Lee Enterprises (LEE) 8-K Regulation FD Disclosure

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Lee Enterprises, Incorporated, et al	Case No. 11-13918
Debtors	Reporting Period:	December 26, 2011 - March 25, 2012
POST CONFIRMATION QUARTERLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
				Affidavit/
REQUIRED DOCUMENTS	Form No.	Document Attached	Explanation Attached	Supplement Attached
Schedule of Cash Receipts and Disbursements (1)	QOR-1	X
Bank Reconciliation (or copies of debtor's bank reconciliations)	QOR-1a		X
Statement of Operations (1)	QOR-2	X
Balance Sheet (1)	QOR-3	X
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
are true and correct to the best of my knowledge and belief.
Signature of Debtor	Date
Signature of Joint Debtor	Date
/s/ Bradley D. Junker	April 20, 2012
Signature of Authorized Individual*	Date
Bradley D. Junker	Asst. Secretary/Asst. Treasurer
Printed Name of Authorized Individual	Title of Authorized Individual
*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor
is a partnership; a manager or member if debtor is a limited liability company.
(1) The information contained in MOR-1, MOR-2 and MOR-3 is not considered final by the debtors and may change between now and the
date of our March 10Q SEC filing which is May 4, 2012.

Lee Enterprises Incorporated
Schedule of Cash Receipts and Disbursements (QOR-1)
December 26, 2011 - March 25, 2012
	Total		Lee Enterprises, Incorporated	K. Falls Basin Publishing, Inc.	INN Partners, L.C.	Accudata, Inc.	Journal-Star Printing Co.	Lee Publications, Inc.	Lee Consolidated Holdings Co.	Lee Procurement Solutions Co.	Sioux City Newspapers, Inc.	STL Distribution Services LLC	St. Louis Post-Dispatch LLC
Cash as of December 26, 2011	31,428,000
Receipts
Accounts Receivable	200,330,380
Loans and Advances	—
Sale of Assets	3,579,701
Dividends	800,000
Transfers (from DIP accounts)	—
Total Receipts	204,710,081
Disbursements
Net Payroll	42,939,736		17,478,853		887,879		2,629,629	8,678,471	1,065,500		841,252	603,639	5,770,134
Payroll Taxes	16,384,683		16,384,683
Employee Benefits	14,690,924		14,690,924
US Bank Credit Card Transactions	2,823,282		1,246,738		88,658		187,715	492,112	43,021		78,096	16,901	93,989
Comdata Credit Card Transactions	2,087,177		908,987		263,039		95,357	393,615	12,516		30,629	26,604	147,806
Newsprint	15,549,040		4,066,338				859,629	4,049,641	415,352		389,258		5,053,613
Debt Payments	30,365,000		20,010,000
Interest Payments	11,731,458		8,285,104
Reorganization Fees	13,089,348		11,496,597
Other	56,822,435		23,040,733		807,736		2,127,354	11,356,030	972,987		1,010,691	3,284,871	8,053,544
	206,483,081		117,608,956	—	2,047,311	—	5,899,684	24,969,870	2,509,374	—	2,349,926	3,932,016	19,119,087
Net Cash Flow	(1,773,000	)
Cash as of March 25, 2012	29,655,000

Lee Enterprises Incorporated
Schedule of Cash Receipts and Disbursements (QOR-1)
December 26, 2011 - March 25, 2012
	Fairgrove LLC	Pulitzer Network Systems LLC	Suburban Journals of Greater St. Louis LLC	Pulitzer Inc.	Pulitzer Technologies Inc.	Pulitzer Newspapers Inc.	Flagstaff Publishing Co.	Hanford Sentinel, Inc.	Kauai Publishing Co.	NIPC, Inc.	Santa Maria Times, Inc.	Ynez Corporation	Pulitzer Utah Newspapers, Inc.
Cash as of December 26, 2011
Receipts
Accounts Receivable
Loans and Advances
Sale of Assets
Dividends
Transfers (from DIP accounts)
Total Receipts
Disbursements
Net Payroll		112,258	709,721			578,783	346,164	419,043	249,266		539,673
Payroll Taxes
Employee Benefits
US Bank Credit Card Transactions			10,047			344,093	54,396	21,884	5,217		12,314
Comdata Credit Card Transactions			12,111			30,613	62,617	9,295	6,445		18,050
Newsprint							79,346	115,856	44,032		134,652
Debt Payments				10,355,000
Interest Payments				3,446,354
Reorganization Fees				1,592,751
Other			755,231	923,919		871,885	314,541	325,990	384,434		513,629
	—	112,258	1,487,110	16,318,023	—	1,825,374	857,063	892,068	689,395	—	1,218,318	—	—
Net Cash Flow

