Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | LEE ENTERPRISES, INC | |
Entity Central Index Key | 0000058361 | |
Trading Symbol | lee | |
Current Fiscal Year End Date | --09-29 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 57,823,272 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 13,516,000 | $ 5,380,000 |
Accounts receivable and contract assets, net | 47,772,000 | 43,711,000 |
Inventories | 3,258,000 | 5,684,000 |
Other | 6,706,000 | 4,567,000 |
Total current assets | 71,252,000 | 59,342,000 |
Investments: | ||
Associated companies | 28,926,000 | 29,216,000 |
Other | 10,905,000 | 10,958,000 |
Total investments | 39,831,000 | 40,174,000 |
Property and equipment: | ||
Land and improvements | 16,947,000 | 17,432,000 |
Buildings and improvements | 149,494,000 | 150,376,000 |
Equipment | 271,121,000 | 276,332,000 |
Construction in process | 2,771,000 | 1,710,000 |
440,333,000 | 445,850,000 | |
Less accumulated depreciation | 354,784,000 | 353,522,000 |
Property and equipment, net | 85,549,000 | 92,328,000 |
Goodwill | 249,727,000 | 246,176,000 |
Other intangible assets, net | 110,806,000 | 119,819,000 |
Medical plan assets, net | 15,766,000 | 16,157,000 |
Other | 1,470,000 | 1,415,000 |
Total assets | 574,401,000 | 575,411,000 |
Current liabilities: | ||
Current maturities of long-term debt | 3,931,000 | 7,027,000 |
Accounts payable | 13,747,000 | 12,747,000 |
Compensation and other accrued liabilities | 17,492,000 | 19,641,000 |
Accrued interest | 11,010,000 | 2,031,000 |
Unearned revenue | 22,970,000 | 23,895,000 |
Total current liabilities | 69,150,000 | 65,341,000 |
Long-term debt, net of current maturities | 442,026,000 | 460,777,000 |
Pension obligations | 24,951,000 | 26,745,000 |
Postretirement and postemployment benefit obligations | 2,526,000 | 2,580,000 |
Deferred income taxes | 39,238,000 | 39,108,000 |
Income taxes payable | 7,430,000 | 6,559,000 |
Warrants and other | 10,620,000 | 10,561,000 |
Total liabilities | 595,941,000 | 611,671,000 |
Stockholders' equity (deficit): | ||
Serial convertible preferred stock, no par value; authorized 500 shares; none issued | ||
Additional paid-in capital | 254,727,000 | 253,511,000 |
Accumulated deficit | (266,242,000) | (279,691,000) |
Accumulated other comprehensive loss | (12,112,000) | (11,746,000) |
Total stockholders' deficit | (23,049,000) | (37,354,000) |
Non-controlling interests | 1,509,000 | 1,094,000 |
Total deficit | (21,540,000) | (36,260,000) |
Total liabilities and deficit | 574,401,000 | 575,411,000 |
Common Class A [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock | 578,000 | 572,000 |
Common Class B [Member] | ||
Stockholders' equity (deficit): | ||
Common Stock |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authoritzed (in shares) | 500 | 500 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 120,000 | 120,000 |
Common stock, shares issued (in shares) | 58,823 | 57,141 |
Common stock, shares outstanding (in shares) | 58,823 | 57,141 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized (in shares) | 30,000 | 30,000 |
Common stock, shares issued (in shares) | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 24, 2018 | Jun. 30, 2019 | Jun. 24, 2018 | |
Operating revenue: | ||||
Operating revenue | $ 127,284,000 | $ 132,618,000 | $ 386,189,000 | $ 404,208,000 |
Operating expenses: | ||||
Compensation | 45,373,000 | 48,570,000 | 140,197,000 | 149,551,000 |
Newsprint and ink | 5,230,000 | 6,442,000 | 17,394,000 | 17,920,000 |
Other operating expenses | 48,157,000 | 49,159,000 | 145,915,000 | 148,830,000 |
Depreciation and amortization | 7,347,000 | 7,904,000 | 22,263,000 | 23,973,000 |
Assets loss (gain) on sales, impairments and other, net | (195,000) | 101,000 | (212,000) | (1,197,000) |
Restructuring costs and other | 2,792,000 | 1,865,000 | 5,612,000 | 4,150,000 |
Total operating expenses | 108,704,000 | 114,041,000 | 331,169,000 | 343,227,000 |
Equity in earnings of associated companies | 1,451,000 | 1,578,000 | 5,298,000 | 5,569,000 |
Operating income | 20,031,000 | 20,155,000 | 60,318,000 | 66,550,000 |
Non-operating income (expense): | ||||
Interest expense | (11,860,000) | (12,913,000) | (36,256,000) | (39,837,000) |
Debt financing and administrative costs | (4,196,000) | (1,747,000) | (6,053,000) | (4,061,000) |
Other, net | 3,702,000 | 1,227,000 | 2,730,000 | 3,168,000 |
Total non-operating expense, net | (12,354,000) | (13,433,000) | (39,579,000) | (40,730,000) |
Income before income taxes | 7,677,000 | 6,722,000 | 20,739,000 | 25,820,000 |
Income tax expense (benefit) | 1,505,000 | 1,972,000 | 6,175,000 | (16,791,000) |
Net income | 6,172,000 | 4,750,000 | 14,564,000 | 42,611,000 |
Net income attributable to non-controlling interests | (406,000) | (292,000) | (1,115,000) | (911,000) |
Income attributable to Lee Enterprises, Incorporated | 5,766,000 | 4,458,000 | 13,449,000 | 41,700,000 |
Other comprehensive income (loss), net of income taxes | (122,000) | 27,000 | (365,000) | 18,000 |
Comprehensive income attributable to Lee Enterprises, Incorporated | $ 5,644,000 | $ 4,485,000 | $ 13,084,000 | $ 41,718,000 |
Earnings per common share: | ||||
Basic: (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.24 | $ 0.76 |
Diluted: (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.24 | $ 0.75 |
Advertising and Marketing Services [Member] | ||||
Operating revenue: | ||||
Operating revenue | $ 65,754,000 | $ 73,538,000 | $ 204,651,000 | $ 229,751,000 |
Subscription and Circulation [Member] | ||||
Operating revenue: | ||||
Operating revenue | 46,620,000 | 48,165,000 | 137,965,000 | 142,405,000 |
Product and Service, Other [Member] | ||||
Operating revenue: | ||||
Operating revenue | $ 14,910,000 | $ 10,915,000 | $ 43,573,000 | $ 32,052,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Retained Earnings [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Sep. 24, 2017 | $ 251,790 | $ (328,524) | $ (16,068) | $ 567 | $ (92,235) |
Shares issued (redeemed) | 4 | (465) | (461) | ||
Income attributable to Lee Enterprises, Incorporated | 35,003 | 35,003 | |||
Stock compensation | 519 | 519 | |||
Other comprehensive loss | 36 | 36 | |||
Deferred income taxes, net | (9) | (9) | |||
Balance at Dec. 24, 2017 | (293,521) | 571 | 251,844 | (16,041) | (57,147) |
Balance at Sep. 24, 2017 | 251,790 | (328,524) | (16,068) | 567 | (92,235) |
Income attributable to Lee Enterprises, Incorporated | 41,700 | ||||
Balance at Jun. 24, 2018 | (286,824) | 571 | 252,963 | (16,050) | (49,340) |
Balance at Dec. 24, 2017 | (293,521) | 571 | 251,844 | (16,041) | (57,147) |
Shares issued (redeemed) | (1) | 19 | 18 | ||
Income attributable to Lee Enterprises, Incorporated | 2,239 | 2,239 | |||
Stock compensation | 439 | 439 | |||
Other comprehensive loss | (71) | (71) | |||
Deferred income taxes, net | 35 | 35 | |||
Balance at Mar. 25, 2018 | (291,282) | 570 | 252,302 | (16,077) | (54,487) |
Shares issued (redeemed) | 1 | 88 | 89 | ||
Income attributable to Lee Enterprises, Incorporated | 4,458 | 4,458 | |||
Stock compensation | 573 | 573 | |||
Other comprehensive loss | 36 | 36 | |||
Deferred income taxes, net | (9) | (9) | |||
Balance at Jun. 24, 2018 | (286,824) | 571 | 252,963 | (16,050) | (49,340) |
Balance at Sep. 30, 2018 | (279,691) | 572 | 253,511 | (11,746) | (37,354) |
Shares issued (redeemed) | 5 | (453) | (448) | ||
Income attributable to Lee Enterprises, Incorporated | 10,361 | 10,361 | |||
Stock compensation | 385 | 385 | |||
Other comprehensive loss | (163) | (163) | |||
Deferred income taxes, net | 41 | 41 | |||
Balance at Dec. 30, 2018 | (269,330) | 577 | 253,443 | (11,868) | (27,178) |
Balance at Sep. 30, 2018 | (279,691) | 572 | 253,511 | (11,746) | (37,354) |
