Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 24, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 24, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-6227 | |
Entity Registrant Name | LEE ENTERPRISES, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-0823980 | |
Entity Address, Address Line One | 4600 E. 53rd Street | |
Entity Address, City or Town | Davenport | |
Entity Address, State or Province | IA | |
Entity Address, Postal Zip Code | 52807 | |
City Area Code | 563 | |
Local Phone Number | 383-2100 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,143,119 | |
Entity Central Index Key | 0000058361 | |
Current Fiscal Year End Date | --09-29 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Stock | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | LEE | |
Security Exchange Name | NASDAQ | |
Preferred Share Purchase Rights | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Share Purchase Rights | |
Trading Symbol | LEE | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 24, 2024 | Sep. 24, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 16,107 | $ 14,548 |
Accounts receivable, net | 59,186 | 69,104 |
Inventories | 6,699 | 7,504 |
Prepaid and other current assets | 20,045 | 15,373 |
Total current assets | 102,037 | 106,529 |
Investments: | ||
Associated companies | 27,826 | 27,819 |
Other | 5,555 | 5,572 |
Total investments | 33,381 | 33,391 |
Property and equipment: | ||
Land and improvements | 12,324 | 12,366 |
Buildings and improvements | 82,805 | 83,140 |
Equipment | 206,055 | 213,714 |
Construction in process | 2,615 | 2,453 |
Property and equipment, gross | 303,799 | 311,673 |
Less accumulated depreciation | 245,396 | 250,439 |
Property and equipment, net | 58,403 | 61,234 |
Operating lease right-of-use assets | 37,087 | 40,822 |
Goodwill | 328,243 | 329,504 |
Other intangible assets, net | 78,187 | 94,988 |
Other | 13,985 | 12,741 |
Total assets | 684,807 | 711,617 |
Current liabilities: | ||
Current portion of lease liabilities | 7,431 | 7,755 |
Accounts payable | 31,685 | 36,290 |
Compensation and other accrued liabilities | 31,443 | 29,448 |
Unearned revenue | 38,391 | 40,843 |
Total current liabilities | 108,950 | 114,336 |
Long-term debt, net of current maturities | 453,644 | 455,741 |
Operating lease liabilities | 32,795 | 36,580 |
Pension obligations | 535 | 586 |
Postretirement and postemployment benefit obligations | 7,433 | 8,618 |
Deferred income taxes | 40,759 | 41,351 |
Income taxes payable | 6,222 | 5,809 |
Withdrawal liabilities and other | 24,048 | 24,890 |
Total liabilities | 674,386 | 687,911 |
Stockholders' equity: | ||
Serial convertible preferred stock, no par value; authorized 500 shares; none issued | 0 | 0 |
Additional paid-in capital | 261,451 | 260,832 |
Accumulated deficit | (277,987) | (266,496) |
Accumulated other comprehensive income | 24,381 | 26,843 |
Total stockholders' equity | 7,906 | 21,240 |
Non-controlling interests | 2,515 | 2,466 |
Total equity | 10,421 | 23,706 |
Total liabilities and equity | 684,807 | 711,617 |
Common Class A | ||
Stockholders' equity: | ||
Common stock | 61 | 61 |
Common Class B | ||
Stockholders' equity: | ||
Common stock | 0 | 0 |
Pension Plan | ||
Property and equipment: | ||
Pension and medical plan assets | 11,151 | 10,843 |
Medical Plan | ||
Property and equipment: | ||
Pension and medical plan assets | $ 22,333 | $ 21,565 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands | Mar. 24, 2024 | Sep. 24, 2023 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 500 | 500 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 12,000 | 12,000 |
Common stock, shares outstanding (in shares) | 6,143 | 6,063 |
Common stock, shares issued (in shares) | 6,143 | 6,063 |
Common Class B | ||
Common stock, par value (in dollars per share) | $ 2 | $ 2 |
Common stock, shares authorized (in shares) | 3,000 | 3,000 |
Common stock, shares issued (in shares) | 0 | 0 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 24, 2024 | Mar. 26, 2023 | Mar. 24, 2024 | Mar. 26, 2023 | |
Operating revenue: | ||||
Total operating revenue | $ 146,550 | $ 170,687 | $ 302,228 | $ 355,818 |
Operating expenses: | ||||
Compensation | 56,803 | 68,831 | 116,479 | 144,277 |
Newsprint and ink | 4,162 | 6,466 | 9,005 | 13,898 |
Other operating expenses | 72,294 | 82,569 | 147,070 | 169,343 |
Depreciation and amortization | 7,293 | 7,733 | 14,588 | 15,619 |
Assets loss (gain) on sales, impairments and other, net | 7,617 | (792) | 6,148 | (3,355) |
Restructuring costs and other | 4,139 | 3,694 | 8,404 | 4,340 |
Total operating expenses | 152,308 | 168,501 | 301,694 | 344,122 |
Equity in earnings of associated companies | 1,206 | 672 | 2,747 | 2,340 |
Operating (loss) income | (4,552) | 2,858 | 3,281 | 14,036 |
Non-operating (expense) income: | ||||
Interest expense | (10,214) | (10,501) | (20,345) | (20,909) |
Pension and OPEB related benefit and other, net | 293 | 206 | 479 | 1,700 |
Curtailment/Settlement gains | 0 | 0 | 3,593 | 0 |
Total non-operating expense, net | (9,921) | (10,295) | (16,273) | (19,209) |
Loss before income taxes | (14,473) | (7,437) | (12,992) | (5,173) |
Income tax benefit | (2,837) | (2,071) | (2,589) | (1,631) |
Net loss | (11,636) | (5,366) | (10,403) | (3,542) |
Net income attributable to non-controlling interests | (543) | (519) | (1,088) | (1,244) |
Loss attributable to Lee Enterprises, Incorporated | (12,179) | (5,885) | (11,491) | (4,786) |
Other comprehensive loss, net of income taxes | (148) | (140) | (2,462) | (280) |
