Lee Enterprises, Inc. - LEE STOCK NEWS

Lee Enterprises, Incorporated (NASDAQ: LEE) announced compliance with Nasdaq listing standards following a letter received on March 3, 2023. This letter concludes a listing standard delinquency matter initiated on December 28, 2022, after the company filed its 2022 Annual Report (Form 10-K) on February 27, 2023, and its first-quarter 2023 report (Form 10-Q) on March 2, 2023. The company now adheres to Nasdaq Listing Rule 5250(c)(1), ensuring timely periodic report filings with the SEC. Lee operates a significant digital-first subscription platform offering local news and information across 77 markets, with an average daily newspaper circulation of 1.0 million and over 38 million digital unique visitors.

Lee Enterprises, Inc. (NASDAQ: LEE) reported a strong first quarter for fiscal 2023, ending December 25, 2022. Total operating revenue reached $185 million, while total digital revenue rose to $65 million, marking a 17% year-over-year increase. Digital-only subscribers grew by 25% to 564,000, driving a 56% increase in digital subscription revenue. Amplified Digital revenue surged by 45% to $21 million. Despite broader economic headwinds, the company reaffirmed its Adjusted EBITDA guidance for the fiscal year, targeting between $94 million and $100 million. Notably, operating expenses fell by 5%, and net income was $2 million.

Lee Enterprises, a key player in subscription and advertising, has announced an audio webcast and conference call for March 2, 2023, at 9 a.m. Central Time. This call will discuss preliminary results for the 1st quarter ending December 25, 2022. The company’s annual report on Form 10-K was filed recently, confirming that revenue and Adjusted EBITDA figures remain unchanged from December 9, 2022. Lee operates in 77 markets, reaching over 1.0 million daily newspaper readers and 38 million digital visitors. Investors can access the webcast on Lee's website or register for the conference call to participate live.

Lee Enterprises (NASDAQ: LEE) received a notification from Nasdaq regarding its non-compliance with timely filing rules due to delays in submitting its Annual Report on Form 10-K for fiscal year ending September 25, 2022, and the Quarterly Report on Form 10-Q for the period ending December 25, 2022.

The company has 60 days from February 27, 2023, to submit a compliance plan. If accepted, Nasdaq may grant an extension of up to 180 days to regain compliance. Failure to do so could lead to delisting. Although the company is working to complete the reports, no specific filing date has been assured. The company does not anticipate material impacts on previously released preliminary financial results.

Lee Enterprises has rebranded its SaaS division, formerly known as TownNews, to BLOX Digital. This change reflects the company's significant growth and its mission to empower content producers across diverse industries. BLOX Digital dominates approximately 26% of the news content management market with its flagship product, BLOX CMS, serving over 2,000 news sites that generate 6.8 billion annual pageviews. The company aims to modernize its offerings, expanding into new B2B verticals and international markets, enhancing customer experience while driving long-term growth. This move aligns with Lee Enterprises’ digital transformation strategy to create added value for stakeholders.

Lee Enterprises, trading under NASDAQ: LEE, announced it has received a notification from Nasdaq regarding non-compliance with timely filing requirements due to a delay in filing its Annual Report on Form 10-K for the fiscal year ending September 25, 2022. Lee has 60 days to submit a compliance plan to Nasdaq, with potential extensions available. The company's stock will continue trading without immediate effects. Despite the delay, Lee does not anticipate material impacts on its preliminary financial results previously announced.

Lee Enterprises reported strong preliminary fourth quarter results for fiscal 2022, with Adjusted EBITDA growth of 17% year-over-year. Total operating revenue was $194 million, matching the prior year, while digital-only subscriptions rose 32% to 532,000. Digital revenue reached $240 million for the fiscal year, up 27%, comprising 31% of total revenue. Notably, Amplified Digital® revenue grew 83% to $76 million. However, the company recorded a net loss of $6 million and faced $20 million in non-cash impairments. Looking ahead, total digital revenue is expected between $280 million and $285 million in FY2023.

Lee Enterprises, a significant provider of local news and advertising, has announced a conference call on December 8, 2022, at 9 a.m. Central Time. This call will present preliminary results for the fiscal year ending September 25, 2022. Investors can access the live webcast via Lee's Investor Relations website. Lee operates in 77 markets with an average daily circulation of 1.0 million and attracts over 38 million digital unique visitors. The company's stock is traded under the symbol LEE on NASDAQ.

Lee Enterprises (NASDAQ: LEE) has announced the formation of a 12-member team dedicated to investigative and data journalism, aimed at enhancing local reporting across its 77 markets. This initiative aligns with Lee's Three-Pillar Growth Strategy, emphasizing accountability and impactful journalism. The team includes award-winning reporters with expertise in various sectors, enhancing local newsrooms' capabilities. Additionally, Lee has expanded its internship program, adding over 60 summer interns in 2022, promoting the development of future journalism talent.