Income attributable to Lee Enterprises, Incorporated | 13,449 | ||||
Balance at Jun. 30, 2019 | (266,242) | 578 | 254,727 | (12,112) | (23,049) |
Balance at Dec. 30, 2018 | (269,330) | 577 | 253,443 | (11,868) | (27,178) |
Shares issued (redeemed) | 317 | 317 | |||
Income attributable to Lee Enterprises, Incorporated | (2,678) | (2,678) | |||
Stock compensation | 425 | 425 | |||
Other comprehensive loss | (163) | (163) | |||
Deferred income taxes, net | 41 | 41 | |||
Balance at Mar. 31, 2019 | (272,008) | 577 | 254,185 | (11,990) | (29,236) |
Shares issued (redeemed) | 1 | 221 | 222 | ||
Income attributable to Lee Enterprises, Incorporated | 5,766 | 5,766 | |||
Stock compensation | 321 | 321 | |||
Other comprehensive loss | (163) | (163) | |||
Deferred income taxes, net | 41 | 41 | |||
Balance at Jun. 30, 2019 | $ (266,242) | $ 578 | $ 254,727 | $ (12,112) | $ (23,049) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2019 | Jun. 24, 2018 | |
Cash provided by (required for) operating activities: | ||
Net income | $ 14,564 | $ 42,611 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 22,263 | 23,973 |
Curtailment gains | (2,031) | |
Stock compensation expense | 1,131 | 1,441 |
Distributions greater than earnings of MNI | 648 | 477 |
Deferred income taxes | 253 | (17,834) |
Debt financing and administrative costs | 6,053 | 4,060 |
Pension contributions | (650) | (780) |
Other, net | (745) | 162 |
Changes in operating assets and liabilities: | ||
Decrease in receivables and contract assets | (3,435) | 3,509 |
Decrease (increase) in inventories and other | 2,383 | (2,584) |
Decrease in accounts payable and other accrued liabilities | 2,666 | 5,983 |
Decrease in pension and other postretirement and postemployment benefit obligations | (782) | (1,590) |
Change in income taxes payable | (419) | 614 |
Other, including warrants | (144) | (978) |
Net cash provided by operating activities | 43,786 | 57,033 |
Cash provided by (required for) investing activities: | ||
Purchases of property and equipment | (3,753) | (4,281) |
Proceeds from sales of assets | 1,477 | 3,117 |
Acquisitions | (5,274) | (1,738) |
Distributions greater (less) than earnings of TNI | (358) | 829 |
Other, net | (3) | (3) |
Net cash required for investing activities | (7,911) | (2,076) |
Cash required for financing activities: | ||
Payments on long-term debt | (26,301) | (48,573) |
Debt financing and administrative costs paid | (1,149) | (432) |
Common stock transactions, net | (289) | (544) |
Net cash required for financing activities | (27,739) | (49,549) |
Net increase in cash and cash equivalents | 8,136 | 5,408 |
Cash and cash equivalents: | ||
Beginning of period | 5,380 | 10,621 |
End of period | $ 13,516 | $ 16,029 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited, interim, Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and subsidiaries (the “Company”) as of June 30, 2019 and our results of operations and cash flows for the periods presented. The Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in the Company's 2018 Annual Report on Form 10 -K. Because of seasonal and other factors, the results of operations for the 13 weeks and 39 weeks ended June 30, 2019 are not necessarily indicative of the results to be expected for the full year. References to “we”, “our”, “us” and the like throughout the Consolidated Financial Statements refer to the Company. References to “2019”, “2018” and the like refer to the fiscal years ended the last Sunday in September. The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 82.5% interest in INN Partners, L.C. ("TownNews.com"), 50% interest in TNI Partners (“TNI”) and 50% interest in Madison Newspapers, Inc. (“MNI”). Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of intangible assets. On June 26, 2018, we entered into an agreement with BH Media Group, Inc. ("BH Media") to manage Berkshire Hathaway's newspaper and digital operations in 30 markets (the "Management Agreement"). The Company operates BH Media consistent with how it manages its own newspaper and digital operations. Among other decisions, Berkshire Hathaway is responsible for approving operating and capital budgets. The Management Agreement extends for a term of five years and may be extended thereafter for successive one -year terms on such terms as may be mutually agreed to by the Company and Berkshire Hathaway. The Company is paid a fixed annual fee of $5 million, payable quarterly in arrears, and a variable fee based on the financial performance of BH Media. The variable fees are payable annually in arrears. As of June 30, 2019, the end of the first year of the management agreement, we earned fees of $ 11,320,000 . Use of Estimates The preparation of the Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate these estimates and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. New accounting pronouncements Between 2014 and 2017, the FASB issued several new standards related to revenue recognition ("the New Revenue Standard"). The New Revenue Standard supersedes existing revenue recognition requirements and is effective in fiscal years beginning after December 15, 2017. The New Revenue Standard provides a five -step model in determining when and how revenue is recognized and requires revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. The New Revenue Standard also requires new disclosures about the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. We adopted the New Revenue Standard on October 1, 2018, using the modified retrospective method applied to those contracts which were not completed as of that date. We completed our assessment and did not identify any significant changes to our revenue recognition policies. We identified similar performance obligations under the New Revenue Standard as compared with the deliverables and separate units of accounting previously identified under existing guidance. As a result, the timing and amount of our revenue recognition were not impacted and we did not make any adjustments under the modified retrospective adoption method. We have also assessed the new accounting principles related to the deferral and amortization of contract acquisition costs and due to the short-term nature of such costs, we will utilize the practical expedient to continue to expense these costs as incurred. See Note 2 for more information on our revenues and the application of the New Revenue Standard. In August 2016, the FASB issued a new standard to conform the presentation in the statement of cash flows for certain transactions, including cash distributions from equity method investments, among others. There was no change to the Consolidated Statements of Cash Flows as a result of the adoption of this standard for the quarter ended December 30, 2018. Specifically, distributions received from equity method investees continue to be presented on the Consolidated Statements of Cash Flows utilizing the cumulative earnings approach. In March 2017, the FASB issued a new standard to improve the presentation of pension and postretirement benefit expense. As a result of the new standard the service cost component of pension and postretirement benefits expense is recognized as compensation expense, while the remaining components of the expense (benefit) are presented as non-operating income in other, net. This new standard was adopted for the quarter ended December 30, 2018 and has been retrospectively applied to the Consolidated Statements of Operations and Comprehensive Income for all comparative periods presented. We recorded benefits of $ 712,000 and $ 2,135,000 in other, net in non-operating income (expense) for the 13 and the 39 weeks ended June 30, 2019 , respectively. We reclassified benefits of $ 708,000 and $ 2,123,000 from compensation to other, net in non-operating income (expense) for the 13 weeks and the 39 weeks ended June 24, 2018 , respectively. In February 2018, the FASB issued new guidance to allow a reclassification from accumulated other comprehensive loss (“AOCL”) to retained earnings for stranded tax effects resulting from what is commonly referred to as the Tax Cuts and Jobs Act (the "2017 Tax Act"). In the first quarter of fiscal year 2018, we remeasured our deferred taxes related to unrealized gains on our investment balances using the reduced tax rate. As required by GAAP, we recognized the net tax benefit in the provision for income taxes in our consolidated operations statements, and we reclassified a $3,067,000 net tax benefit from AOCL to retained earnings in our Consolidated Balance Sheets. Adoption of the standard had no impact to our Consolidated Statements of Operations and Comprehensive Income or Cash Flows. In February 2016, the FASB issued a new standard for the accounting treatment of leases. The new standard is based on the principle that entities should recognize assets and liabilities arising from leases. The new standard does not significantly change the lessees’ recognition, measurement and presentation of expenses and cash flows from the previous accounting standard. Leases are classified as finance or operating. The new standard's primary change is the requirement for entities to recognize a lease liability for payments and a right of use asset representing the right to use the leased asset during the term on most operating lease arrangements. Lessees are permitted to make an accounting policy election to not recognize the asset and liability for leases with a term of twelve months or less. In addition, the new standard expands the disclosure requirements of lease arrangements. Lessees have the option to use a modified retrospective transition approach, which includes a number of practical expedients. In July 2018, the FASB issued a new standard which provides for an optional transition method that allows issuers to initially apply the new lease standard to all leases that exist as of the adoption date, with the cumulative effect of initially applying the new lease standard recognized as an adjustment to retained earnings as of the adoption date. We intend to adopt the optional transition method on September 30, 2019, the first calendar day of fiscal year 2020. To date we have made progress in our assessment of the new lease standard. Specifically, we have identified the population of leases and key financial metrics associated with each lease for scoping purposes. Additionally, we have selected a software solution that is compatible with our current financial reporting and control environment. Implementation of the software solution and reporting capabilities will occur during the fourth quarter of fiscal year 2019. Based on our progress to date, we anticipate adopting the standard will have a material impact on our Consolidated Balance Sheets as a result of the recognition of the corresponding lease assets and liabilities. However, we do not believe the adoption will have a material impact on our Consolidated Statements of Income or Consolidated Statements of Cash Flows. |
Note 2 - Revenue
Note 2 - Revenue | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2 REVENUE On October 1, 2018, not October 1, 2018 not not October 1, 2018 The following table presents our revenue disaggregated by source: 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Advertising and marketing services revenue 65,754 73,538 204,651 229,751 Subscription Revenue 46,620 48,165 137,965 142,405 TownNews and other digital services revenue 5,087 3,826 14,507 11,302 Other revenue 9,823 7,089 29,066 20,750 Total operating revenue 127,284 132,618 386,189 404,208 Recognition principles: Advertising and marketing services revenue: • Print advertising revenue is recognized at the point in time the associated publication has been delivered. • Digital advertising revenue is recognized at the point in time that impressions are delivered. • Digital marketing services revenue is recognized over the period of time which the service is performed. Advertising and marketing services contract transaction prices consist of fixed consideration. We recognize revenue when control of the related performance obligation transfers to the customer. Payments for advertising revenue is due upon completion of our performance obligations at previously agreed upon rates. In instances where the timing of revenue recognition differs from the timing of invoicing, such timing differences are not not Subscription revenue: one Other revenue: third not Arrangements with multiple performance obligations: Contract Assets and Liabilities: twelve 22,970,000 June 30, 2019 23,895,000 September 30, 2018. 13 39 June 30, 2019 September 30, 2018 $2,262,000 $22,475,000, Contract asset balances relate to our Management Agreement revenue and were $ 5,506,000 as of June 30, 2019 and $ 0 as of September 30, 2018 June 30, 2019 June 30, 2019. July 2019. no 47,909,000 48,517,000 June 30, 2019 September 30, 2018, 5,643,000 4,806,000 June 30, 2019 September 30, 2018, Practical expedients: one one |
Note 3 - Investments in Associa
Note 3 - Investments in Associated Companies | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 3 INVESTMENTS IN ASSOCIATED COMPANIES TNI Partners In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Citizen Publishing Company (“Citizen”), a subsidiary of Gannett Co. Inc., is responsible for printing, delivery, advertising, and subscription activities of the Arizona Daily Star Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen. Summarized results of TNI are as follows: 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Operating revenue 10,465 11,013 34,109 36,094 Operating expenses 8,363 9,039 26,291 28,376 Operating income 2,102 1,974 7,818 7,718 Company's 50% share of operating income 1,051 987 3,909 3,860 Less amortization of intangible assets 105 105 313 314 Equity in earnings of TNI 946 882 3,596 3,546 TNI makes weekly distributions of its earnings and for the 13 June 30, 2019 June 24, 2018 731,000 1,177,000 39 June 30, 2019 June 24, 2018 3,238,000 4,375,000 Madison Newspapers, Inc. We have a 50% Summarized results of MNI are as follows: 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Operating revenue 13,709 14,518 41,627 44,421 Operating expenses, excluding restructuring costs, depreciation and amortization 12,132 12,054 36,338 37,002 Restructuring costs 67 61 134 270 Depreciation and amortization 280 280 839 838 Operating income 1,230 2,123 4,316 6,311 Net income 1,010 1,391 3,405 4,047 Equity in earnings of MNI 505 696 1,702 2,023 MNI makes quarterly distributions of its earnings and in the 13 June 30, 2019 June 24, 2018 850,000 500,000 39 June 30, 2019 June 24, 2018 2,350,000 2,500,000 |
Note 4 - Goodwill and Other Int
Note 4 - Goodwill and Other Intangible Assets | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4 GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill are as follows: 39 Weeks Ended (Thousands of Dollars) June 30, 2019 Goodwill, gross amount 1,535,155 Accumulated impairment losses (1,288,979 ) Goodwill, beginning of period 246,176 Goodwill acquired in business combinations 3,551 Goodwill, end of period 249,727 Identified intangible assets consist of the following: (Thousands of Dollars) June 30, 2019 September 30, 2018 Nonamortized intangible assets: Mastheads 21,883 21,883 Amortizable intangible assets: Customer and newspaper subscriber lists 696,632 692,886 Less accumulated amortization 607,709 594,950 88,923 97,936 Other intangible assets, net 110,806 119,819 In January 2019, February 2019, 3,551,000 3,650,000 3,650,000 10 Annual amortization of intangible assets for the years ending June 2020 June 2024 16,060,000 15,634,000 12,744,000 12,263,000 11,237,000 |