Comprehensive loss attributable to Lee Enterprises, Incorporated | $ (12,327) | $ (6,025) | $ (13,953) | $ (5,066) |
Loss per common share: | ||||
Basic (in dollars per share) | $ (2.06) | $ (1.01) | $ (1.94) | $ (0.82) |
Diluted (in dollars per share) | $ (2.06) | $ (1.01) | $ (1.94) | $ (0.82) |
Advertising and marketing services | ||||
Operating revenue: | ||||
Total operating revenue | $ 64,134 | $ 77,700 | $ 135,021 | $ 167,285 |
Subscription | ||||
Operating revenue: | ||||
Total operating revenue | 69,227 | 78,582 | 140,566 | 158,281 |
Other | ||||
Operating revenue: | ||||
Total operating revenue | $ 13,189 | $ 14,405 | $ 26,641 | $ 30,252 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Accumulated Deficit | Common Stock | Additional paid-in capital | Accumulated Other Comprehensive Income |
Beginning Balance at Sep. 25, 2022 | $ 15,005 | $ (261,229) | $ 60 | $ 259,521 | $ 16,653 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares redeemed | (383) | (383) | |||
Income (loss) attributable to Lee Enterprises, Incorporated | 1,099 | 1,099 | |||
Stock compensation | 349 | 349 | |||
Other comprehensive loss | (200) | (200) | |||
Deferred income taxes, net | 60 | 60 | |||
Ending Balance at Dec. 25, 2022 | 15,930 | (260,130) | 60 | 259,487 | 16,513 |
Beginning Balance at Sep. 25, 2022 | 15,005 | (261,229) | 60 | 259,521 | 16,653 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Income (loss) attributable to Lee Enterprises, Incorporated | (4,786) | ||||
Ending Balance at Mar. 26, 2023 | 10,382 | (266,015) | 60 | 259,964 | 16,373 |
Beginning Balance at Dec. 25, 2022 | 15,930 | (260,130) | 60 | 259,487 | 16,513 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares redeemed | (97) | (97) | |||
Income (loss) attributable to Lee Enterprises, Incorporated | (5,885) | (5,885) | |||
Stock compensation | 574 | 574 | |||
Other comprehensive loss | (200) | (200) | |||
Deferred income taxes, net | 60 | 60 | |||
Ending Balance at Mar. 26, 2023 | 10,382 | (266,015) | 60 | 259,964 | 16,373 |
Beginning Balance at Sep. 24, 2023 | 21,240 | (266,496) | 61 | 260,832 | 26,843 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares redeemed | (96) | (96) | |||
Income (loss) attributable to Lee Enterprises, Incorporated | 688 | 688 | |||
Stock compensation | 214 | 214 | |||
Other comprehensive loss | (2,286) | (2,286) | |||
Deferred income taxes, net | (28) | (28) | |||
Ending Balance at Dec. 24, 2023 | 19,732 | (265,808) | 61 | 260,950 | 24,529 |
Beginning Balance at Sep. 24, 2023 | 21,240 | (266,496) | 61 | 260,832 | 26,843 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Income (loss) attributable to Lee Enterprises, Incorporated | (11,491) | ||||
Ending Balance at Mar. 24, 2024 | 7,906 | (277,987) | 61 | 261,451 | 24,381 |
Beginning Balance at Dec. 24, 2023 | 19,732 | (265,808) | 61 | 260,950 | 24,529 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Income (loss) attributable to Lee Enterprises, Incorporated | (12,179) | (12,179) | |||
Stock compensation | 501 | 501 | |||
Other comprehensive loss | (192) | (192) | |||
Deferred income taxes, net | 44 | 44 | |||
Ending Balance at Mar. 24, 2024 | $ 7,906 | $ (277,987) | $ 61 | $ 261,451 | $ 24,381 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 24, 2024 | Mar. 26, 2023 | |
Cash provided by operating activities: | ||
Net loss | $ (10,403) | $ (3,542) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 14,588 | 15,619 |
Bad debt expense | 6,579 | 3,236 |
Curtailment/Settlement gain | (3,593) | 0 |
Stock compensation expense | 715 | 922 |
Assets (loss) gain on sales, impairments and other, net | 6,148 | (3,355) |
Earnings, net of distributions, deemed returns on investment of TNI and MNI | (26) | 374 |
Gain on sale of investment | 0 | (1,408) |
Deferred income taxes | (577) | (368) |
Return of letters of credit collateral | 0 | 778 |
Other, net | (1,036) | (895) |
Changes in operating assets and liabilities: | ||
Increase (decrease) in receivables | 3,022 | (1,516) |
Decrease in inventories and other | (110) | (1,921) |
Decrease in accounts payable and other accrued liabilities | (506) | (4,977) |
Decrease in pension and other postretirement and postemployment benefit obligations | (1,195) | (37) |
Change in income taxes payable | (8,944) | 239 |
Other | (1,382) | (2,128) |
Net cash provided by operating activities | 3,280 | 1,021 |
Cash provided by investing activities: | ||
Purchases of property and equipment | (2,978) | (2,279) |
Proceeds from sales of assets | 3,155 | 5,309 |
Other, net | (22) | 1,619 |
Net cash provided by investing activities | 155 | 4,649 |
Cash required for financing activities: | ||
Principal payments on long-term debt | (2,097) | (2,560) |
Common stock transactions, net | 221 | (265) |
Net cash required for financing activities | (1,876) | (2,825) |
Net increase in cash and cash equivalents | 1,559 | 2,845 |
Cash and cash equivalents: | ||
Beginning of period | 14,548 | 16,185 |
