<SEC-DOCUMENT>0000058361-19-000024.txt : 20190423
<SEC-HEADER>0000058361-19-000024.hdr.sgml : 20190423
<ACCEPTANCE-DATETIME>20190319155826
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000058361-19-000024
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LEE ENTERPRISES, INC
		CENTRAL INDEX KEY:			0000058361
		STANDARD INDUSTRIAL CLASSIFICATION:	NEWSPAPERS:  PUBLISHING OR PUBLISHING & PRINTING [2711]
		IRS NUMBER:				420823980
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		201 N. HARRISON STREET, STE. 600
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52801
		BUSINESS PHONE:		5633832100

	MAIL ADDRESS:	
		STREET 1:		201 N. HARRISON STREET, STE. 600
		CITY:			DAVENPORT
		STATE:			IA
		ZIP:			52801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEE ENTERPRISES INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<div><a name="s2cd88b1b688b4508aa00bfb80d5c9bac"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:11pt;"><img src="leelogo2019.jpg" alt="leelogo2019.jpg" style="height:84px;width:360px;"><font style="font-family:Arial;font-size:11pt;">Timothy R. Millage</font></div><div style="line-height:120%;text-align:left;padding-left:360px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Vice President, Chief Financial Officer and Treasurer</font></div><div style="line-height:120%;text-align:left;padding-left:360px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">(563) 383-2135</font></div><div style="line-height:120%;text-align:left;padding-left:360px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">tim.millage@lee.net</font></div><div style="line-height:120%;text-align:left;padding-left:360px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">March 19, 2019</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Division of Corporate Finance</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Office of Transportation and Leisure</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Securities and Exchange Commission</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Re:</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:Arial;font-size:11pt;">Lee Enterprises, Incorporated</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Form 10-K for the year ended September 30, 2018</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Filed December 14, 2018</font></div><div style="line-height:120%;text-align:left;padding-left:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">File No. 001-06227 </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">To Whom It May Concern:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Set forth below is the response of Lee Enterprises, Incorporated (&#8220;Lee&#8221; or the &#8220;Company&#8221;) to the comments of the staff (&#8220;Staff&#8221;) of the Division of Corporation Finance of the Securities and Exchange Commission (the &#8220;Commission&#8221;) contained in the letter addressed to Timothy R. Millage, Chief Financial Officer of the Company, dated March 5, 2019, relating to the Company&#8217;s Form 10-K for the Fiscal Year Ended September 30, 2018. For convenience of reference, the text of the comments in the Staff&#8217;s letter have been reproduced in italicized type. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Form 10-K for the Fiscal Year Ended September 30, 2018 </font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;text-decoration:underline;">Management's Discussion and Analysis of Financial Condition and Results of Operations, page 25</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Comment 1:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-style:italic;">We note the reconciliation you plan to include in future filings related to prior comment 1. In light of the fact that you will now be disclosing same property amounts, rather than percentages, please also revise to clarify that these same property basis amounts are non GAAP measures, and include a statement as to why management believes the measure is useful to investors. Refer to Item 10(e)(i)(C) of Regulation S-K. Also, we note that the discussion of revenue comparison between 2017 and 2016 on page 26, appears to be only on a same property basis. Please note that MD&amp;A should include a discussion of all significant changes in revenue on a GAAP basis, and may be supplemented by a discussion of non-GAAP amounts, assuming the appropriate disclosures required by Item 10(e) of Regulation G are included.</font></div><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:8px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-weight:bold;">Response:</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">We believe that same property results are analogous to same store results. As defined under Final Rule 33-8176, we believe same store sales are not a non-GAAP financial measure. As such, we request that no changes be made to our Form 10-K for the Fiscal Year Ended September 30, 2018.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">We note that the requirements of Item 303 of Regulation S-K require a robust discussion of operating results which align with the results of operations presented on page 25. We have provided additional narrative discussion below which, combined with our same property discussion included in our Form 10-K, would satisfy the aforementioned disclosure requirements. We request that this change be made in future filings.</font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></div><hr style="page-break-after:always"><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;padding-left:24px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;font-style:italic;">In 2017, we recognized $3,689,000 in revenue related to acquisitions. In 2016, we recognized $7,895,000 in revenue related to disposals. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:center;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">* * * *</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">In connection with the response to this letter, the Company acknowledges that:</font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">the Company is responsible for the adequacy and accuracy of this disclosure in the filing;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any actions with respect to the filling; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</font></div></td></tr></table><div style="line-height:120%;text-align:justify;padding-left:48px;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;"><br></font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Should you have any questions regarding this matter, please feel free to contact me at (563) 383-2135.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Sincerely,</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:Arial;font-size:12pt;">LEE ENTERPRISES, INCORPORATED</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:justify;text-indent:288px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Timothy R. Millage</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:11pt;"><font style="font-family:Arial;font-size:11pt;">Vice President, Chief Financial Officer and Treasurer</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br></font></div><div><br></div><div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2</font></div></div>	</body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
