DES MOINES (AP)--Newspaper publisher Lee Enterprises Inc. says first-quarter earnings tumbled 69 percent as the nation's recession hits advertising sales.
The Davenport-based company says net income after paying preferred dividends slid to $6.8 million, or 15 cents per share. That's down from $22.1 million, or 48 cents per share, a year ago. Total revenue fell 13 percent to $243.6 million.
The results are preliminary.
Chairman and CEO Mary Junck says the company is cutting costs, eliminating more than 10 percent of its work force during the quarter, with additional cuts recently announced.
Lee's daily papers include the Waterloo-Cedar Falls Courier, St. Louis Post-Dispatch, the Lincoln Journal Star in Nebraska and the Quad-City Times in Davenport.
Lee expects to report its final quarterly results around Feb. 6.
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