End of period | $ 16,107 | $ 19,030 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 24, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 its subsidiaries (the “Company”) as of March 24, 2024, 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 2023 Annual Report on Form 10-K. The Company's fiscal year ends on the last Sunday in September. Fiscal year 2024 ends September 29, 2024, and fiscal year 2023 ended September 24, 2023. Fiscal year 2024 includes 53 weeks of operations and 2023 included 52 weeks of operations. Because of seasonal and other factors, the results of operations for the three and six months ended March 24, 2024, are not necessarily indicative of the results to be expected for the full year. The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries, as well as our 82.5% interest in INN Partners, L.C. (“BLOX Digital" formerly "TownNews”). Our 50% interest in TNI Partners ("TNI") and our 50% interest in Madison Newspapers, Inc. ("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. In 2024, certain prior period amounts within the consolidated financial statements have been adjusted to conform with current period presentation. These matters did not change operating revenues, net income (loss), accumulated deficit, and earnings per share in all periods presented. |
Revenue
Revenue | 6 Months Ended |
Mar. 24, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE The following table presents our revenue disaggregated by source: Three months Ended Six months Ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Operating revenue: Print advertising revenue 18,742 31,450 43,177 73,286 Digital advertising revenue 45,392 46,250 91,844 93,999 Advertising and marketing services revenue 64,134 77,700 135,021 167,285 Print subscription revenue 48,966 64,586 100,838 131,956 Digital subscription revenue 20,261 13,996 39,728 26,325 Subscription revenue 69,227 78,582 140,566 158,281 Print other revenue 8,069 9,649 16,561 20,769 Digital other revenue 5,120 4,756 10,080 9,483 Other revenue 13,189 14,405 26,641 30,252 Total operating revenue 146,550 170,687 302,228 355,818 Recognition principles: Revenue is recognized when a performance obligation is satisfied by the transfer of control of the contracted goods or services to our customers, in an amount that reflects the consideration we expect to receive in exchange for those goods or services. Arrangements with multiple performance obligations: We have various advertising and subscription agreements which include both print and digital performance obligations. Revenue from sales agreements that contain multiple performance obligations are allocated to each obligation based on the relative standalone selling price. We determine standalone selling prices based on observable prices charged to customers. Contract Liabilities: The Company’s primary source of contract liabilities is unearned revenue from subscriptions paid in advance of the service provided. The Company expects to recognize the revenue related to unsatisfied performance obligations over the next twelve months in accordance with the terms of the subscriptions and other contracts with customers. Revenue recognized in the six months ended March 24, 2024, that was included in the contract liability as of September 24, 2023, was $34.4 million. Accounts receivable, excluding allowance for credit losses was $65.7 million and $74.4 million as of March 24, 2024, and September 24, 2023 , respectively. Allowance for credit losses was $6.5 million and $5.3 million as of March 24, 2024, and September 24, 2023 , respectively. Sales commissions are expensed as incurred as the associated contractual periods are one year or less. These costs are recorded within compensation. Most of our contracts have original expected lengths of one year or less and revenue is earned at a rate and amount that corresponds directly with the value to the customer. |
Investments In Associated Compa
Investments In Associated Companies | 6 Months Ended |
Mar. 24, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments In Associated Companies | INVESTMENTS IN ASSOCIATED COMPANIES TNI Partners In Tucson, Arizona, TNI, acting as agent for our subsidiary, Star Publishing Company (“Star Publishing”), and Gannett Co., Inc.'s subsidiary Citizen Publishing Company (“Citizen”), is responsible for printing, delivery, advertising, and subscription activities of the Arizona Daily Star as well as the related digital platforms and specialty publications. TNI collects all receipts and income and pays substantially all operating expenses incident to the partnership's operations and publication of the newspaper and other media. Income or loss of TNI (before income taxes) is allocated equally to Star Publishing and Citizen. Summarized results of TNI are as follows: Three months ended Six months ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Operating revenue 7,360 8,169 14,351 16,710 Operating expenses 5,450 6,889 10,131 13,364 Operating income 1,910 1,280 4,220 3,346 Net income 1,910 1,137 4,220 3,666 Equity in earnings of TNI 955 569 2,110 1,833 TNI makes periodic distributions of its earnings and for the three months ended March 24, 2024, and March 26, 2023, we received $0.9 million and $1.4 million in distributions, respectively. In the six months ended March 24, 2024 and March 26, 2023, we received $2.1 million and $2.3 million in distributions, respectively. Madison Newspapers, Inc. We have a 50% ownership interest in MNI, which publishes daily and Sunday newspapers, and other publications in Madison, Wisconsin, and other Wisconsin locations, and operates their related digital platforms. Net income or loss of MNI (after income taxes) is allocated equally to us and The Capital Times Company (“TCT”). MNI conducts its business under the trade name Capital Newspapers. Summarized results of MNI are as follows: Three months ended Six months ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Operating revenue 9,822 10,603 20,424 22,507 Operating expenses, excluding restructuring costs, depreciation and amortization 7,636 8,681 15,446 18,026 Restructuring costs 48 101 109 127 Depreciation and