Biz buzz: Lee Enterprises reports strong third quarter results | Business

Cavina T Morris

Lee Enterprises 

Lee Enterprises, Inc., the parent company of the Napa Register and “a leading provider of high quality, trusted, local news, information and a major platform for advertising in 77 markets,” reported third quarter fiscal 2021 financial results for the period ended June 27, 2021.

Total operating revenue was $196.5 million and net income totaled $3.7 million in the third quarter.

“We have made significant progress on our Three Pillar Digital Growth Strategy and our third quarter results clearly demonstrate that we are on a strong path forward to driving more recurring, sustainable revenue,” said Kevin Mowbray, President and Chief Executive Officer.

“I am extremely proud to report that we posted 7.6% growth in total operating revenue, 48.3% growth in total digital revenue, 90.3% growth in Amplified revenue, 36.4% growth in digital-only audience revenue, and our second straight quarter of Adjusted EBITDA growth.”

“Almost 55% of our total operating revenue, representing $108 million, is subscription-based recurring revenue and, includes subscription revenue, revenue at TownNews, and Amplified revenue. Subscription revenue was flat with the prior year as growth in our digital subscription platforms and improvement in full access attrition rates posted total audience growth for each month in the quarter. Digital subscriptions grew 50.5% and now total 337,000 at the end of the quarter as we remain the fastest growing digital subscription platform in local media,” Mowbray added.

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