Lee Enterprises (LEE) 8-K Lee Enterprises reports earnings for 4th quarter and fiscal year

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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