amortization 120 135 240 273 Operating income 2,018 1,686 4,629 4,081 Net income 502 207 1,274 1,014 Equity in earnings of MNI 251 104 637 507 MNI makes periodic distributions of its earnings and in the three months ended March 24, 2024 and March 26, 2023, we received $0.2 million and $0.1 million in distributions, respectively. In the six months ended March 24, 2024 and March 26, 2023, we received distributions of $0.6 million and $0.4 million, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Mar. 24, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and identified intangible assets consist of the following: (Thousands of Dollars) March 24, September 24, Goodwill, beginning of period 329,504 329,504 Allocated to sold operations (1,261) — Goodwill, end of period 328,243 329,504 Non-amortized intangible assets: Mastheads 11,096 18,675 Amortizable intangible assets: Customer and newspaper subscriber lists 305,100 306,766 Less accumulated amortization (238,009) (230,453) 67,091 76,313 Total intangibles, net 406,430 424,492 The weighted average amortization period for amortizable assets is approximately eleven years. During the six months ended March 24, 2024, the Company sold non-core operations. Goodwill was allocated to these operations, which totaled $1.3 million. The Company reviews property, plant and equipment, goodwill and non-amortized intangible assets, which include only newspaper mastheads, for impairment annually on the first day of the fourth quarter, or more frequently if events or changes in circumstances indicate that an asset may be impaired in accordance with Accounting Standards Codification ("ASC") 350, Intangibles - Goodwill and Other and ASC 360, Property, Plant and Equipment. All of the Company’s goodwill is attributed to the single reporting unit. There was no impairment related to goodwill in 2023. Impairment losses related to mastheads totaled $7.7 million were recorded in the fourth quarter of 2023. |
Debt
Debt | 6 Months Ended |
Mar. 24, 2024 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The Company has debt consisting of a single 25-year term loan with BH Finance LLC, with an aggregate principal balance of $453.6 million at a 9% annual fixed rate and maturing on March 16, 2045 (referred to herein as “Credit Agreement” and “Term Loan”). On March 24, 2024, the fair value was $387.5 million, representing a Level 2 fair value measurement, which are fair values estimated using significant other observable inputs. During the six months ended March 24, 2024, we made $2.1 million principal debt payments as a result of non-core asset sales. Future payments are contingent on the Company's ability to generate future excess cash flow, as defined in the Credit Agreement. As of March 24, 2024, there was no excess cash flow payment due. |
Pension, Postretirement and Pos
Pension, Postretirement and Postemployment Defined Benefit Plans | 6 Months Ended |
Mar. 24, 2024 | |
Retirement Benefits [Abstract] | |
Pension, Postretirement and Postemployment Defined Benefit Plans | PENSION, POSTRETIREMENT AND POSTEMPLOYMENT DEFINED BENEFIT PLANS We have one defined benefit pension plan that covers certain employees, including plans established under collective bargaining agreements. Additionally, we provide retiree medical and life insurance benefits under postretirement plans at several of our operating locations. Through March 24, 2024, our liability and related expense for benefits under the plans are recorded over the service period of employees based upon annual actuarial calculations. During the six months ended March 24, 2024, the Company offered a voluntary lump sum payment of future benefits to terminated vested participants in the defined benefit pension plan. The offer was accepted by 522 participants, representing a $22.6 million settlement of related pension plan liability. The Company recognized a non-cash settlement gain of $2.4 million, which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of Loss and Comprehensive Loss. Pension plan assets and liabilities were reduced by $22.6 million. During the six months ended March 24, 2024, the Company completed the outsourcing of certain printing operations, which ceased postretirement medical benefits for a group of employees. The Company recognized a non-cash curtailment gain of $1.2 million which is reflected within "Curtailment/Settlement gains" on the Consolidated Statements of Loss and Comprehensive Loss. The net periodic pension and postretirement cost (benefit) components for our plans are as follows: PENSION PLANS Three months ended Six months ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Service cost for benefits earned during the period 1 5 2 10 Interest cost on projected benefit obligation 2,253 2,592 4,768 5,184 Expected return on plan assets (2,310) (2,548) (4,763) (5,096) Amortization of net (gain) loss (1) 2 (3) 4 Amortization of prior service benefit 212 213 424 426 Settlement gain — — (2,409) — Net periodic pension (benefit) cost 155 264 (1,981) 528 POSTRETIREMENT MEDICAL PLANS Three months ended Six months ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Service cost for benefits earned during the period 13 17 25 34 Interest cost on projected benefit obligation 149 149 298 298 Expected return on plan assets (320) (295) (639) (590) Amortization of net gain (308) (254) (617) (508) Amortization of prior service benefit (94) (162) (188) (324) Curtailment gain — — (1,184) — Net periodic postretirement benefit (560) (545) (2,305) (1,090) In the six months ended March 24, 2024 and March 26, 2023, we made no contributions to our pension plans. W e have no required contributions to our pension plans for 2024. Multiemployer Pension Plans In prior periods, the Company effectuated withdrawals from several multiemployer plans. As of March 24, 2024 and September 24, 2023, we had $24.3 million and $25.1 million of accrued withdrawal liabilities. The liabilities reflect the estimated value of payments to the fund, payable over 20-years. |
