Davenport, Iowa
Li Enterprise Company
Publisher of St. Louis Post-
Dispatch and other daily reports that the company's net loss in the fourth quarter was due to accounting adjustments related to the company's declining market value. The loss was $8.
8 million, or 20 cents per share, fourth in its finances-
Quarterly revenue was below $5.
2 million, 11 cents a share in the same period a year ago.
The results of the most recent quarter included Lee's non-cash fees for the decline in the value of his assets and other projects.
In the third quarter, according to a preliminary estimate of the adjustment, Lee charged $0. 162 billion.
In the most recent quarter, the company booked an additional $13.
Because its initial estimate was too low, a 9 million fee was charged.
Excluding the cost, Lee's adjusted earnings were $8.
9 million, or 20 cents per share, above $7.
$2 million a year ago.
Revenue fell 3% to $182.
$4 million, $188. 7 million.
That was smaller than the previous quarter's decline, slightly higher than the $181 forecast.
The company gave 4 million last month.
Mary Juncker, CEO and chairman of Lee limises, said in a statement that the company will continue to "drive digital revenue and audiences with wonderful clips ---
Although the economy has not brought us a lot of benefits, our overall revenue trend has improved over the past two quarters.
"Juncker is a member of the AP board of directors.
Total revenue from printing and digital advertising decreased by 4.
Between $ 7% and $0. 128 billion.
But digital advertising revenue has grown by 23.
Between $ 4% and $15.
4 million, or 12% of the total.
Circulation income climbed 2. 7 percent.
Due to accounting adjustments, Li reported a net loss of $146 for the entire fiscal year.
9 million, or $3.
$27 per share, below earnings of $46 per share.
1 million, or $1.
03 a year ago.
Revenue fell 3% to $756.
$1 million, $780. 6 million.
On September, Mr. Lee reached an agreement with most banks to allow the company more time to pay off its debts.
Uncertainty about whether it can pay about $1 billion of debt due in April has raised concerns that the company may have to seek bankruptcy protection.
The company said on Monday it will continue its efforts to refinance the remaining debt due in April.
Li's stock fell 5 cents, or 6 cents.
It closed at 68 cents on Tuesday, 9%.
The stock traded for 58 cents to $3 last year. 47.