Latest news with #LEE
Yahoo
12-05-2025
- Business
- Yahoo
Lee Enterprises Inc (LEE) Q2 2025 Earnings Call Highlights: Navigating Cyber Challenges and ...
Release Date: May 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lee Enterprises Inc (NASDAQ:LEE) has shown resilience and focus in recovering from a significant cyber event that disrupted operations. The company is committed to its digital transformation strategy, aiming for $450 million in digital revenue by 2028. Digital subscription revenue has grown 40% annually over the last three years, significantly outpacing industry competitors. LEE launched a suite of innovative AI products to support local businesses, which is expected to accelerate digital revenue growth. The company has executed $40 million in annualized cost reductions, improving margins and lowering costs. The cyber incident significantly impacted quarterly financial performance, including operating revenue and advertising trends. Net loss for the quarter was $12 million, with minimal free cash flow. The cyber event hampered the ability to bill and collect from customers, affecting working capital. Despite recovery efforts, there are lingering impacts on the balance sheet, with increased accounts receivable and payable. First-half results lagged expectations, and the company is working to improve digital revenue growth in the second half of the fiscal year. Warning! GuruFocus has detected 7 Warning Signs with LEE. Q: Net loss totaled $12 million in the quarter and free cash flow was minimal. Does that include the interest deferral? When do we expect to be free cash flow positive? A: The net loss includes the expense associated with our debt, even though the payments were waived. We expect to be free cash flow positive in the second half of fiscal year 2025 due to significant changes in our cost structure and the digital revenue outlook. - Tim Milledge, CFO Q: How did the cyber incident impact your financial performance and operations? A: The cyber incident significantly disrupted our operations, impacting advertising revenue trends and subscription revenue. Despite this, digital revenue grew 4% year-over-year, led by a 20% increase in digital subscription revenue. - Kevin Mowbray, CEO Q: Can you elaborate on your digital transformation and AI product offerings? A: We launched a suite of AI products in March to help local businesses thrive. Our AI Enablement product is designed to prepare businesses for AI transformation in advertising. We also introduced AISocial and Smart as additional tools. - Kevin Mowbray, CEO Q: What measures have you taken to manage costs and improve financial sustainability? A: We executed approximately $40 million in annualized cost reductions in the second quarter, focusing on driving margins and lowering costs, particularly in print. We also lowered anticipated capital and restructuring spending. - Tim Milledge, CFO Q: How is your balance sheet affected by the cyber incident, and what steps are you taking to improve it? A: The cyber incident impacted our ability to bill and collect from customers, affecting our balance sheet. We are working to improve working capital by reducing accounts receivable and payable. Additionally, we are monetizing non-core assets to improve liquidity. - Tim Milledge, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Examiner
10-05-2025
- General
- Irish Examiner
A rare Bandon house and courtyard for humans and horses alike
GENERATIONS of the one family, the Lees, have owned Bandon's Riverview House for the past 80 years, once part of the enormous Devonshire Estate, with a house pedigree going back to the early 1800s: it has magnificent stone courtyard buildings as old, and with a pedigree linked to generations of horses and equestrian activities enjoyed by many. Courtyard, barn and outbuildings are a throwback to the past, and have been very well kept Set at Mishells, on the Brinny side of Bandon and about three kilometres out of the West Cork gateway town, Riverview House last changed hands back in 1946, after much of the land associated with the Georgian era estate was hived off by the Land Commission. The house itself, and original, cobble courtyard and wonderful approach avenue, were left on 15 acres — enough for an equestrian enterprise, but not near enough for a viable farm. It was bought by the Maxwell family, William and Rose Mary, with local and Cavan roots (via spells in India) and later was home to their daughter Honor, who married Richard (Dick ) Harte Lee. They reared their own family of three Lees here, starting an inter-generational business Lee Equestrian Equipment (LEE), breaking and training horses, for hunting and eventing. Lee family members recall anecdotes of their grandmother, Rose Mary, riding and hunting side saddle for which she was widely noted, and going with others to Bandon on horseback, and putting their mounts on the train to take them to any hunt within reach of the West Cork rail line in the mid 1900s. The Maxwell/Lee family's stables, boxes, and courtyard buildings were filled with the sound, smells, heat and heart of horses, and dozens of the sure-footed animals may have been here at any one time. Although the scale of equestrian activity tailed off here 15 or 20 years ago, the myriad buildings which accommodated the horses were kept up, slate roofs maintained, the yard kept trim with its cobbles still visible under 2025 summer growth. Where's the river? The very original courtyard shape today still contains the rounded outline in stones of a turning circle for carriages, as well as having a tall stone block for mounting and dismounting. The sound of clattering hooves is all that's missing to bring it back to life and original purpose. One of the paddocks behind a run of stables shows where a sand arena had been in use, while a utility/boot room off the kitchen still today has wall-mounted timber frames for holding a collection