EX-99.1 2 pulitzerandleelegacyfinanc.htm EXHIBIT 99.1 Exhibit


Exhibit 99.1 - Supplemental Financial Information – First fiscal quarter ended December 30, 2018.

leelogo2013a01a01a03a02a03.jpg
201 N. Harrison St.
Davenport, IA 52801
www.lee.net





13 Weeks Ended (unaudited)
 
 
 
 
 
 
 
 
December 30, 2018
 
December 24, 2017
(in thousands)
Consolidated
Lee Legacy
Pulitzer Inc.
 
Consolidated
Lee Legacy
Pulitzer Inc.
Operating revenue:
 
 
 
 
 
 
 
Advertising and marketing services
75,962

52,195

23,767

 
84,661

59,077

25,584

Subscription
46,268

31,972

14,296

 
48,269

32,913

15,356

Other
13,971

12,396

1,575

 
10,856

9,014

1,842

Total operating revenue
136,201

96,563

39,638

 
143,786

101,004

42,782

Operating expenses:
 
 
 
 
 
 
 
Compensation
47,038

35,286

11,752

 
51,619

39,008

12,611

Newsprint and ink
6,339

4,323

2,016

 
5,838

4,111

1,727

Other operating expenses
49,743

30,450

19,293

 
50,357

30,166

20,191

Depreciation and amortization
7,529

4,932

2,597

 
8,053

5,236

2,817

Assets loss (gain) on sales, impairments, and other
(100
)
(100
)
—

 
2

1

1

Restructuring costs and other
62

44

18

 
468

322

146

Total operating expenses
110,611

74,935

35,676

 
116,337

78,844

37,493

Equity in earnings of associated companies
2,129

699

1,430

 
2,383

864

1,519

Operating income
27,719

22,327

5,392

 
29,832

23,024

6,808

Non-operating income (expense), net
(12,487
)
(15,995
)
3,508

 
(14,195
)
(16,948
)
2,753

Income tax expense (benefit)
4,513

2,288

2,225

 
(19,690
)
(23,163
)
3,473

Net income
10,719

4,044

6,675

 
35,327

29,239

6,088


Adjusted EBITDA is a non-GAAP financial measure. Below is a reconciliation of adjusted EBITDA to net income, the most directly comparable measure under GAAP:
Net Income
10,719

4,044

6,675

 
35,327

29,239

6,088

Adjusted to exclude
 
 
 
 
 
 
 
Non-operating expenses (income), net
12,487

15,995

(3,508
)
 
14,195

16,948

(2,753
)
Income tax expense (benefit)
4,513

2,288

2,225

 
(19,690
)
(23,163
)
3,473

Equity in earnings of TNI and MNI
(2,129
)
(699
)
(1,430
)
 
(2,383
)
(864
)
(1,519
)
Depreciation and amortization
7,529

4,932

2,597

 
8,053

5,236

2,817

Assets loss (gain) on sales, impairments, and other
(100
)
(100
)
—

 
2

1

1

Restructuring costs and other
62

44

18

 
468

322

146

Stock compensation
463

463

—

 
519

519

—

Add:
 
 
 
 
 
 
 
Ownership share of TNI and MNI EBITDA (50%)
2,601

1,066

1,535

 
3,159

1,535

1,624

Adjusted EBITDA
36,145

28,033

8,112

 
39,650

29,773

9,877

 
 
 
 
 
 
 
 
Supplemental cash flow information
 
 
 
 
 
Distributions from MNI and TNI
1,299

750

549

 
2,317

750

1,567

Capital expenditures
(1,002
)
(752
)
(250
)
 
(1,103
)
(890
)
(213
)
Pension contributions
(650
)
—

(650
)
 
(106
)
(61
)
(45
)
Cash income tax payments
(21
)
(20
)
(1
)
 
(110
)
(1,976
)
1,866

Interest income
124

(2,660
)
2,784

 
96

(1,770
)
1,866

Interest to be settled in cash
(12,256
)
(9,463
)
(2,793
)
 
(13,650
)
(10,165
)
(3,485
)
Debt financing and administrative costs
(8
)
(8
)
—

 
(4
)
(4
)
—