Note 5 - Debt
Note 5 - Debt | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5 DEBT On March 31, 2014, "2014 • $400,000,000 9.5% March 31, 2014 • $250,000,000 first "1 st $40,000,000 March 31, 2014 “1 st • $150,000,000 second March 31, 2014 “2 nd In November 2018, 1 st In December 2018, 1 st 1 st twelve $40,000,000 27,200,000 15% 1 st July 31, 2019. Debt is summarized as follows: Interest Rates (%) (Thousands of Dollars) June 30, 2019 September 30, 2018 June 30, 2019 Revolving Facility — — 6.1 1 st — 6,303 8.5 Notes 374,420 385,000 9.5 2nd Lien Term Loan 84,138 93,556 12.0 458,558 484,859 Unamortized debt issue costs (12,601 ) (17,055 ) Less current maturities of long-term debt 3,931 7,027 Total long-term debt 442,026 460,777 Our weighted average cost of debt, excluding amortization of debt financing costs at June 30, 2019 10.0 At June 30, 2019 3,931,000 2019, 0 2020, 0 2021, 374,420,000 2022 80,207,000 2023. Notes The Notes are senior secured obligations of the Company and mature on March 15, 2022. June 30, 2019 374,420,000 Interest The Notes require payment of interest semiannually on March 15 September 15 9.5%. Redemption We may Period Beginning Percentage of Principal Amount March 15, 2019 102.38 March 15, 2020 100.00 If we sell certain of our assets or experience specific kinds of changes of control, we must, subject to certain exceptions, offer to purchase the Notes at 101% We may 13 and 39 weeks ended June 30, 2019 we purchased $ 10,580,000 principal amount of Notes in privately negotiated transactions. The transactions resulted in a loss on extinguishment of debt totaling $ 238,000 in the 13 and 39 weeks ended June 30, 2019 which is recorded in Other,net in the Consolidated Statements of Income and Comprehensive Income. Covenants and Other Matters The Indenture and the 1 st no 1 st Lien Credit Facility The 1 st November 2018 no June 30, 2019 The 1 st 27,200,000 December 28, 2019. 1 st 1 st may June 30, 2019 21,685,000 On July 31, 2019, 23,120,000 . Interest Interest on the Revolving Facility, which is undrawn at June 30, 2019 5.5%, 4.5% 0.5%, one 1.0%. Covenants and Other Matters The 1 st The 1 st no 3.25x 4.47 x June 30, 2019 1 st 1 st may 1 st 2 nd 2 nd Lien Term Loan The 2 nd 84,138,000 June 30, 2019 12.0%, December 2022. Principal Payments Excluding excess cash flow payments, there are no 2 nd Quarterly, we are required to prepare a calculation of excess cash flow of the Pulitzer Subsidiaries ("Pulitzer Excess Cash Flow"). Pulitzer Excess Cash Flow is generally determined as the cash earnings of the Pulitzer Subsidiaries including adjustments for changes in working capital, capital spending, pension contributions, debt principal payments and income tax payments. Pulitzer Excess Cash Flow also includes a deduction for interest costs incurred under the 2 nd Pulitzer Excess Cash Flow is used to prepay the 2nd 45 Payments will also be made on the 2 nd not During the 13 39 June 30, 2019 2 nd 7,318,000 9,418,000 13 June 30, 2019 3,931,000 2 nd August 2019, Beginning June 30, 2019 2 nd no 2 nd Covenants and Other Matters The 2 nd 1 st 2 nd may 2 nd 1 st In connection with the 2 nd March 31, 2014 ( 2 nd March 31, 2014 6,000,000 10.4% March 30, 2014 4.19 The Warrant Agreement contains provisions requiring the Warrants to be measured at fair value and included in other liabilities in our Consolidated Balance Sheets. We re-measure the fair value of the liability each reporting period, with changes reported in other, net non-operating income (expense). The initial fair value of the Warrants was $ 16,930,000 10. In connection with the issuance of the Warrants, we entered into a Registration Rights Agreement dated as of March 31, 2014 Security The Notes and the 1 st first first March 31, 2014 ( "1 st The Notes, the 1 st first Also, the Notes and the 1 st first 1 st March 31, 2014. The Notes, the 1 st second June 2015 1 st second Also, the Notes and the 1 st second The 2 nd first March 31, 2014 “2 nd 2 nd Under the 2 nd first first 2 nd Also, under the 2 nd second second 2 nd The rights of each of the collateral agents with respect to the Lee Legacy Collateral and the Pulitzer Collateral are subject to customary intercreditor and intercompany agreements. Other In connection with the 2014 $37,819,000 2,928,000 39 June 30, 2019 1,029,000 2019, 4,205,000 2020, 4,388,000 2021, 2,747,000 2022, 232,000 2023. June 30, 2019 12,601,000 During the 13 39 June 30, 2019, $1,309,000 $1,145,000 $1,309,000 $1,145,000 13 39 June 30, 2019 $ 1,309,000 not 52 September 29, 2019. not Liquidity At June 30, 2019 21,685,000 December 28, 2019. June 30, 2019 35,201,000 twelve 25,140,000 may 1 st Excluding our Revolving Facility, which is undrawn as of June 2019, March 2022 December 2022. There are numerous potential consequences under the Notes, 1 st 2 nd not one 1 st 2 nd Our ability to operate as a going concern is dependent on our ability to remain in compliance with debt covenants and to repay, refinance or amend our debt agreements as they become due. The Notes, 1 st 2 nd June 30, 2019 |
Note 6 - Pension, Postretiremen
Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 6 PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS We have several noncontributory defined benefit pension plans that together cover selected employees. Benefits under the plans were generally based on salary and years of service. Effective in 2012, In addition, we provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. The level and adjustment of participant contributions vary depending on the specific plan. In addition, St. Louis Post-Dispatch LLC, provides postemployment disability benefits to certain employee groups prior to retirement. Our liability and related expense for benefits under the postretirement plans are recorded over the service period of active employees based upon annual actuarial calculations. We accrue postemployment disability benefits when it becomes probable that such benefits will be paid and when sufficient information exists to make reasonable estimates of the amounts to be paid. We use a fiscal year end measurement date for all of our pension and postretirement medical plan obligations. The net periodic postretirement cost (benefit) components for our postretirement plans are as follows: PENSION PLANS 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Service cost for benefits earned during the period 9 12 27 36 Interest cost on projected benefit obligation 1,641 1,438 4,923 4,314 Expected return on plan assets (2,018 ) (1,983 ) (6,055 ) (5,949 ) Amortization of net loss 284 506 851 1,518 Amortization of prior service benefit (25 ) (34 ) (75 ) (102 ) Pension benefit (109 ) (61 ) (329 ) (183 ) POSTRETIREMENT MEDICAL PLANS 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Interest cost on projected benefit obligation 103 90 309 271 Expected return on plan assets (270 ) (270 ) (811 ) (810 ) Amortization of net gain (244 ) (246 ) (732 ) (738 ) Amortization of prior service benefit (181 ) (196 ) (543 ) (588 ) Curtailment gains — — — (2,031 ) Postretirement medical benefit (592 ) (622 ) (1,777 ) (3,896 ) At the beginning of fiscal year 2019, In the 39 June 30, 2019 650,000 June 30, 2019 not 2019. In March 2017, one December 2017 2,031,000 39 June 24, 2018 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7 INCOME TAXES We recorded income tax expense of $ 1,505,000 7,677,000 13 June 30, 2019 6,175,000 20,739,000 39 June 30, 2019 1,972,000 6,722,000 13 June 24, 2018 16,791,000 25,820,000 39 June 24, 2018 The effective income tax rate for the 13 39 June 30, 2019 19.6% 29.8% 13 39 June 24, 2018 29.3% 65.0% The primary differences between these rates and the U.S. federal statutory rate of 21% We file a consolidated federal tax return, as well as combined and separate tax returns in approximately 27 not 2014. 11 At September 30, 2018, $63,048,000 September 30, 2018. |
