth at the time). A total of 2 executives have left over the last 12 months. Is New 90 Day High Low • Feb 17
New 90-day high: US$2.32 The company is up 138% from its price of US$0.97 on 18 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment improved over the past week After last week's 23% share price gain to US$2.28, the stock is trading at a trailing P/E ratio of 17.3x, up from the previous P/E ratio of 14.1x. This compares to an average P/E of 27x in the Media industry in the US. Total return to shareholders over the past three years is a loss of 8.8%. 