Lee Enterprises Clocks 31% Digital Revenue Growth In Q4
- Lee Enterprises Inc (NASDAQ: LEE) reported fourth-quarter FY22 sales of $193.64 million, flat Y/Y. Digital revenue climbed 31% Y/Y to $65 million. Digital-only subscribers totaled 532,000, a 32% Y/Y growth.
- Operating expenses rose 9.2% to $198.6 million. Operating loss for the quarter was $(3.4) million versus a profit of $13.5 million a year earlier.
- The company held $16 million in cash and equivalents as of September 25, 2022.
- Adjusted EBITDA increased 16.7% Y/Y to $30.1 million.
- EPS loss was $(1.09) versus $0.75 profit a year-ago quarter.
- Outlook: Lee sees FY23 digital revenue of $280 million - $285 million, up 17% - 19% Y/Y.
- The company expects Adjusted EBITDA of $94 million - $100 million and digital-only subscribers of 632,000.
- Price Action: LEE shares are trading higher by 3.04% at $17.98 on the last check Thursday.
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