0001628280-18-015126.txt : 20181214 0001628280-18-015126.hdr.sgml : 20181214 20181214165610 ACCESSION NUMBER: 0001628280-18-015126 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20181214 ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20181214 DATE AS OF CHANGE: 20181214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEE ENTERPRISES, INC CENTRAL INDEX KEY: 0000058361 STANDARD INDUSTRIAL CLASSIFICATION: NEWSPAPERS: PUBLISHING OR PUBLISHING & PRINTING [2711] IRS NUMBER: 420823980 STATE OF INCORPORATION: DE FISCAL YEAR END: 0924 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06227 FILM NUMBER: 181236193 BUSINESS ADDRESS: STREET 1: 201 N. HARRISON STREET, STE. 600 CITY: DAVENPORT STATE: IA ZIP: 52801 BUSINESS PHONE: 5633832100 MAIL ADDRESS: STREET 1: 201 N. HARRISON STREET, STE. 600 CITY: DAVENPORT STATE: IA ZIP: 52801 FORMER COMPANY: FORMER CONFORMED NAME: LEE ENTERPRISES INC DATE OF NAME CHANGE: 19920703 8-K 1 a2018q4supplementalfinanci.htm 8-K Document




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT


PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  December 14, 2018

_______________________________________________________________________
LEE ENTERPRISES, INCORPORATED
(Exact name of Registrant as specified in its charter)

_______________________________________________________________________

Commission File Number 1-6227

Delaware
(State of Incorporation)
42-0823980
(I.R.S. Employer Identification No.)

201 N. Harrison Street, Davenport, Iowa 52801
(Address of Principal Executive Offices)

(563) 383-2100
Registrant’s telephone number, including area code
_____________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]







Item 7.01.
Regulation FD Disclosure.

The supplemental financial information is furnished as Exhibit 99.1 to this Form 8-K and is hereby incorporated by reference. The information in this report shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended.

Lee Legacy only and Pulitzer Inc. ("Pulitzer") only supplemental financial information is being provided because it is a required reporting covenant in the debt agreements of the Company. Lee Legacy constitutes the business of the Company, including its 50% interest in Madison Newspapers, Inc.("MNI"), but excluding Pulitzer and the Company’s 50% interest in TNI Partners ("TNI").

The Lee Legacy and Pulitzer separate income statement presentations are not prepared in accordance with Generally Accepted Accounting Principles ("GAAP") as non-operating income (expense) and income tax expense are allocations of the consolidated balances and have not been prepared in accordance with Accounting Standards Codification 280: Segment Reporting. This presentation is only intended to be used for purposes of complying with covenants under the Company's debt agreements and should not be used as a substitute for the Company's consolidated financial statements prepared in accordance with GAAP. Refer to the Company's consolidated financial statements prepared in accordance with GAAP as periodically filed on Form 10-Q and Form 10-K with the Securities and Exchange Commission.


Item 9.01. Financial Statements and Exhibits.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
 
LEE ENTERPRISES, INCORPORATED
 
 
 
 
/s/ Timothy R. Millage
 
 
 
 
 
Date:
December 14, 2018
By:
 
 
 
 
Timothy R. Millage
 
 
 
 
Vice President, Chief Financial Officer and
 
 
 
 
Treasurer
 





 EX-99.1 2 pulitzerandleelegacyfinanc.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1 - Supplemental Financial Information – Fourth fiscal quarter ended September 30, 2018.

leelogo2013a01a01a03a02a03.jpg
201 N. Harrison St.
Davenport, IA 52801
www.lee.net





Quarter Ended (unaudited)
 
 
 
 
 
 
 
 
September 30, 2018
 
September 24,2017
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
73,695

51,702

21,993

 
79,544

56,242

23,302

Subscription
52,703

36,904

15,799

 
50,616

35,870

14,746

Other
13,348

11,792

1,556

 
10,052

8,308

1,744

Total operating revenue
139,746

100,398

39,348

 
140,212

100,420

39,792

Operating expenses:
 
 
 
 
 
 
 
Compensation
48,906

37,334

11,572

 
50,645

38,705

11,940

Newsprint and ink
7,028

4,836

2,192

 
5,688

3,859

1,829

Other operating expenses
50,824

30,148

20,676

 
49,647

30,097

19,550

Depreciation and amortization
7,794

5,082

2,712

 
10,288

7,450

2,838

Assets loss (gain) on sales, impairments, and other
7,626

695

6,931

 
2,628

881

1,747

Restructuring costs and other
1,400

1,021

379

 
1,150

1,006

144

Total operating expenses
123,578

79,116

44,462

 
120,046

81,998

38,048

Equity in earnings of associated companies
3,679

2,605

1,074

 
1,575

708

867

Operating income
19,847

23,887

(4,040
)
 
21,741

19,130

2,611

Non-operating income (expense), net
(14,848
)
(17,558
)
2,710

 
(15,882
)
(17,415
)
1,533

Income tax expense (benefit)
561

1,044

(483
)
 
2,358

853

1,505

Net income
4,438

5,285

(847
)
 
3,501

862

2,639


Adjusted EBITDA is a non-GAAP financial measure. Below is a reconciliation of adjusted EBITDA to net income, the most directly comparable measure under GAAP:
Net Income
4,438

5,285

(847
)
 