Income Taxes
Income Taxes | 6 Months Ended |
Mar. 24, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES We recorded an income tax benefit of $2.8 million related to loss before taxes of $14.5 million for the three months ended March 24, 2024, and an income tax benefit of $2.6 million related to loss before income taxes of $13.0 million for the six months ended March 24, 2024. We recorded an income tax benefit of $2.1 million related to loss before taxes of $7.4 million for the three months ended March 26, 2023, and an income tax benefit of $1.6 million related to a loss before income taxes of $5.2 million for the six months ended March 26, 2023. The effective income tax rate for the three and six months ended March 24, 2024, was 19.6% and 19.9%, respectively. The effective income tax rate for the three and six months ended March 26, 2023, were 27.8% and 31.5%, respectively. The primary differences between these rates and the U.S. federal statutory rate of 21% are because of state taxes, non-deductible expenses and adjustments to reserves for uncertain tax positions, including any related interest. We file a consolidated federal tax return, as well as combined and separate tax returns in approximately 27 state and local jurisdictions. We do not currently have any federal or material state income tax examinations in progress. Our income tax returns have generally been audited or closed to audit through 2015. |
Loss Per Common Share
Loss Per Common Share | 6 Months Ended |
Mar. 24, 2024 | |
Earnings Per Share [Abstract] | |
Loss Per Common Share | LOSS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per common share: Three months ended Six months ended (Thousands of Dollars and Shares, Except Per Share Data) March 24, March 26, March 24, March 26, Loss attributable to Lee Enterprises, Incorporated: (12,179) (5,885) (11,491) (4,786) Weighted average common shares 6,080 5,996 6,080 6,018 Less weighted average restricted Common Stock (170) (173) (170) (172) Basic average common shares 5,910 5,823 5,910 5,846 Dilutive restricted Common Stock — — — — Diluted average common shares 5,910 5,823 5,910 5,846 Loss per common share: Basic (2.06) (1.01) (1.94) (0.82) Diluted (2.06) (1.01) (1.94) (0.82) For the three months ended March 24, 2024 and March 26, 2023, 66,249 and 68,186 shares, respectively, were not considered in the computation of diluted earnings per common share because their inclusion would result in an anti-dilutive effect on per share amounts. For the six months ended March 24, 2024 and March 26, 2023, 66,249 and 68,186 shares, respectively, were not considered in the computation of diluted earnings per common share because their inclusion would result in an anti-dilutive effect on per share amounts. Rights Agreement On March 28, 2024, our Board of Directors adopted a stockholder rights plan (the “Rights Agreement”). Pursuant to the Rights Agreement, on March 28, 2024, our Board of Directors declared a dividend of one preferred share purchase right (a “Right”), payable on April 8, 2024, for each share of our Common Stock outstanding to the stockholders of record on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Participating Convertible Preferred Stock, without par value (the “Preferred Shares”), of the Company at a price of $90.00 per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment. The Rights will initially trade with our Common Stock and will generally become exercisable only if any person or group, other than certain exempt persons, acquires beneficial ownership of 15% or more of our Common Stock outstanding. In the event the Rights become exercisable, each holder of a Right, other than the triggering person(s), will be entitled to purchase additional shares of our Common Stock at a 50% discount or the Company may exchange each Right held by such holders for one share of our Common Stock. The Rights Agreement will continue in effect until March 27, 2025, or unless earlier redeemed or terminated by the Company, as provided in the Rights Agreement. The Rights have no voting or dividend privileges, and, unless and until they become exercisable, have no dilutive effect on the earnings of the Company. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Mar. 24, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | COMMITMENTS AND CONTINGENT LIABILITIES 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 have a material adverse effect on our Consolidated Financial Statements, taken as a whole. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 24, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 its subsidiaries (the “Company”) as of March 24, 2024, 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 2023 Annual Report on Form 10-K. The Company's fiscal year ends on the last Sunday in September. Fiscal year 2024 ends September 29, 2024, and fiscal year 2023 ended September 24, 2023. Fiscal year 2024 includes 53 weeks of operations and 2023 included 52 weeks of operations. Because of seasonal and other factors, the results of operations for the three and six months ended March 24, 2024, are not necessarily indicative of the results to be expected for the full year. The Consolidated Financial Statements include our accounts and those of our wholly owned subsidiaries, as well as our 82.5% interest in INN Partners, L.C. (“BLOX Digital" formerly "TownNews”). Our 50% interest in TNI Partners ("TNI") and our 50% interest in Madison Newspapers, Inc. ("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. In 2024, certain prior period amounts within the consolidated financial statements have been adjusted to conform with current period presentation. These matters did not change operating revenues, net income (loss), accumulated deficit, and earnings per share in all periods presented. |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Mar. 24, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Disaggregated by Source | The following table presents our revenue disaggregated by source: Three months Ended Six months Ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Operating revenue: Print advertising revenue 18,742 31,450 43,177 73,286 Digital advertising revenue 45,392 46,250 91,844 93,999 Advertising and marketing services revenue 64,134 77,700 135,021 167,285 Print subscription revenue 48,966 64,586 100,838 131,956 Digital subscription revenue 20,261 13,996 39,728 26,325 Subscription revenue 69,227 78,582 140,566 158,281 Print other revenue 8,069 9,649 16,561 20,769 Digital other revenue 5,120 4,756 10,080 9,483 Other revenue 13,189 14,405 26,641 30,252 Total operating revenue 146,550 170,687 302,228 355,818 |
Investments In Associated Com_2
Investments In Associated Companies (Tables) | 6 Months Ended |
Mar. 24, 2024 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Results of TNI and MNI | Summarized results of TNI are as follows: Three months ended Six months ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Operating revenue 7,360 8,169 14,351 16,710 Operating expenses 5,450 6,889 10,131 13,364 Operating income 1,910 1,280 4,220 3,346 Net income 1,910 1,137 4,220 3,666 Equity in earnings of TNI 955 569 2,110 1,833 Summarized results of MNI are as follows: Three months ended Six months ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Operating revenue 9,822 10,603 20,424 22,507 Operating expenses, excluding restructuring costs, depreciation and amortization 7,636 8,681 15,446 18,026 Restructuring costs 48 101 109 127 Depreciation and amortization 120 135 240 273 Operating income 2,018 1,686 4,629 4,081 Net income 502 207 1,274 1,014 Equity in earnings of MNI 251 104 637 507 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Mar. 24, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Goodwill and identified intangible assets consist of the following: (Thousands of Dollars) March 24, September 24, Goodwill, beginning of period 329,504 329,504 Allocated to sold operations (1,261) — Goodwill, end of period 328,243 329,504 Non-amortized intangible assets: Mastheads 11,096 18,675 Amortizable intangible assets: Customer and newspaper subscriber lists 305,100 306,766 Less accumulated amortization (238,009) (230,453) 67,091 76,313 Total intangibles, net 406,430 424,492 |
Pension, Postretirement and P_2
Pension, Postretirement and Postemployment Defined Benefit Plans (Tables) | 6 Months Ended |
Mar. 24, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic Pension and Postretirement Cost (Benefit) Components | The net periodic pension and postretirement cost (benefit) components for our plans are as follows: PENSION PLANS Three months ended Six months ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Service cost for benefits earned during the period 1 5 2 10 Interest cost on projected benefit obligation 2,253 2,592 4,768 5,184 Expected return on plan assets (2,310) (2,548) (4,763) (5,096) Amortization of net (gain) loss (1) 2 (3) 4 Amortization of prior service benefit 212 213 424 426 Settlement gain — — (2,409) — Net periodic pension (benefit) cost 155 264 (1,981) 528 POSTRETIREMENT MEDICAL PLANS Three months ended Six months ended (Thousands of Dollars) March 24, March 26, March 24, March 26, Service cost for benefits earned during the period 13 17 25 34 Interest cost on projected benefit obligation 149 149 298 298 Expected return on plan assets (320) (295) (639) (590) Amortization of net gain (308) (254) (617) (508) Amortization of prior service benefit (94) (162) (188) (324) Curtailment gain — — (1,184) — Net periodic postretirement benefit (560) (545) (2,305) (1,090) |
Loss Per Common Share (Tables)
Loss Per Common Share (Tables) | 6 Months Ended |
Mar. 24, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted earnings per common share: Three months ended Six months ended (Thousands of Dollars and Shares, Except Per Share Data) March 24, March 26, March 24, March 26, Loss attributable to Lee Enterprises, Incorporated: (12,179) (5,885) (11,491) (4,786) Weighted average common shares 6,080 5,996 6,080 6,018 Less weighted average restricted Common Stock (170) (173) (170) (172) Basic average common shares 5,910 5,823 5,910 5,846 Dilutive restricted Common Stock — — — — Diluted average common shares 5,910 5,823 5,910 5,846 Loss per common share: Basic (2.06) (1.01) (1.94) (0.82) Diluted (2.06) (1.01) (1.94) (0.82) |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | Mar. 24, 2024 |
TNI Partners | |
Noncontrolling Interest [Line Items] | |
Equity method investment, ownership percentage | 50% |
MNI | |
Noncontrolling Interest [Line Items] | |
Equity method investment, ownership percentage | 50% |