Note 8 - Earnings Per Common Sh
Note 8 - Earnings Per Common Share | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8 EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share: 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars and Shares, Except Per Share Data) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Income attributable to Lee Enterprises, Incorporated: 5,766 4,458 13,449 41,700 Weighted average common shares 57,731 57,064 57,578 56,971 Less weighted average restricted Common Stock (2,088 ) (2,286 ) (2,094 ) (2,373 ) Basic average common shares 55,643 54,778 55,484 54,598 Dilutive stock options and restricted Common Stock 1,227 1,302 1,038 1,305 Diluted average common shares 56,870 56,080 56,522 55,903 Earnings per common share: Basic 0.10 0.08 0.24 0.76 Diluted 0.10 0.08 0.24 0.75 For the 13 39 June 30, 2019 6,000,000 not 13 39 June 24, 2018 6,484,300 6,701,300 not |
Note 9 - Stock Ownership Plans
Note 9 - Stock Ownership Plans | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9 STOCK OWNERSHIP PLANS A summary of stock option activity during the 39 June 30, 2019 (Thousands of Dollars and Shares, Except Per Share Data) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term ( Years Aggregate Intrinsic Value Outstanding, September 30, 2018 1,100 1.88 Exercised (83 ) 2.11 Cancelled (58 ) 2.01 Outstanding, June 30, 2019 959 1.86 1.9 497 Exercisable, June 30, 2019 959 1.86 1.9 497 Restricted Common Stock The table below summarizes restricted Common Stock activity during the 39 June 30, 2019 (Thousands of Shares, Except Per Share Data) Shares Weighted Average Grant Date Fair Value Outstanding, September 30, 2018 2,059 2.31 Vested (737 ) 1.54 Granted 788 2.18 Cancelled (34 ) 2.13 Outstanding, June 30, 2019 2,076 2.53 Total unrecognized compensation expense for unvested restricted Common Stock at June 30, 2019 2,258,011 1.4 |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10 FAIR VALUE MEASUREMENTS We utilize FASB ASC Topic 820, Fair Value Measurements and Disclosures 820 820 three Level 1 Level 2 not Level 3 one The following methods and assumptions are used to estimate the fair value of each class of financial instruments for which it is practicable to estimate value. The carrying amounts of cash equivalents, accounts receivable and accounts payable approximate fair value because of the short maturity of those instruments. Investments totaling $ 6,068,000 17% June 30, 2019 10,201,717 3 Our fixed rate debt consists of $ 374,420,000 84,138,000 2 nd June 30, 2019 381,440,375 83,927,867 2 nd 2 As discussed more fully in Note 5, $16,930,000. June 2019 March 2019 $ 1,417,000 $ 4,479,000 2 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingent Liabilities | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11 COMMITMENTS AND CONTINGENT LIABILITIES Income Taxes Commitments exclude unrecognized tax benefits to be recorded in accordance with FASB ASC Topic 740, Income Taxes 7. We file income tax returns with the Internal Revenue Service ("IRS") and various state tax jurisdictions. From time to time, we are subject to routine audits by those agencies and those audits may may not We have various income tax examinations ongoing and at various stages of completion, but generally our income tax returns have been audited or closed to audit through 2014. Legal Proceedings We are involved in a variety of legal actions that arise in the normal course of business. Insurance coverage mitigates potential loss for certain of these matters. While we are unable to predict the ultimate outcome of these legal actions, it is our opinion that the disposition of these matters will not Multiemployer Pension Plans The Company contributes to three June 2017, one 2017, $2,600,000. twenty In the second 2019, $500,000, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited, interim, Consolidated Financial Statements included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for quarterly reports. In the opinion of management, these financial statements contain all adjustments (consisting of only normal recurring items) necessary to present fairly the financial position of Lee Enterprises, Incorporated and subsidiaries (the “Company”) as of June 30, 2019 2018 10 Because of seasonal and other factors, the results of operations for the 13 39 June 30, 2019 not References to “we”, “our”, “us” and the like throughout the Consolidated Financial Statements refer to the Company. References to “2019”, “2018” September. The Consolidated Financial Statements include our accounts and those of our subsidiaries, all of which are wholly-owned, except for our 82.5% 50% 50% Investments in TNI and MNI are accounted for using the equity method and are reported at cost, plus our share of undistributed earnings since acquisition less, for TNI, amortization of intangible assets. On June 26, 2018, 30 five may one may $5 The variable fees are payable annually in arrears. As of June 30, 2019, first 11,320,000 . |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the Consolidated Financial Statements in conformity with Generally Accepted Accounting Principles ("GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We evaluate these estimates and judgments on an ongoing basis. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not may |
New Accounting Pronouncements, Policy [Policy Text Block] | New accounting pronouncements Between 2014 2017, December 15, 2017. five We adopted the New Revenue Standard on October 1, 2018, not not not not We have also assessed the new accounting principles related to the deferral and amortization of contract acquisition costs and due to the short-term nature of such costs, we will utilize the practical expedient to continue to expense these costs as incurred. See Note 2 In August 2016, no December 30, 2018. In March 2017, December 30, 2018 712,000 2,135,000 13 39 June 30, 2019 708,000 2,123,000 13 39 June 24, 2018 In February 2018, "2017 first 2018, $3,067,000 no In February 2016, not not twelve In July 2018, September 30, 2019, first 2020. To date we have made progress in our assessment of the new lease standard. Specifically, we have identified the population of leases and key financial metrics associated with each lease for scoping purposes. Additionally, we have selected a software solution that is compatible with our current financial reporting and control environment. Implementation of the software solution and reporting capabilities will occur during the fourth 2019. Based on our progress to date, we anticipate adopting the standard will have a material impact on our Consolidated Balance Sheets as a result of the recognition of the corresponding lease assets and liabilities. However, we do not |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Advertising and marketing services revenue 65,754 73,538 204,651 229,751 Subscription Revenue 46,620 48,165 137,965 142,405 TownNews and other digital services revenue 5,087 3,826 14,507 11,302 Other revenue 9,823 7,089 29,066 20,750 Total operating revenue 127,284 132,618 386,189 404,208 |
Note 3 - Investments in Assoc_2
