Exhibit 99.3
Lee Enterprises, Incorporated
Earnings, Restated to Exclude Discontinued Operations
Year Ended September 30, 2006
(Thousands)
Quarter Ended | Year Ended | ||||||||||||||
Dec 05 | Mar 06 | Jun 06 | Sep 06 | Sep 06 | |||||||||||
Advertising: | |||||||||||||||
Retail | 131,346 | 104,188 | 118,016 | 110,441 | 463,991 | ||||||||||
National | 17,658 | 14,121 | 13,861 | 12,229 | 57,869 | ||||||||||
Classified: | |||||||||||||||
Daily newspapers | |||||||||||||||
Employment | 20,091 | 22,738 | 23,994 | 23,649 | 90,472 | ||||||||||
Automotive | 14,212 | 14,573 | 15,964 | 16,204 | 60,953 | ||||||||||
Real estate | 15,388 | 14,962 | 16,505 | 16,947 | 63,802 | ||||||||||
All other | 9,175 | 9,151 | 10,814 | 10,113 | 39,253 | ||||||||||
Other publications | 10,478 | 10,926 | 12,371 | 12,093 | 45,868 | ||||||||||
Total classified | 69,344 | 72,350 | 79,648 | 79,006 | 300,348 | ||||||||||
Online | 7,134 | 8,185 | 10,050 | 10,400 | 35,769 | ||||||||||
Niche | 3,414 | 4,476 | 4,422 | 4,279 | 16,591 | ||||||||||
Total advertising | 228,896 | 203,320 | 225,997 | 216,355 | 874,568 | ||||||||||
Circulation | 51,587 | 50,903 | 51,643 | 51,585 | 205,718 | ||||||||||
Commercial printing | 4,320 | 4,146 | 4,599 | 4,200 | 17,265 | ||||||||||
Online services and other | 7,442 | 7,821 | 8,305 | 7,529 | 31,097 | ||||||||||
Total operating revenue | 292,245 | 266,190 | 290,544 | 279,669 | 1,128,648 | ||||||||||
Operating expenses | |||||||||||||||
Compensation | 110,924 | 109,393 | 108,337 | 107,182 | 435,836 | ||||||||||
Newsprint and ink | 30,159 | 28,511 | 30,766 | 30,755 | 120,191 | ||||||||||
Other operating expenses | 70,483 | 66,893 | 69,852 | 72,790 | 280,018 | ||||||||||
Transition costs | 352 | 801 | 1,677 | 1,759 | 4,589 | ||||||||||
Early retirement program | 8,373 | 281 | - | - | 8,654 | ||||||||||
Operating expenses, excluding depreciation and amortization | 220,291 | 205,879 | 210,632 | 212,486 | 849,288 | ||||||||||
Operating cash flow | 71,954 | 60,311 | 79,912 | 67,183 | 279,360 | ||||||||||
Depreciation | 8,034 | 8,005 | 8,578 | 9,286 | 33,903 | ||||||||||
Amortization | 13,847 | 13,924 | 19,330 | 15,066 | 62,167 | ||||||||||
Equity in earnings of associated companies | |||||||||||||||
Tucson partnership | 4,138 | 3,550 | 2,621 | 2,573 | 12,882 | ||||||||||
Madison Newspapers | 2,165 | 1,467 | 2,226 | 1,999 | 7,857 | ||||||||||
Operating income | 56,376 | 43,399 | 56,851 | 47,403 | 204,029 | ||||||||||
Non-operating income (expense) | |||||||||||||||
Financial income | 1,356 | 1,610 | 1,579 | 1,509 | 6,054 | ||||||||||
Financial expense | (24,038 | ) | (23,694 | ) | (23,567 | ) | (24,640 | ) | (95,939 | ) | |||||
Other, net | - | - | - | (2,037 | ) | (2,037 | ) | ||||||||
(22,682 | ) | (22,084 | ) | (21,988 | ) | (25,168 | ) | (91,922 | ) | ||||||
Income from continuing operations before income taxes | 33,694 | 21,315 | 34,863 | 22,235 | 112,107 | ||||||||||
Income tax expense | 12,041 | 7,614 | 13,175 | 6,910 | 39,740 | ||||||||||
Minority interest | 259 | 264 | 369 | 340 | 1,231 | ||||||||||
Income from continuing operations | 21,394 | 13,437 | 21,319 | 14,985 | 71,136 | ||||||||||
Discontinued operations | 1,370 | 998 | 1,398 | (4,069 | ) | (304 | ) | ||||||||
Net income | 22,764 | 14,435 | 22,717 | 10,916 | 70,832 |
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