Lee Enterprises reports Q3 EPS (73c) vs 25c last year

Reports Q3 revenue $150.6M vs $171.3M last year. “We made tremendous progress on our digital transformation in the third quarter, and we are pleased to announce we have achieved the inflection point where more than 50% of our revenue is digital,” said Kevin Mowbray, Lee‘s President and Chief Executive Officer. “The revenue inflection point is important as it stabilizes our operating performance, making us less impacted by the print business going forward. Nearly two-thirds of our total company gross margin was derived from digital sources, positioning us close to our goal of being sustainable from our digital products only. This positions us well to be vibrant and growing in the medium and long-term with the rapid growth of our digital revenue streams.”