Note 3 - Investments in Associated Companies (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Equity Method Investments [Table Text Block] | 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Operating revenue 10,465 11,013 34,109 36,094 Operating expenses 8,363 9,039 26,291 28,376 Operating income 2,102 1,974 7,818 7,718 Company's 50% share of operating income 1,051 987 3,909 3,860 Less amortization of intangible assets 105 105 313 314 Equity in earnings of TNI 946 882 3,596 3,546 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Operating revenue 13,709 14,518 41,627 44,421 Operating expenses, excluding restructuring costs, depreciation and amortization 12,132 12,054 36,338 37,002 Restructuring costs 67 61 134 270 Depreciation and amortization 280 280 839 838 Operating income 1,230 2,123 4,316 6,311 Net income 1,010 1,391 3,405 4,047 Equity in earnings of MNI 505 696 1,702 2,023 |
Note 4 - Goodwill and Other I_2
Note 4 - Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | 39 Weeks Ended (Thousands of Dollars) June 30, 2019 Goodwill, gross amount 1,535,155 Accumulated impairment losses (1,288,979 ) Goodwill, beginning of period 246,176 Goodwill acquired in business combinations 3,551 Goodwill, end of period 249,727 |
Schedule of Intangible Assets [Table Text Block] | (Thousands of Dollars) June 30, 2019 September 30, 2018 Nonamortized intangible assets: Mastheads 21,883 21,883 Amortizable intangible assets: Customer and newspaper subscriber lists 696,632 692,886 Less accumulated amortization 607,709 594,950 88,923 97,936 Other intangible assets, net 110,806 119,819 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Interest Rates (%) (Thousands of Dollars) June 30, 2019 September 30, 2018 June 30, 2019 Revolving Facility — — 6.1 1 st — 6,303 8.5 Notes 374,420 385,000 9.5 2nd Lien Term Loan 84,138 93,556 12.0 458,558 484,859 Unamortized debt issue costs (12,601 ) (17,055 ) Less current maturities of long-term debt 3,931 7,027 Total long-term debt 442,026 460,777 |
Debt Instrument Redemption [Table Text Block] | Period Beginning Percentage of Principal Amount March 15, 2019 102.38 March 15, 2020 100.00 |
Note 6 - Pension, Postretirem_2
Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Defined Benefit Plans Disclosures [Table Text Block] | PENSION PLANS 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Service cost for benefits earned during the period 9 12 27 36 Interest cost on projected benefit obligation 1,641 1,438 4,923 4,314 Expected return on plan assets (2,018 ) (1,983 ) (6,055 ) (5,949 ) Amortization of net loss 284 506 851 1,518 Amortization of prior service benefit (25 ) (34 ) (75 ) (102 ) Pension benefit (109 ) (61 ) (329 ) (183 ) POSTRETIREMENT MEDICAL PLANS 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Interest cost on projected benefit obligation 103 90 309 271 Expected return on plan assets (270 ) (270 ) (811 ) (810 ) Amortization of net gain (244 ) (246 ) (732 ) (738 ) Amortization of prior service benefit (181 ) (196 ) (543 ) (588 ) Curtailment gains — — — (2,031 ) Postretirement medical benefit (592 ) (622 ) (1,777 ) (3,896 ) |
Note 8 - Earnings Per Common _2
Note 8 - Earnings Per Common Share (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 13 Weeks Ended 39 Weeks Ended (Thousands of Dollars and Shares, Except Per Share Data) June 30, 2019 June 24, 2018 June 30, 2019 June 24, 2018 Income attributable to Lee Enterprises, Incorporated: 5,766 4,458 13,449 41,700 Weighted average common shares 57,731 57,064 57,578 56,971 Less weighted average restricted Common Stock (2,088 ) (2,286 ) (2,094 ) (2,373 ) Basic average common shares 55,643 54,778 55,484 54,598 Dilutive stock options and restricted Common Stock 1,227 1,302 1,038 1,305 Diluted average common shares 56,870 56,080 56,522 55,903 Earnings per common share: Basic 0.10 0.08 0.24 0.76 Diluted 0.10 0.08 0.24 0.75 |
Note 9 - Stock Ownership Plans
Note 9 - Stock Ownership Plans (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | (Thousands of Dollars and Shares, Except Per Share Data) Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term ( Years Aggregate Intrinsic Value Outstanding, September 30, 2018 1,100 1.88 Exercised (83 ) 2.11 Cancelled (58 ) 2.01 Outstanding, June 30, 2019 959 1.86 1.9 497 Exercisable, June 30, 2019 959 1.86 1.9 497 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | (Thousands of Shares, Except Per Share Data) Shares Weighted Average Grant Date Fair Value Outstanding, September 30, 2018 2,059 2.31 Vested (737 ) 1.54 Granted 788 2.18 Cancelled (34 ) 2.13 Outstanding, June 30, 2019 2,076 2.53 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) | Jun. 26, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 24, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 24, 2018USD ($) | Sep. 30, 2018USD ($) | Dec. 24, 2017USD ($) |
Revenue from Contract with Customer, Including Assessed Tax | $ 127,284,000 | $ 132,618,000 | $ 386,189,000 | $ 404,208,000 | |||
Labor and Related Expense | 45,373,000 | 48,570,000 | 140,197,000 | 149,551,000 | |||
Other Cost and Expense, Operating, Total | 48,157,000 | 49,159,000 | 145,915,000 | 148,830,000 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (12,112,000) | (12,112,000) | $ (11,746,000) | ||||
Retained Earnings (Accumulated Deficit), Ending Balance | (266,242,000) | (266,242,000) | (279,691,000) | ||||
Accounts Receivable and Contract Assets, Net | 47,772,000 | 47,772,000 | $ 43,711,000 | ||||
Accounting Standards Update 2017-07 [Member] | |||||||
Labor and Related Expense | (708,000) | ||||||
Other Cost and Expense, Operating, Total | $ 708,000 | $ 2,123,000 | |||||
Accounting Standards Update 2018-02 [Member] | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ (3,067,000) | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | $ 3,067,000 | ||||||
Nonoperating Income (Expense) [Member] | |||||||
Pension and Other Postretirement Benefits Cost (Reversal of Cost), Total | 712,000 | 2,135,000 | |||||
BH Media Group, Inc. [Member] | |||||||
Number of Markets | 30 | ||||||
Management Agreement, Term | 5 years | ||||||
Management Agreement, Term Extension | 1 year | ||||||
Management Fee, Receivable | $ 5,000,000 | ||||||
BH Media Group, Inc. [Member] | Management Service [Member] | |||||||
Revenue from Contract with Customer, Including Assessed Tax | 11,320,000 | ||||||
Accounts Receivable and Contract Assets, Net | $ 5,506,000 | $ 5,506,000 | |||||
INN Partners, L.C. [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 82.50% | 82.50% | |||||
TNI Partners [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% | |||||
MNI [Member] | |||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | |
Contract with Customer, Liability, Current | $ 22,970,000 | $ 22,970,000 | $ 23,895,000 |
Contract with Customer, Liability, Revenue Recognized | 2,262,000 | 22,475,000 | |
Contract with Customer, Asset, Net, Current, Total | 5,506,000 | 5,506,000 | 0 |
Accounts Receivable, before Allowance for Credit Loss | 47,909,000 | 47,909,000 | 48,517,000 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 5,643,000 | $ 5,643,000 | $ 4,806,000 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 24, 2018 | Jun. 30, 2019 | Jun. 24, 2018 | |
Operating revenue | $ 127,284 | $ 132,618 | $ 386,189 | $ 404,208 |
Advertising and Marketing Services [Member] | ||||
Operating revenue | 65,754 | 73,538 | 204,651 | 229,751 |
Subscription and Circulation [Member] | ||||
Operating revenue | 46,620 | 48,165 | 137,965 | 142,405 |
Digital Services Revenues [Member] | ||||
Operating revenue | 5,087 | 3,826 | 14,507 | 11,302 |
Other Revenues [Member] | ||||
Operating revenue | $ 9,823 | $ 7,089 | $ 29,066 | $ 20,750 |
Note 3 - Investments in Assoc_3
Note 3 - Investments in Associated Companies (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 24, 2018 | Jun. 30, 2019 | Jun. 24, 2018 | |
MNI [Member] | ||||