INN Partners, L.C. | |
Noncontrolling Interest [Line Items] | |
Noncontrolling interest, ownership percentage by parent | 82.50% |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 24, 2024 | Mar. 26, 2023 | Mar. 24, 2024 | Mar. 26, 2023 | |
Operating revenue: | ||||
Total operating revenue | $ 146,550 | $ 170,687 | $ 302,228 | $ 355,818 |
Advertising and marketing services revenue | ||||
Operating revenue: | ||||
Total operating revenue | 64,134 | 77,700 | 135,021 | 167,285 |
Advertising and marketing services revenue | Print advertising revenue | ||||
Operating revenue: | ||||
Total operating revenue | 18,742 | 31,450 | 43,177 | 73,286 |
Advertising and marketing services revenue | Digital advertising revenue | ||||
Operating revenue: | ||||
Total operating revenue | 45,392 | 46,250 | 91,844 | 93,999 |
Subscription revenue | ||||
Operating revenue: | ||||
Total operating revenue | 69,227 | 78,582 | 140,566 | 158,281 |
Subscription revenue | Print advertising revenue | ||||
Operating revenue: | ||||
Total operating revenue | 48,966 | 64,586 | 100,838 | 131,956 |
Subscription revenue | Digital advertising revenue | ||||
Operating revenue: | ||||
Total operating revenue | 20,261 | 13,996 | 39,728 | 26,325 |
Other revenue | ||||
Operating revenue: | ||||
Total operating revenue | 13,189 | 14,405 | 26,641 | 30,252 |
Other revenue | Print advertising revenue | ||||
Operating revenue: | ||||
Total operating revenue | 8,069 | 9,649 | 16,561 | 20,769 |
Other revenue | Digital advertising revenue | ||||
Operating revenue: | ||||
Total operating revenue | $ 5,120 | $ 4,756 | $ 10,080 | $ 9,483 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Mar. 24, 2024 | Sep. 24, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Contract liability revenue recognized | $ 34.4 | |
Accounts receivable, excluding allowance for credit loss | 65.7 | $ 74.4 |
Allowance for credit loss | $ 6.5 | $ 5.3 |
Investments In Associated Com_3
Investments In Associated Companies - Summarized Financial Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 24, 2024 | Mar. 26, 2023 | Mar. 24, 2024 | Mar. 26, 2023 | |
Schedule of Equity Method Investments [Line Items] | ||||
Operating revenue | $ 146,550 | $ 170,687 | $ 302,228 | $ 355,818 |
Operating expenses | 152,308 | 168,501 | 301,694 | 344,122 |
Restructuring costs | 4,139 | 3,694 | 8,404 | 4,340 |
Depreciation and amortization | 7,293 | 7,733 | 14,588 | 15,619 |
Operating income | (4,552) | 2,858 | 3,281 | 14,036 |
Net income | (11,636) | (5,366) | (10,403) | (3,542) |
Equity in earnings of associated companies | 1,206 | 672 | 2,747 | 2,340 |
TNI Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating revenue | 7,360 | 8,169 | 14,351 | 16,710 |
Operating expenses | 5,450 | 6,889 | 10,131 | 13,364 |
Operating income | 1,910 | 1,280 | 4,220 | 3,346 |
MNI | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Operating revenue | 9,822 | 10,603 | 20,424 | 22,507 |
Operating expenses | 7,636 | 8,681 | 15,446 | 18,026 |
Restructuring costs | 48 | 101 | 109 | 127 |
Depreciation and amortization | 120 | 135 | 240 | 273 |
Operating income | 2,018 | 1,686 | 4,629 | 4,081 |
Net income | 502 | 207 | 1,274 | 1,014 |
TNI Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Net income | 1,910 | 1,137 | 4,220 | 3,666 |
Equity in earnings of associated companies | 955 | 569 | 2,110 | 1,833 |
MNI | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity in earnings of associated companies | $ 251 | $ 104 | $ 637 | $ 507 |
Investments In Associated Com_4
Investments In Associated Companies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Mar. 24, 2024 | Mar. 26, 2023 | Mar. 24, 2024 | Mar. 26, 2023 | |
MNI | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments, ownership percentage | 50% | 50% | ||
TNI Partners | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Distribution from equity method investments | $ 0.9 | $ 1.4 | $ 2.1 | $ 2.3 |
MNI | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Distribution from equity method investments | $ 0.2 | $ 0.1 | $ 0.6 | $ 0.4 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets -Schedule of Goodwill and Identified Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 24, 2024 | Sep. 24, 2023 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning of period | $ 329,504 | $ 329,504 |
Allocated to sold operations | (1,261) | 0 |
Goodwill, end of period | 328,243 | 329,504 |
Amortizable intangible assets: | ||
Total intangibles, net | 406,430 | 424,492 |
Customer and newspaper subscriber lists | ||
Amortizable intangible assets: | ||
Customer and newspaper subscriber lists | 305,100 | 306,766 |
Less accumulated amortization | (238,009) | (230,453) |
Amortizable intangible assets, net | 67,091 | 76,313 |
Mastheads | ||
Non-amortized intangible assets: | ||
Mastheads | $ 11,096 | $ 18,675 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 24, 2024 USD ($) | Sep. 24, 2023 USD ($) | Mar. 24, 2024 USD ($) | Sep. 24, 2023 USD ($) | |
Finite-Lived Intangible Assets [Line Items] | ||||
Weighted average amortization period (in years) | 11 years | |||
Allocated to sold operations | $ 1,261 | $ 0 | ||
Impairment of intangible assets (excluding goodwill) | $ 7,600 | $ 7,700 | ||
Measurement Input, Discount Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, measurement input | 0.125 | 0.125 | ||
Minimum | Measurement Input, Royalty Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, measurement input | 0 | 0 | ||