of the best leather saddles. The very original and authentic Riverview House, grounds, and buildings come for sale this month after the passing of Honor Lee in 2024, predeceased by Dick Harte Lee in 2016, and will almost certainly be bought by another family as in thrall to country living, and lovers of all things equine: it's made for humans and horses alike. Side aspect with sun room It's listed with joint agents, Andy Donoghue of Hodnett Forde in Clonakilty, jointly with Maeve McCarthy of Charles P McCarthy further west in Skibbereen, and they expect both local interest and regional/national interest, as well as overseas inquiries, given the integrity of the package, plus the appeal of the price point, giving it all a €1.15 million AMV. At just over the €1m mark, it's at the same sort of price level as modern detacheds and even new builds are currently fetching in Cork city's western suburbs and out towards Ballincollig. Never say neigh Riverview House is one of a tiny number of €1m+ properties for sale with a Bandon district address: Hodnett Forde have the extensively restored period home Keamagareagh House on 26 acres for sale nearby at Callatrim Bandon with a €1.95m guide, and at €2.45m Leighmoney More House, on seven acres on the River Bandon below Innishannon, near Kinsale: both have featured in these pages on launch. Unlike those latter two upscale listings, Riverview House is in an unrestored state, minded and maintained just as necessary, with just about every original feature thankfully in place, some of it faded, but all intact. It's there to be gently nudged along with now, to guarantee its future (and more 21st century comforts), with respect and care, in next and new sensitive hands, for however many decades may lie in store for them. The joint agents McCarthys and Hodnett Forde describe the early 1800s origins Riverview House as 'a distinguished Georgian residence of notable heritage: this elegant country home offers an increasingly rare opportunity to acquire a property of classical architectural beauty and significant potential.' Opportunity knocks It has over 3,750 sq ft, with three elegant reception rooms and basic kitchen off a wide and accommodating central hall inside a neo-classical fan-lit entrance with glazed side panels and fluted pilasters. Here too is an elegant staircase with curving hardwood handrail, and a feature arched tall sash window on the stairs turn, while the first floor landing has a magnificent vaulted ceiling dropping in precise arches to original doorcases to the principal doorcases. Vaulted landing ceiling There are three large bedrooms, two of them double aspect and one has an en suite bathroom in what might in earlier centuries have been a nursery, plus two smaller ones, one to the front over the main door entrance with views to a large eleven acre field past mature trees and drive, and a fifth, small bedroom is next to the main, basic bathroom with cast iron bath. Two of the bedrooms have fireplaces, as do two of the main reception rooms, one in white marble, the other black, and nearly all windows are sliding timber sashes, with a few modern replacements perhaps done a few decades ago and maybe one or two, inconsequential small pvc frames at the rear. The main front elevation windows are small paned Georgian ones, in a 12 over eight arrangement downstairs, and eight over eight on the upper level, and many have shutters, with sections cut into the walls to the side to allow security bars be drawn across them. The same, robust and secure locking feature is also evident in a downstairs back room's door frame. MAIN rooms downstairs have original wide doorcases, some of them roughly stripped back, indicative perhaps of the way many who may come to view will see Riverview House as a rare canvas to work with, within a half hour's drive of Cork city, international airport, and Kinsale, and as a springboard to the more rugged wilds of on-brand West Cork. Much of the exterior is lime render dash, with some hung slate visible under sections, whilst a recent treatment of the main front and side facades has been done in lime render dash or harling, supplied by Richard Good-Stephenson of Innishannon's Cor Castle and Roundtower Lime. In the right hands, the nature of Riverview House will dictate the route to take to get it back to appropriate finery: it may not even need a huge budget? Among the many pluses are the rarity of West Cork Georgian homes in such a relatively untouched state (it's had a good roof kept overhead, with rainwater goods maintained,) has central heating, the most basic kitchen, and a garden room/sun room has been added on the southern side off the dining room via double doors, overlooking the approach avenue. Riverview House is up a relatively short approach avenue lined with century old beech trees, limes, cedars, fig, camellias, and more,with bluebells now just ending their spring bursts underneath: the entrance gates are superb, original white cast iron beauties in bowed side walls, with a second 'right of way' entrance 100 metres along the round boundary to the magnificent courtyard, with stables and commodious lofted stores (with external stone step access) and arched 'car barn.' That second access is shared with a neighbouring farmer, part of whose own stone outbuildings abut those of Riverview House (there's is no river to view!) and which most likely would have been part of the estate prior to its divide in the 1940s, a step in this home's long history, and roots back to the heady days of the Cavendish/Dukes of Devonshire family's vast Cork and Waterford estates, exceeding 60,000 acres in the mid-19th century. VERDICT: A small but charming slice today of rich Bandon land and estate heritage, with a solid Georgian home at its core. Its wonderful courtyard is, in so many ways, a rival for the attractiveness and prospects of the residence itself….horses, for courses, indeed.
