$LEE

LEE ENTERPRISES INC

CIK:0000058361|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 28, 2026	Jun. 29, 2025	Jun. 28, 2026	Jun. 29, 2025
Operating revenue:
Total operating revenue	$ 125,970	$ 141,294	$ 377,996	$ 423,235
Operating expenses:
Compensation	44,810	47,436	140,989	164,349
Newsprint and ink	2,521	3,268	8,005	9,996
Other operating expenses	62,076	77,252	193,640	223,387
Insurance proceeds	(560)	0	(6,401)	0
Depreciation and amortization	3,527	3,783	10,621	15,218
Gain on asset sales, impairments and other, net	(73)	(1,562)	(976)	(2,365)
Restructuring costs and other	5,959	7,141	12,746	18,806
Total operating expenses	118,260	137,318	358,624	429,391
Equity in earnings of associated companies	922	686	3,010	2,963
Operating income (loss)	8,632	4,662	22,382	(3,193)
Non-operating (expense) income:
Interest expense	(5,558)	(10,132)	(23,435)	(30,365)
Pension and other post employment benefits ("OPEB") related and other, net	1,169	1,050	2,840	2,362
Settlement gain	2,330	0	2,330	0
Total non-operating expense, net	(2,059)	(9,082)	(18,265)	(28,003)
Income (loss) before income taxes	6,573	(4,420)	4,117	(31,196)
Income tax expense (benefit)	1,400	(2,744)	5,779	(1,281)
Net income (loss)	5,173	(1,676)	(1,662)	(29,915)
Net income attributable to non-controlling interests	(498)	(244)	(1,423)	(1,264)
Income (loss) attributable to Lee Enterprises, Incorporated	4,675	(1,920)	(3,085)	(31,179)
Other comprehensive loss, net of income taxes	(1,611)	(115)	(1,769)	(230)
Comprehensive income (loss) attributable to Lee Enterprises, Incorporated	$ 3,064	$ (2,035)	$ (4,854)	$ (31,409)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.21	$ (0.31)	$ (0.22)	$ (5.16)
Diluted (in dollars per share)	$ 0.21	$ (0.31)	$ (0.22)	$ (5.16)
Advertising and marketing services
Operating revenue:
Total operating revenue	$ 59,324	$ 66,571	$ 174,277	$ 193,633
Subscription
Operating revenue:
Total operating revenue	54,747	61,558	167,630	191,423
Other
Operating revenue:
Total operating revenue	$ 11,899	$ 13,165	$ 36,089	$ 38,179

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Jun. 28, 2026	Dec. 28, 2025	Jun. 29, 2025	Dec. 29, 2024	Jun. 28, 2026	Jun. 29, 2025	Sep. 28, 2025
Cash (required for) provided by operating activities:
Net loss	$ 5,173	$ (5,126)	$ (1,676)	$ (16,224)	$ (1,662)	$ (29,915)
Adjustments to reconcile net loss to net cash provided by (required for) operating activities:
Depreciation and amortization					10,621	15,218
Bad debt expense					7,343	10,853	$ 15,262
Settlement gain					(2,330)	0
Stock compensation expense					722	1,328
Gain on asset sales, impairments and other, net					(976)	(2,365)
Earnings, net of distributions, deemed returns on investment of TNI and MNI					(217)	304
Non-cash interest					0	10,118
Deferred income taxes					(43)	(273)
Other, net					(1,491)	(1,518)
Changes in operating assets and liabilities:
Decrease (increase) in receivables					2,345	(7,628)
(Increase) decrease in inventories and other					(382)	419
(Decrease) increase in accounts payable, unearned revenue, other accrued liabilities and other working capital items					(3,263)	7,749
Decrease in pension and other postretirement and postemployment benefit obligations					(3,120)	(3,033)
Change in income taxes payable					165	830
Other					(1,573)	(1,322)
Net cash provided by operating activities					6,139	765
Cash (required for) provided by investing activities:
Purchases of property and equipment					(2,407)	(3,539)
Proceeds from sales of assets					1,124	8,673
Net cash (required for) provided by investing activities					(1,283)	5,134
Cash provided by (required for) financing activities:
Principal payments on long-term debt					(753)	(1,372)
Costs of Private Placement of common stock					(4,664)	0
Private Placement proceeds					50,000	0
Net cash provided by (required for) financing activities					44,583	(1,372)
Net increase in cash and cash equivalents					49,439	4,527
Cash and cash equivalents:
Beginning of period		$ 9,989		$ 9,598	9,989	9,598	9,598
End of period	$ 59,428		$ 14,125		$ 59,428	$ 14,125	$ 9,989

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 28, 2026	Sep. 28, 2025
Current assets:
Cash and cash equivalents	$ 59,428	$ 9,989
Accounts receivable, net	44,925	54,613
Inventories	5,855	4,696
Prepaid and other current assets	10,907	20,145
Total current assets	121,115	89,443
Investments:
Associated companies	27,273	27,070
Other	6,256	6,118
Total investments	33,529	33,188
Property and equipment:
Land and improvements	5,746	5,782
Buildings and improvements	64,676	64,880
Equipment	186,881	191,594
Construction in process	2,753	5,530
Property and equipment, gross	260,056	267,786
Less accumulated depreciation	227,545	232,225
Property and equipment, net	32,511	35,561
Operating lease right-of-use assets	19,989	25,155
Goodwill	323,858	323,858
Other intangible assets, net	46,612	51,926
Other	10,571	9,363
Total assets	624,601	601,729
Current liabilities:
Current portion of lease liabilities	6,611	7,301
Accounts payable	45,595	41,715
Compensation and other accrued liabilities	26,741	37,862
Unearned revenue	24,858	26,478
Total current liabilities	103,805	113,356
Long-term debt, net of current maturities	454,715	455,469
Operating lease liabilities	13,970	18,810
Pension obligations	463	508
Postretirement and postemployment benefit obligations	5,053	5,103
Deferred income taxes	22,029	22,477
Income taxes payable	3,326	3,161
Withdrawal liabilities and other	21,201	23,804
Total liabilities	624,562	642,688
Stockholders' equity (deficit):
Serial convertible preferred stock, no par value; authorized 500 shares; none issued	0	0
Additional paid-in capital	309,571	263,812
Accumulated deficit	(333,018)	(329,934)
Accumulated other comprehensive income	20,984	22,753
Total Lee Enterprises, Inc. stockholders' deficit	(2,240)	(43,306)
Non-controlling interests	2,279	2,347
Total equity (deficit)	39	(40,959)
Total liabilities and stockholder's equity (deficit)	624,601	601,729
Common Class A
Stockholders' equity (deficit):
Common stock	223	63
Pension Plan
Property and equipment:
Pension and medical plan assets	12,277	10,828
Medical Plan
Property and equipment:
Pension and medical plan assets	$ 24,139	$ 22,407