Maximum | Measurement Input, Royalty Rate | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Intangible assets, measurement input | 0.010 | 0.010 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 24, 2024 | Mar. 26, 2023 | |
Debt Instrument [Line Items] | ||
Principal payments on long-term debt | $ 2,097 | $ 2,560 |
Credit Agreement | Secured Term Loan | BH Finance | ||
Debt Instrument [Line Items] | ||
Long-term debt, term (years) | 25 years | |
Long-term debt | $ 453,600 | |
Long-term debt, interest rate | 9% | |
Principal payments on long-term debt | $ 2,100 | |
Credit Agreement | Secured Term Loan | BH Finance | Fair Value, Inputs, Level 2 | ||
Debt Instrument [Line Items] | ||
Long-term debt, fair value | $ 387,500 |
Pension, Postretirement and P_3
Pension, Postretirement and Postemployment Defined Benefit Plans - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 24, 2024 USD ($) plan participant | Mar. 26, 2023 USD ($) | Mar. 24, 2024 USD ($) plan participant | Mar. 26, 2023 USD ($) | Sep. 24, 2023 USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Number of defined benefit plans | plan | 1 | 1 | |||
Multiemployer plans, withdrawal obligation | $ 24,300,000 | $ 24,300,000 | $ 25,100,000 | ||
Multiemployer plans, withdrawal obligation, period (years) | 20 years | ||||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, benefit obligation, voluntary settlement, number of participants | participant | 522 | 522 | |||
Defined benefit plan, benefit obligation, lump sum payment for settlement | $ 22,600,000 | $ 22,600,000 | |||
Settlement gain | 0 | $ 0 | 2,409,000 | $ 0 | |
Defined benefit plan, plan assets, period increase (decrease) | (22,600,000) | ||||
Defined benefit plan, plan assets, contributions by employer | 0 | 0 | |||
Defined benefit plan, expected future employer contributions, next fiscal year | 0 | 0 | |||
Medical Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Curtailment gain | $ 0 | $ 0 | $ 1,184,000 | $ 0 |
Pension, Postretirement and P_4
Pension, Postretirement and Postemployment Defined Benefit Plans - Net Periodic Cost (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 24, 2024 | Mar. 26, 2023 | Mar. 24, 2024 | Mar. 26, 2023 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned during the period | $ 1 | $ 5 | $ 2 | $ 10 |
Interest cost on projected benefit obligation | 2,253 | 2,592 | 4,768 | 5,184 |
Expected return on plan assets | (2,310) | (2,548) | (4,763) | (5,096) |
Amortization of net (gain) loss | (1) | 2 | (3) | 4 |
Amortization of prior service benefit | 212 | 213 | 424 | 426 |
Settlement gain | 0 | 0 | (2,409) | 0 |
Pension and postretirement medical benefit | 155 | 264 | (1,981) | 528 |
Postretirement Medical Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost for benefits earned during the period | 13 | 17 | 25 | 34 |
Interest cost on projected benefit obligation | 149 | 149 | 298 | 298 |
Expected return on plan assets | (320) | (295) | (639) | (590) |
Amortization of net (gain) loss | (308) | (254) | (617) | (508) |
Amortization of prior service benefit | (94) | (162) | (188) | (324) |
Pension and postretirement medical benefit | $ (560) | $ (545) | $ (2,305) | $ (1,090) |
Income Taxes (Details)
Income Taxes (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 24, 2024 USD ($) jurisdiction | Mar. 26, 2023 USD ($) | Mar. 24, 2024 USD ($) jurisdiction | Mar. 26, 2023 USD ($) | |
Income Tax Disclosure [Abstract] | ||||
Income tax benefit | $ (2,837) | $ (2,071) | $ (2,589) | $ (1,631) |
Income before taxes | $ (14,500) | $ (7,400) | $ (13,000) | $ (5,200) |
Effective income tax rate | 19.60% | 27.80% | 19.90% | 31.50% |
Number of state and local jurisdictions | jurisdiction | 27 | 27 |
Loss Per Common Share - Computa
Loss Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Mar. 24, 2024 | Dec. 24, 2023 | Mar. 26, 2023 | Dec. 25, 2022 | Mar. 24, 2024 | Mar. 26, 2023 | |
Earnings Per Share [Abstract] | ||||||
Loss attributable to Lee Enterprises, Incorporated: | $ (12,179) | $ 688 | $ (5,885) | $ 1,099 | $ (11,491) | $ (4,786) |
Weighted average common shares (in shares) | 6,080 | 5,996 | 6,080 | 6,018 | ||
Less weighted average restricted Common Stock (in shares) | (170) | (173) | (170) | (172) | ||
Basic average common shares (in shares) | 5,910 | 5,823 | 5,910 | 5,846 | ||
Dilutive stock options and restricted Common Stock (in shares) | 0 | 0 | 0 | 0 | ||
Diluted average common shares (in shares) | 5,910 | 5,823 | 5,910 | 5,846 | ||
Loss per common share: | ||||||
Basic (in dollars per share) | $ (2.06) | $ (1.01) | $ (1.94) | $ (0.82) | ||
Diluted (in dollars per share) | $ (2.06) | $ (1.01) | $ (1.94) | $ (0.82) |
Loss Per Common Share - Narrati
Loss Per Common Share - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Mar. 24, 2024 shares | Mar. 26, 2023 shares | Mar. 24, 2024 shares | Mar. 26, 2023 shares | Mar. 28, 2024 $ / shares shares | |
Subsequent Event [Line Items] | |||||
Anti-dilutive shares excluded (in shares) | 66,249 | 68,186 | 66,249 | 68,186 | |
Rights Agreement | Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Dividends declared, number of preferred share purchase rights | 1 | ||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ / shares | $ 90 | ||||
Class of warrant or right, number of securities called by each warrant or right (in shares) | 0.001 | ||||
Preferred share purchase rights, terms of exercisability, ownership percentage | 0.15 | ||||
Preferred share purchase rights, discount rate for purchase of additional shares, percentage | 0.50 | ||||
Preferred stock purchase rights, number of common shares issued in lieu of discount | 1 |