 Cash as of March 25, 2012

Lee Enterprises Incorporated
Schedule of Cash Receipts and Disbursements (QOR-1)
December 26, 2011 - March 25, 2012
	Napa Valley Publishing Co.	Northern Lakes Publishing Co.	Pantagraph Publishing Co.	Southwestern Oregon Publishing Co.	Pulitzer Missouri Newspapers, Inc.	SHTP LLC	HomeChoice, LLC	NVPC LLC	NLPC LLC	HSTAR LLC	SOPC LLC
Cash as of December 26, 2011
Receipts
Accounts Receivable
Loans and Advances
Sale of Assets
Dividends
Transfers (from DIP accounts)
Total Receipts
Disbursements
Net Payroll	501,803		1,067,762	285,604	174,301
Payroll Taxes
Employee Benefits
US Bank Credit Card Transactions	9,082		70,102	33,361	15,556
Comdata Credit Card Transactions	10,145		16,518	38,745	4,086
Newsprint	114,410		157,948	68,965
Debt Payments
Interest Payments
Reorganization Fees
Other	519,025		1,175,347	190,013	194,475
	1,154,466	—	2,487,676	616,688	388,418	—	—	—	—	—	—
Net Cash Flow
Cash as of March 25, 2012

Lee Enterprises, Incorporated, et al

Case No. 11-13918

Bank Reconciliation QOR-1a

Quarterly Period Ended March 25, 2012

The above debtors declare for this report that all bank reconciliations have been completed.

