Lee Enterprises, Incorporated (LEE) has reported 95.91 percent plunge in profit for the quarter ended Sep. 25, 2016. The company has earned $0.40 million, or $0.01 a share in the quarter, compared with $9.88 million, or $0.18 a share for the same period last year. Revenue during the quarter dropped 5.07 percent to $148.18 million from $156.10 million in the previous year period. Total expenses were 83.67 percent of quarterly revenues, up from 82.83 percent for the same period last year. That has resulted in a contraction of 84 basis points in operating margin to 16.33 percent.
Operating income for the quarter was $24.19 million, compared with $26.80 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $37.15 million compared with $39.97 million in the prior year period. At the same time, adjusted EBITDA margin contracted 53 basis points in the quarter to 25.07 percent from 25.60 percent in the last year period.
"In 2016, our enterprises ranked among industry leaders in revenue and operating performance," said Kevin Mowbray, president and chief executive officer. "We continued to aggressively transform the business, and as a result, adjusted EBITDA(2) remained strong. We reduced debt by more than $23.1 million in the fourth quarter and $108.7 million in the fiscal year.
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