Proceeds from Equity Method Investment, Distribution | $ 850,000 | $ 500,000 | $ 2,350,000 | $ 2,500,000 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 50.00% | 50.00% | ||
TNI Partners [Member] | ||||
Proceeds from Equity Method Investment, Distribution | $ 731,000 | $ 1,177,000 | $ 3,238,000 | $ 4,375,000 |
Note 3 - Investments in Assoc_4
Note 3 - Investments in Associated Companies - Summarized Financial Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 24, 2018 | Jun. 30, 2019 | Jun. 24, 2018 | |
Equity in earnings | $ 1,451 | $ 1,578 | $ 5,298 | $ 5,569 |
TNI Partners [Member] | ||||
Operating revenue | 10,465 | 11,013 | 34,109 | 36,094 |
Operating expenses | 8,363 | 9,039 | 26,291 | 28,376 |
Operating income | 2,102 | 1,974 | 7,818 | 7,718 |
Company's 50% share of operating income | 1,051 | 987 | 3,909 | 3,860 |
Less amortization of intangible assets | 105 | 105 | 313 | 314 |
Equity in earnings | 946 | 882 | 3,596 | 3,546 |
Madison Newspapers, Inc. [Member] | ||||
Operating revenue | 13,709 | 14,518 | 41,627 | 44,421 |
Operating expenses | 12,132 | 12,054 | 36,338 | 37,002 |
Operating income | 1,230 | 2,123 | 4,316 | 6,311 |
Equity in earnings | 505 | 696 | 1,702 | 2,023 |
Restructuring costs | 67 | 61 | 134 | 270 |
Depreciation and amortization | 280 | 280 | 839 | 838 |
Net income | $ 1,010 | $ 1,391 | $ 3,405 | $ 4,047 |
Note 4 - Goodwill and Other I_3
Note 4 - Goodwill and Other Intangible Assets (Details Textual) | 9 Months Ended | 18 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Goodwill, Acquired During Period | $ 3,551,000 | $ 3,551,000 |
Finite-lived Intangible Assets Acquired | $ 3,650,000 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years | |
Finite-Lived Intangible Assets, Amortization Expense, Next Rolling Twelve Months | $ 16,060,000 | 16,060,000 |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Two | 15,634,000 | 15,634,000 |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Three | 12,744,000 | 12,744,000 |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Four | 12,263,000 | 12,263,000 |
Finite-Lived Intangible Assets, Amortization Expense, Rolling Year Five | $ 11,237,000 | $ 11,237,000 |
Note 4 - Goodwill and Other I_4
Note 4 - Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($) | 9 Months Ended | 18 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | |
Goodwill, gross amount | $ 1,535,155,000 | ||
Accumulated impairment losses | $ (1,288,979,000) | ||
Goodwill, beginning of period | $ 246,176,000 | ||
Goodwill acquired in business combinations | 3,551,000 | $ 3,551,000 | |
Goodwill, end of period | $ 249,727,000 | $ 249,727,000 |
Note 4 - Goodwill and Other I_5
Note 4 - Goodwill and Other Intangible Assets - Identified Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Sep. 30, 2018 |
Mastheads | $ 21,883 | $ 21,883 |
Other intangible assets, net | 110,806 | 119,819 |
Customer Lists [Member] | ||
Customer and newspaper subscriber lists | 696,632 | 692,886 |
Less accumulated amortization | 607,709 | 594,950 |
$ 88,923 | $ 97,936 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Sep. 29, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 24, 2018 | Sep. 24, 2023 | Sep. 25, 2022 | Sep. 26, 2021 | Sep. 27, 2020 | Jul. 31, 2019 | Dec. 01, 2018 | Nov. 30, 2018 | Sep. 30, 2018 | Mar. 31, 2014 | |
Debt Instrument, Interest Rate, Stated Percentage | |||||||||||||
Weighted Average Cost of Debt, Excluding Amortization of Debt Financing Costs | 10.00% | 10.00% | |||||||||||
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year | $ 3,931,000 | $ 3,931,000 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | 0 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 0 | 0 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 374,420,000 | 374,420,000 | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 80,207,000 | 80,207,000 | |||||||||||
Long-term Debt, Gross | 458,558,000 | 458,558,000 | $ 484,859,000 | ||||||||||
Debt Instrument, Repurchased Face Amount | 10,580,000 | 10,580,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | (238,000) | (238,000) | |||||||||||
Long-term Debt, Total | 442,026,000 | 442,026,000 | 460,777,000 | ||||||||||
Repayments of Long-term Debt, Total | 26,301,000 | $ 48,573,000 | |||||||||||
Amortization of Debt Issuance Costs | 2,928,000 | ||||||||||||
Debt Issuance Costs, Net, Total | 12,601,000 | 12,601,000 | 17,055,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 21,685,000 | 21,685,000 | |||||||||||
Liquidity | 35,201,000 | 35,201,000 | |||||||||||
Future Liquidity Warrant Exercise Proceeds | 25,140,000 | ||||||||||||
Debt Financing Costs that Should Have Been Recorded in Prior Periods [Member] | |||||||||||||
Increase in Debt Financing and Other Costs | 1,309,000 | 1,145,000 | |||||||||||
Increase (Decrease) in Long-term Debt, Unamortized Debt Financing Costs | $ 1,309,000 | $ 1,309,000 | |||||||||||
Forecast [Member] | |||||||||||||
Amortization of Debt Issuance Costs | $ 1,029,000 | $ 232,000 | $ 2,747,000 | $ 4,388,000 | $ 4,205,000 | ||||||||
Warrants Issued in Connection with Second Lien Term Loan [Member] | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 6,000,000 | 6,000,000 | |||||||||||
Warrants, When Fully Exercised, Percentage of Common Stock Outstanding | 10.40% | ||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.19 | $ 4.19 | |||||||||||
Warrants and Rights Outstanding | $ 16,930,000 | $ 16,930,000 | |||||||||||
Senior Secured Notes [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.50% | 9.50% | 9.50% | ||||||||||
Long-term Debt, Gross | $ 374,420,000 | $ 374,420,000 | 385,000,000 | ||||||||||
Repurchase Price of Notes, Change of Control | 101.00% | 101.00% | |||||||||||
Debt Issuance Costs, Gross | $ 37,819,000 | ||||||||||||
First Lien Term Loan [Member] | |||||||||||||
Debt Instrument, Face Amount | 250,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 27,200,000 | $ 27,200,000 | $ 27,200,000 | $ 40,000,000 | 40,000,000 | ||||||||
Long-term Debt, Gross | 6,303,000 | ||||||||||||
Long-term Debt, Total | 0 | 0 | |||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 21,685,000 | $ 21,685,000 | |||||||||||
First Lien Term Loan [Member] | Subsequent Event [Member] | |||||||||||||
Reduction in Loan Commitments | 15.00% | ||||||||||||
First Lien Term Loan [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | |||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 23,120,000 | ||||||||||||
Second Lien Term Loan [Member] | |||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | |||||||||||
Long-term Debt, Gross | $ 84,138,000 | $ 84,138,000 | 93,556,000 | ||||||||||
Long-term Debt, Total | 84,138,000 | 84,138,000 | |||||||||||
Repayments of Long-term Debt, Total | $ 7,318,000 | 9,418,000 | |||||||||||
Pulitzer Excess Cash Flow | $ 3,931,000 | ||||||||||||
First Lien Credit Facility [Member] | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.10% | 6.10% | |||||||||||
Long-term Debt, Gross | |||||||||||||
First Lien Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 5.50% | ||||||||||||
First Lien Credit Facility [Member] | Prime Rate [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||||||
First Lien Credit Facility [Member] | Federal Funds Rate Plus 0.5% [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% | ||||||||||||
First Lien Credit Facility [Member] | One Month LIBOR Plus 1.0% [Member] | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 4.50% |
Note 5 - Debt - Debt (Details)
Note 5 - Debt - Debt (Details) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2014 |
Long-term debt, gross | $ 458,558,000 | $ 484,859,000 | |
Interest rate | |||
Unamortized debt issue costs | $ (12,601,000) | (17,055,000) | |
Interest rate | |||
Less current maturities of long-term debt | $ 3,931,000 | 7,027,000 | |