Lee Enterprises, Incorporated, et al
Case No. 11-13918
Statement of Operations (QOR-2)
Quarter Ended March 25, 2012
	CURRENT QUARTER										YEAR TO DATE
(Thousands, Except Per Share Data)					Prior		% D - Actual								Prior		% D - Actual
	Actual		Plan		Year		Plan		PY		Actual		Plan		Year		Plan		PY
Operating Revenue:
Retail	63,407		65,303		67,512		(2.9	)	(6.1	)	147,398		150,410		159,003		(2.0	)	(7.3	)
Classified	29,589		31,276		32,193		(5.4	)	(8.1	)	59,730		63,362		65,880		(5.7	)	(9.3	)
Digital	15,704		17,306		14,288		(9.3	)	9.9		31,906		34,516		28,963		(7.6	)	10.2
National	5,879		6,257		6,758		(6.0	)	(13.0	)	15,330		14,064		15,761		9.0		(2.7	)
Niche publications	2,921		3,301		3,302		(11.5	)	(11.5	)	5,636		6,144		6,214		(8.3	)	(9.3	)
Total advertising revenue	117,500		123,443		124,053		(4.8	)	(5.3	)	260,000		268,496		275,821		(3.2	)	(5.7	)
Circulation	44,878		45,107		44,821		(0.5	)	0.1		91,574		90,948		90,298		0.7		1.4
Commercial print	3,066		3,027		2,891		1.3		6.1		6,207		5,967		5,943		4.0		4.4
Digital services and other	6,814		7,096		6,961		(4.0	)	(2.1	)	14,038		14,067		14,331		(0.2	)	(2.0	)
Total revenue	172,258		178,673		178,726		(3.6	)	(3.6	)	371,819		379,478		386,393		(2.0	)	(3.8	)
Operating Expenses:
Compensation	72,524		75,367		76,529		(3.8	)	(5.2	)	146,101		149,127		154,549		(2.0	)	(5.5	)
Newsprint and ink	13,077		14,173		14,849		(7.7	)	(11.9	)	27,937		29,082		30,523		(3.9	)	(8.5	)
Other operating expenses	54,011		54,941		57,476		(1.7	)	(6.0	)	111,253		110,879		117,144		0.3		(5.0	)
Total cash costs excluding special items	139,612		144,481		148,854		(3.4	)	(6.2	)	285,291		289,088		302,216		(1.3	)	(5.6	)
Operating cash flow excluding special items	32,646		34,192		29,872		(4.5	)	9.3		86,528		90,390		84,177		(4.3	)	2.8
Workforce adjustments	542		118		443		NM		22.3		880		202		635		NM		38.6
Total cash costs	140,154		144,599		149,297		(3.1	)	(6.1	)	286,171		289,290		302,851		(1.1	)	(5.5	)
Operating cash flow	32,104		34,074		29,429		(5.8	)	9.1		85,648		90,188		83,542		(5.0	)	2.5
Margin	18.6	%	19.1	%	16.5	%					23	%	23.8	%	21.6	%
Margin, excluding special items	19	%	19.1	%	16.7	%					23.3	%	23.8	%	21.8	%
Depreciation	6,126		6,157		7,293		(0.5	)	(16.0	)	12,362		12,307		13,816		0.4		(10.5	)
Amortization of intangible assets	10,920		10,868		11,201		0.5		(2.5	)	21,844		21,739		22,484		0.5		(2.8	)
Curtailment gains	—		—		1,991		NM		NM		—		—		12,163		NM		NM
Operating income before equity investments	15,058		17,049		12,926		(11.7	)	16.5		51,442		56,142		59,405		(8.4	)	(13.4	)
Equity in earnings of associated companies:
Madison Newspapers, Inc.	445		550		447		(19.1	)	(0.4	)	1,687		1,850		1,688		(8.8	)	NM
MNI workforce adjustments	5		—		(34	)	NM		NM		(8	)	—		(40	)	NM		(79.0	)
TNI Partners	1,161		1,161		1,039		NM		11.7		2,891		2,317		2,927		24.8		(1.2	)
TNI amortization	(181	)	(181	)	(304	)	NM		(40.5	)	(361	)	(361	)	(607	)	NM		(40.5	)
TNI workforce adjustments	—		—		—		NM		NM		32		—		(116	)	NM		NM
Operating income	16,488		18,579		14,074		(11.3	)	17.2		55,683		59,948		63,257		(7.1	)	(12.0	)
Margin	9.6	%	10.4	%	7.9	%					15	%	15.8	%	16.4	%
Margin, excluding special items	9.9	%	10.5	%	7	%					15.2	%	15.9	%	13.4	%

Nonoperating income (expenses) net:
Financial income	54		52		18		3.8		NM		109		108		77		0.9		41.6
Financial expense	(20,312	)	(19,330	)	(13,140	)	5.1		54.6		(33,064	)	(32,082	)	(26,578	)	3.1		24.4
Debt financing costs	(715	)	—		(1,895	)	NM		(62.3	)	(2,739	)	(2,024	)	(3,861	)	35.3		(29.1	)
Other, net	—		—		(231	)	NM		NM		—		—		(684	)	NM		NM
	(20,973	)	(19,278	)	(15,248	)	8.8		37.5		(35,694	)	(33,998	)	(31,046	)	5.0		15.0
Income (loss) before reorganization costs and income taxes	(4,485	)	(699	)	(1,174	)	NM		NM		19,989		25,950		32,211		(23.0	)	(37.9	)
Reorganization costs	36,626		57,780		—		(36.6	)	NM		37,867		59,021		—		(35.8	)	NM
Income (loss) before income taxes	(41,111	)	(58,479	)	(1,174	)	(29.7	)	NM		(17,878	)	(33,071	)	32,211		(45.9	)	NM
Income tax expense (benefit) excluding special items	(719	)	(252	)	(570	)	NM		26.1		9,142		8,737		9,920		4.6		(7.8	)
Income tax expense (benefit) from special items	(13,850	)	(22,204	)	845		(37.6	)	NM		(15,101	)	(21,436	)	4,762		(29.6	)	NM
Effective tax rate	35.4	%	38.4	%	(23.4%)						33.3	%	38.4	%	45.6	%
Effective tax rate, excluding special items	22.2	%	43.4	%	71.9	%					38.8	%	31	%	40.2	%
Net income (loss)	(26,542	)	(36,023	)	(1,449	)	(26.3	)	NM		(11,919	)	(20,372	)	17,529		(41.5	)	NM
Net income attributable to non-controlling interests	(83	)	(106	)	(23	)	(21.7	)	NM		(153	)	(185	)	(58	)	(17.3	)	NM
Income (loss) attributable to Lee Enterprises, Incorporated	(26,625	)	(36,129	)	(1,472	)	(26.3	)	NM		(12,072	)	(20,557	)	17,471		(41.3	)	NM
Diluted earnings (loss) per common share:	(0.54	)	(0.69	)	(0.03	)	(21.7	)	NM		(0.26	)	(0.4	)	0.39		(35.0	)	NM
Diluted Average Common Shares	49,552		52,000		44,855		(4.7	)	10.5		47,242		52,000		44,768		(9.2	)	5.5

