Lee Enterprises returns to compliance with NYSE's share price standard of at least US$1/share over 30 consecutive days, company reports improvement following refinancing agreements
February 21, 2012
– Lee Enterprises, Incorporated (NYSE: LEE - News) has received notification that it has returned to compliance with the New York Stock Exchange`s share price standard.
In a letter dated February 17, 2012, the NYSE confirmed that Lee is again in compliance with its standard requiring listed companies to maintain an average closing price of at least $1.00 per share over 30 consecutive days of trading.
Mary Junck, Lee chairman and chief executive officer, said: "As we expected, investor sentiment has improved with the implementation of our refinancing agreements on January 30. We appreciate the confidence of our stockholders as we advance our many initiatives to drive revenue, build even larger audiences and resume overall growth."
Carl Schmidt, Lee vice president, chief financial officer and treasurer, said the company still has approximately one year remaining under an approved plan, subject to ongoing oversight, for returning to compliance with an NYSE standard requiring market capitalization of not less than $50 million over 30 consecutive days of trading. As of February 17, 2012, with approximately 51.7 million shares outstanding and a closing price of $1.13 per share, Lee`s market capitalization totaled $58.4 million. Schmidt said that if the company`s average market capitalization remains in excess of $50 million, the NYSE will consider granting a return to compliance in February 2013, or possibly sooner, based on market capitalization over at least two consecutive quarterly monitoring periods.
Lee Enterprises is a leading provider of local news and information, and a major platform for advertising, in its markets, with 48 daily newspapers and a joint interest in four others, rapidly growing digital products and nearly 300 specialty publications in 23 states. Lee`s newspapers have circulation of 1.3 million daily and 1.6 million Sunday, reaching nearly four million readers in print alone. Lee`s websites and mobile and tablet products attracted 21.8 million unique visitors in December 2011. Lee`s markets include St. Louis, MO; Lincoln, NE; Madison, WI; Davenport, IA; Billings, MT; Bloomington, IL; and Tucson, AZ. Lee Common Stock is traded on the New York Stock Exchange under the symbol LEE. For more information about Lee, please visit www.lee.net.