Lee Enterprises, Incorporated (NYSE: LEE), has returned to compliance
with requirements for continued listing on the New York Stock Exchange.
In a letter dated Sept. 4, the NYSE notified Lee that its share price
has risen to a sufficient level to cure a share price deficiency. The
NYSE had notified Lee in December 2008 that the company was not in
compliance with the NYSE’s continued listing standard that requires an
average closing price of at least $1.00 per share of its publicly traded
common shares over a 30-trading day period. At the time, the exchange
rules granted the company a six-month period within which to cure the
price deficiency. Since then, the NYSE temporarily suspended the
standard through July 31, 2009, and, as a result, extended Lee’s
six-month cure period until Dec. 3, 2009.
Mary Junck, Lee chairman and chief executive officer, said, "As we have
noted previously, we believe the long-term prospects for our company
remain strong and will become increasingly apparent to investors as the
recession begins to recede. Our newspapers and online sites continue to
reach the vast majority of adults in our markets, far more than any
competitor, and we continue to stand out as the leading provider of
local news, information and advertising in our markets.”
Lee Enterprises operates 53 daily newspapers, online sites and more than
300 specialty publications in 23 states. Lee’s newspapers have
circulation of 1.5 million daily and 1.8 million Sunday, reaching four
million readers daily. Lee’s online sites attract 14 million unique
visits monthly, and Lee’s weekly publications have distribution of more
than four million households. Lee’s markets include St. Louis, Mo.;
Lincoln, Neb.; Madison, Wis.; Davenport, Iowa; Billings, Mont.;
Bloomington, Ill.; and Tucson, Ariz. Lee stock is traded on the New York
Stock Exchange under the symbol LEE. For more information about Lee,
please visit www.lee.net.
FORWARD-LOOKING STATEMENTS — The Private Securities Litigation Reform
Act of 1995 provides a "safe harbor” for forward-looking statements.
This release contains information that may be deemed forward-looking,
that is based largely on the Company’s current expectations, and is
subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those anticipated. Among such
risks, trends and other uncertainties, which in some instances are
beyond its control, are the Company’s ability to generate cash flows and
maintain liquidity sufficient to service its debt, and comply with or
obtain amendments or waivers of the financial covenants contained in its
credit facilities, if necessary. Other risks and uncertainties include
the impact of continuing adverse economic conditions, potential changes
in advertising demand, newsprint and other commodity prices, energy
costs, interest rates and the availability of credit due to instability
in the credit markets, labor costs, legislative and regulatory rulings
and other results of operations or financial conditions, difficulties in
maintaining employee and customer relationships, increased capital and
other costs, competition and other risks detailed from time to time in
the Company’s publicly filed documents, including the Company Annual
Report on Form 10-K for the year ended September 28, 2008. Any
statements that are not statements of historical fact (including
statements containing the words "may,” "will,” "would,” "could,”
"believes,” "expects,” "anticipates,” "intends,” "plans,” "projects,”
"considers” and similar expressions) generally should be considered
forward-looking statements. Readers are cautioned not to place undue
reliance on such forward-looking statements, which are made as of the
date of this release. The Company does not undertake to publicly update
or revise its forward-looking statements.