Lee Enterprises, Incorporated, et al
Case No. 11-13918
Balance Sheet (QOR-3)
Quarter Ended March 25, 2012
	March		September
(Thousands)	2012	2011	2011
Current Assets:
Cash and cash equivalents	29,655	24,897	23,555
Accounts receivable, net	64,667	68,901	71,024
Income taxes receivable		—	1,335
Receivable from associated company
Inventories	8,164	10,428	7,388
Deferred tax assets	967	2,687	967
Prepaid expenses and other current	6,286	9,703	19,553
Total current assets	109,739	116,616	123,822
Investments:
Associated companies	42,992	57,891	44,057
Restricted cash & investments	—	5,101	4,972
Capital Times	3,876	3,876	3,876
Rabbi trust	768	535	568
Sandler	2,764	2,764	2,764
Other	1,991	2,095	1,991
	52,391	72,262	58,228
Property and Equipment :
Land and improvements	27,017	27,411	27,017
Buildings and improvements	191,905	192,988	191,250
Equipment	312,889	318,056	319,978
	531,811	538,455	538,245
Less accumulated depreciation	329,162	316,319	326,205
	202,649	222,136	212,040
Intangible and Other Assets:
Goodwill	247,271	433,552	247,271
Other intangible assets	473,665	535,656	495,509
Postretirement assets	16,042	11,214	14,934
Loan costs	—	8,155	4,514
Other	2,530	2,305	1,930
	739,508	990,882	764,158
Total assets	1,104,287	1,401,896	1,158,248

Current Liabilities:
Current maturities of long-term debt	12,400		92,000		994,550
Accounts payable	31,659		23,966		27,740
Compensation and other accruals	39,333		36,362		35,437
Income taxes payable	8,440		363		—
Unearned income	38,559		38,305		36,512
Total current liabilities	130,391		190,996		1,094,239
First lien term loan	664,500		—		—
Second lien term loan	175,000		—		—
Pulitzer notes	113,600		135,000		—
Lien Discounts	(21,823	)
A Term Loan	—		524,335		—
Revolving credit facility	—		274,425		—
Unamortized fair value adjustment	—		564		—
	931,277		934,324		—
Pension obligations	69,778		53,952		73,518
Postretirement & post employment benefit obligations	6,509		5,962		6,104
Deferred Items:
Retirement and compensation	1,803		2,072		1,485
Income taxes	50,129		112,275		66,204
	51,932		114,347		67,689
Income taxes payable	9,016		12,244		8,588
Other	7,880		12,417		9,004
Liabilities subject to compromise	—		—		—
Equity (Deficit):
Stockholders' Equity (Deficit):
Capital Stock:
Common	517		89,730		89,915
Class B common	—		—		—
Additional paid-in capital	240,355		140,452		140,887
Accumulated deficit	(338,132	)	(161,722	)	(326,062	)
Accumulated other comprehensive income	(5,782	)	8,862		(6,086	)
Total stockholders' equity (deficit)	(103,042	)	77,322		(101,346	)
Non-controlling interests	546		332		452
Total equity (deficit)	(102,496	)	77,654		(100,894	)
Total liabilities and equity (deficit)	1,104,287		1,401,896		1,158,248