SCOTTSDALE, Ariz. (AP) — Newspaper publisher Lee Enterprises Inc. says it has cut its debt to $847.5 million, two years ahead of a schedule outlined in its reorganization plan.
The newspaper publisher says the company cut its debt by $98.5 million in the fiscal year through Sept. 29. Lee publishes more than 40 daily newspapers, including the St. Louis Post Dispatch; the Lincoln Journal Star, Beatrice Daily Sun, Columbus Telegram and Fremont Tribune in Nebraska; and the Sioux City Journal in Iowa.
CEO Mary Junck announced the results in prepared remarks Tuesday ahead of an investors conference in Scottsdale, Ariz.
The progress comes nearly two years after Lee emerged from prepackaged bankruptcy in January 2012.
Lee said cost cutting helped the company cope with a mild decline in revenue and contributed to steady cash flow. Digital advertising and subscriptions are growing, partially offsetting a decline in print ad sales.
Lee shares rose 8 cents, or 3 percent, to $2.72 in after-hours trading Tuesday.
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