3,501

862

2,639

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses (income), net
14,848

17,558

(2,710
)
 
15,882

17,415

(1,533
)
Income tax expense (benefit)
561

1,044

(483
)
 
2,358

853

1,505

Equity in earnings of TNI and MNI
(3,679
)
(2,605
)
(1,074
)
 
(1,575
)
(708
)
(867
)
Depreciation and amortization
7,794

5,082

2,712

 
10,288

7,450

2,838

Assets loss (gain) on sales, impairments, and other
7,626

695

6,931

 
2,628

881

1,747

Restructuring costs and other
1,400

1,021

379

 
1,150

1,006

144

Stock compensation
417

417

—

 
524

524

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
2,449

1,270

1,179

 
1,985

1,013

972

Adjusted EBITDA
35,854

29,767

6,087

 
36,741

29,296

7,445

 
 
 
 
 
 
 
 
Supplemental cash flow information
 
 
 
 
 
Distributions from MNI and TNI
2,339

900

1,439

 
1,762

750

1,012

Capital expenditures
(1,744
)
(1,529
)
(215
)
 
(850
)
(802
)
(48
)
Pension contributions
(4,210
)
—

(4,210
)
 
(106
)
(106
)
—

Cash income tax payments
(35
)
(30
)
(5
)
 
(134
)
(164
)
30

Interest income
154

(2,556
)
2,710

 
111

(1,422
)
1,533

Interest to be settled in cash
(13,004
)
(10,046
)
(2,958
)
 
(13,654
)
(9,969
)
(3,685
)
Debt financing and administrative costs
(4
)
(4
)
—

 
(2
)
(2
)
—






Year Ended (unaudited)
 
 
 
 
 
 
 
 
September 30, 2018
 
September 24,2017
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
303,446

212,265

91,181

 
331,360

231,342

100,018

Subscription
195,108

135,309

59,799

 
191,922

133,993

57,929

Other
45,401

38,543

6,858

 
43,661

36,136

7,525

Total operating revenue
543,955

386,117

157,838

 
566,943

401,471

165,472

Operating expenses:
 
 
 
 
 
 
 
Compensation
196,334

149,924

46,410

 
209,692

160,598

49,094

Newsprint and ink
24,949

17,591

7,358

 
24,904

17,274

7,630

Other operating expenses
199,653

119,673

79,980

 
199,754

118,792

80,962

Depreciation and amortization
31,766

20,676

11,090

 
41,282

29,643

11,639

Assets loss (gain) on sales, impairments, and other
6,429

(475
)
6,904

 
(1,150
)
(2,838
)
1,688

Restructuring costs and other
5,550

4,587

963

 
7,523

6,293

1,230

Total operating expenses
464,681

311,976

152,705

 
482,005

329,762

152,243

Equity in earnings of associated companies
9,249

4,629

4,620

 
7,609

2,954

4,655

Operating income
88,523

78,770

9,753

 
92,547

74,663

17,884

Non-operating income (expense), net
(57,703
)
(67,071
)
9,368

 
(52,331
)
(57,049
)
4,718

Income tax expense (benefit)
(16,228
)
(23,173
)
6,945

 
11,611

3,402

8,209

Net income
47,048

34,872

12,176

 
28,605

14,212

14,393


Adjusted EBITDA is a non-GAAP financial measure. Below is a reconciliation of adjusted EBITDA to net income, the most directly comparable measure under GAAP:
Net Income
47,048

34,872

12,176

 
28,605

14,212

14,393

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses (income), net
57,703

67,071

(9,368
)
 
52,331

57,049

(4,718
)
Income tax expense (benefit)
(16,228
)
(23,173
)
6,945

 
11,611

3,402

8,209

Equity in earnings of TNI and MNI
(9,249
)
(4,629
)
(4,620
)
 
(7,609
)
(2,954
)
(4,655
)
Depreciation and amortization
31,766

20,676

11,090

 
41,282

29,643

11,639

Assets loss (gain) on sales, impairments, and other
6,429

(475
)
6,904

 
(1,150
)
(2,838
)
1,688

Restructuring costs and other
5,550

4,587

963

 
7,523

6,293

1,230

Stock compensation
1,857

1,857

—

 
2,088

2,088

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
9,883

4,845

5,038

 
9,927

4,854

5,073

Adjusted EBITDA
134,759

105,631

29,128

 
144,608

111,749

32,859

 
 
 
 
 
 
 
 
Supplemental cash flow information:
 
 
 
 
 
Distributions from MNI and TNI
9,214

3,400

5,814

 
8,144

3,500

4,644

Capital expenditures
(6,025
)
(4,660
)
(1,365
)
 
(4,078
)
(3,711
)
(367
)
Pension contributions
(4,990
)
(40
)
(4,950
)
 
(106
)
(106
)
—

Cash income tax payments
(464
)
(396
)
(68
)
 
(1,214
)
(1,215
)
1

Interest income
489

(8,879
)
9,368

 
372

(4,346
)
4,718

Interest to be settled in cash
(52,842
)
(39,988
)
(12,854
)
 
(57,573
)
(42,268
)
(15,305
)
Debt financing and administrative costs
(437
)
(437
)
—

 
(373
)
(373
)
—



 GRAPHIC 3 leelogo2013a01a01a03a02a03.jpg begin 644 leelogo2013a01a01a03a02a03.jpg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end