Total long-term debt | 442,026,000 | 460,777,000 | |
First Lien Credit Facility [Member] | |||
Long-term debt, gross | |||
Interest rate | 6.10% | ||
Interest rate | (6.10%) | ||
First Lien Term Loan [Member] | |||
Long-term debt, gross | 6,303,000 | ||
Interest rate | 8.50% | ||
Interest rate | (8.50%) | ||
Total long-term debt | $ 0 | ||
Senior Secured Notes [Member] | |||
Long-term debt, gross | $ 374,420,000 | 385,000,000 | |
Interest rate | 9.50% | 9.50% | |
Interest rate | (9.50%) | (9.50%) | |
Second Lien Term Loan [Member] | |||
Long-term debt, gross | $ 84,138,000 | $ 93,556,000 | |
Interest rate | 12.00% | ||
Interest rate | (12.00%) | ||
Total long-term debt | $ 84,138,000 |
Note 6 - Pension, Postretirem_3
Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans (Details Textual) - Pension Plan [Member] - USD ($) | 3 Months Ended | 9 Months Ended |
Jun. 24, 2018 | Jun. 30, 2019 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 650,000 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | $ 2,031,000 |
Note 6 - Pension, Postretirem_4
Note 6 - Pension, Postretirement and Postemployment Defined Benefit Plans - Net Period Postretirement Cost (Benefit) Components for Postretirement Plans (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 24, 2018 | Jun. 30, 2019 | Jun. 24, 2018 | |
Pension Plan [Member] | ||||
Service cost for benefits earned during the period | $ 9,000 | $ 12,000 | $ 27,000 | $ 36,000 |
Interest cost on projected benefit obligation | 1,641,000 | 1,438,000 | 4,923,000 | 4,314,000 |
Expected return on plan assets | (2,018,000) | (1,983,000) | (6,055,000) | (5,949,000) |
Amortization of net loss | 284,000 | 506,000 | 851,000 | 1,518,000 |
Amortization of prior service benefit | (25,000) | (34,000) | (75,000) | (102,000) |
Pension benefit | (109,000) | (61,000) | (329,000) | (183,000) |
Curtailment gains | (2,031,000) | |||
Postretirement Health Coverage [Member] | ||||
Interest cost on projected benefit obligation | 103,000 | 90,000 | 309,000 | 271,000 |
Expected return on plan assets | (270,000) | (270,000) | (811,000) | (810,000) |
Amortization of net loss | (244,000) | (246,000) | (732,000) | (738,000) |
Amortization of prior service benefit | (181,000) | (196,000) | (543,000) | (588,000) |
Pension benefit | (592,000) | (622,000) | (1,777,000) | (3,896,000) |
Curtailment gains | $ (2,031,000) |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 24, 2018 | Jun. 30, 2019 | Jun. 24, 2018 | Sep. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 1,505,000 | $ 1,972,000 | $ 6,175,000 | $ (16,791,000) | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total | $ (7,677,000) | $ 6,722,000 | $ 20,739,000 | $ 25,820,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 19.60% | 29.30% | 29.80% | (65.00%) | |
Operating Loss Carryforwards, Total | $ 63,048,000 |
Note 8 - Earnings Per Common _3
Note 8 - Earnings Per Common Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 24, 2018 | Jun. 30, 2019 | Jun. 24, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,000,000 | 6,484,300 | 6,000,000 | 6,701,300 |
Note 8 - Earnings Per Common _4
Note 8 - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 30, 2018 | Jun. 24, 2018 | Mar. 25, 2018 | Dec. 24, 2017 | Jun. 30, 2019 | Jun. 24, 2018 | |
Income attributable to Lee Enterprises, Incorporated | $ 5,766 | $ (2,678) | $ 10,361 | $ 4,458 | $ 2,239 | $ 35,003 | $ 13,449 | $ 41,700 |
Weighted average common shares (in shares) | 57,731 | 57,064 | 57,578 | 56,971 | ||||
Less weighted average restricted Common Stock (in shares) | (2,088) | (2,286) | (2,094) | (2,373) | ||||
Basic average common shares (in shares) | 55,643 | 54,778 | 55,484 | 54,598 | ||||
Dilutive stock options and restricted Common Stock (in shares) | 1,227 | 1,302 | 1,038 | 1,305 | ||||
Diluted average common shares (in shares) | 56,870 | 56,080 | 56,522 | 55,903 | ||||
Basic: (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.24 | $ 0.76 | ||||
Diluted: (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.24 | $ 0.75 |
Note 9 - Stock Ownership Plan_2
Note 9 - Stock Ownership Plans (Details Textual) - Restricted Stock [Member] | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,258,011 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 146 days |
Note 9 - Stock Ownership Plan_3
Note 9 - Stock Ownership Plans - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Outstanding, Shares (in shares) | shares | 1,100 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 1.88 |
Exercised, Shares (in shares) | shares | (83) |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 2.11 |
Cancelled, Shares (in shares) | shares | (58) |
Cancelled, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 2.01 |
Outstanding, Shares (in shares) | shares | 959 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 1.86 |
Outstanding, Weighted Average Remaining Contractual Term (Year) | 1 year 328 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 497 |
Exercisable, Shares (in shares) | shares | 959 |
Exercisable, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 1.86 |
Exercisable, Weighted Average Remaining Contractual Term (Year) | 1 year 328 days |
Exercisable, Aggregate Intrinsic Value | $ | $ 497 |
Note 9 - Stock Ownership Plan_4
Note 9 - Stock Ownership Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] shares in Thousands | 9 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Outstanding, shares (in shares) | shares | 2,059 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.31 |
Vested, shares (in shares) | shares | (737) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.54 |
Granted, shares (in shares) | shares | 788 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.18 |
Cancelled, shares (in shares) | shares | (34) |
Cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.13 |
Outstanding, shares (in shares) | shares | 2,076 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.53 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Details Textual) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Mar. 31, 2014 |
Long-term Debt, Total | $ 442,026,000 | $ 460,777,000 | ||
Second Lien Term Loan [Member] | ||||
Long-term Debt, Total | 84,138,000 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Investments, Fair Value Disclosure, Total | 6,068,000 | |||
Equity Securities without Readily Determinable Fair Value, Amount | 10,201,717 | |||
Fair Value, Inputs, Level 3 [Member] | Senior Secured Notes [Member] | ||||
Long-term Debt, Total | 374,420,000 | |||
Fair Value, Inputs, Level 3 [Member] | Second Lien Term Loan [Member] | ||||
Long-term Debt, Total | $ 84,138,000 | |||
Fair Value, Inputs, Level 3 [Member] | TCT and Private Equity Investment [Member] | ||||
Equity Securities without Readily Determinable Fair Value, Percent | 17.00% | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Warrants and Rights Outstanding | $ 1,417,000 | $ 4,479,000 | $ 16,930,000 | |
Fair Value, Inputs, Level 2 [Member] | Senior Secured Notes [Member] | ||||
Long-term Debt, Fair Value | 381,440,375 | |||
Fair Value, Inputs, Level 2 [Member] | Second Lien Term Loan [Member] | ||||
Long-term Debt, Fair Value | $ 83,927,867 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingent Liabilities (Details Textual) | Jun. 30, 2017USD ($) | Mar. 31, 2019USD ($) | Jun. 30, 2019 |
Number of Multiemployer Pension Plans | 3 | ||
Plan Partially Withdrawn From in 2017 [Member] | Multiemployer Plans, Pension [Member] | |||
Multiemployer Plans, Withdrawal Obligation | $ 2,600,000 | ||
Multiemployer Plans, Withdrawal Obligation, Period | 20 years | ||
CWA ITU Multiempoyer Plan [Member] | Multiemployer Plans, Pension [Member] | |||
Multiemployer Plans, Expenses for Lability Incurred | $ 500,000 |