Lee Enterprises sees $103.35 million fiscal year 2011 operating loss

By Caroline Salls

Pittsburgh, Dec. 9 - Lee Enterprises, Inc. reported a $103.35 million operating loss for the fiscal year ended Sept. 25 on $756.1 million of operating revenue, according to a 10-K filed with the Securities and Exchange Commission.

The figures showed a decline from the $147.19 million of operating income posted for the 2010 fiscal year on $780.65 million in operating revenue.

The net loss for the 2011 period was $146.68 million, compared with $46.18 million of net income for 2010.

The company had $23.56 million of cash and cash equivalents at Sept. 25, up from $19.42 million at Sept. 26, 2010.

According to a report included in the 10-K from independent registered public accounting firm KPMG LLP, Lee has short-term obligations that cannot be satisfied by available funds, which raises substantial doubt about its ability to continue.

As previously reported, Lee has reached an agreement on its Pulitzer notes that will allow the company to implement its debt restructuring through a voluntary, pre-packaged Chapter 11 filing.

The bankruptcy case is expected to be filed on or about Dec. 12.

Lee is a Davenport, Iowa-based print and digital provider of local news, information and advertising.

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