Yahoo
09-05-2025
- Business
- Yahoo
Lee Enterprises Inc (LEE) Q2 2025 Earnings Call Highlights: Navigating Cyber Challenges and ...
Release Date: May 08, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Lee Enterprises Inc (NASDAQ:LEE) has shown resilience and focus in recovering from a significant cyber event that disrupted operations. The company is committed to its digital transformation strategy, aiming for $450 million in digital revenue by 2028. Digital subscription revenue has grown 40% annually over the last three years, significantly outpacing industry competitors. LEE launched a suite of innovative AI products to support local businesses, which is expected to accelerate digital revenue growth. The company has executed $40 million in annualized cost reductions, improving margins and lowering costs. The cyber incident significantly impacted quarterly financial performance, including operating revenue and advertising trends. Net loss for the quarter was $12 million, with minimal free cash flow. The cyber event hampered the ability to bill and collect from customers, affecting working capital. Despite recovery efforts, there are lingering impacts on the balance sheet, with increased accounts receivable and payable. First-half results lagged expectations, and the company is working to improve digital revenue growth in the second half of the fiscal year. Warning! GuruFocus has detected 7 Warning Signs with LEE. Q: Net loss totaled $12 million in the quarter and free cash flow was minimal. Does that include the interest deferral? When do we expect to be free cash flow positive? A: The net loss includes the expense associated with our debt, even though the payments were waived. We expect to be free cash flow positive in the second half of fiscal year 2025 due to significant changes in our cost structure and the digital revenue outlook. - Tim Milledge, CFO Q: How did the cyber incident impact your financial performance and operations? A: The cyber incident significantly disrupted our operations, impacting advertising revenue trends and subscription revenue. Despite this, digital revenue grew 4% year-over-year, led by a 20% increase in digital subscription revenue. - Kevin Mowbray, CEO Q: Can you elaborate on your digital transformation and AI product offerings? A: We launched a suite of AI products in March to help local businesses thrive. Our AI Enablement product is designed to prepare businesses for AI transformation in advertising. We also introduced AISocial and Smart as additional tools. - Kevin Mowbray, CEO Q: What measures have you taken to manage costs and improve financial sustainability? A: We executed approximately $40 million in annualized cost reductions in the second quarter, focusing on driving margins and lowering costs, particularly in print. We also lowered anticipated capital and restructuring spending. - Tim Milledge, CFO Q: How is your balance sheet affected by the cyber incident, and what steps are you taking to improve it? A: The cyber incident impacted our ability to bill and collect from customers, affecting our balance sheet. We are working to improve working capital by reducing accounts receivable and payable. Additionally, we are monetizing non-core assets to improve liquidity. - Tim Milledge, CFO For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
18-04-2025
- Business
- Yahoo
Latest tourism agency allegations draw varied responses
GEORGE F. LEE / GLEE @ Visitors took in the sights Wednesday aboard an E Noa Tours double-decker bus on Royal Hawaiian Avenue in Waikiki. GEORGE F. LEE / GLEE @ Visitors took in the sights Wednesday aboard an E Noa Tours double-decker bus on Royal Hawaiian Avenue in Waikiki. It is unclear how the Hawai 'i Tourism Authority board will deal with concerns over late payments to contractors and state probes to determine whether the agency committed procurement or ethics violations. But some of those at the center of the allegations that surfaced Tuesday during an HTA Budget, Finance, and Convention Center Standing Committee say they were blindsided, and want the chance set the record straight before the full HTA board responds. David Arakawa, BFCC chair, led discussions Tuesday during the BFCC committee meeting where it was revealed that the state Attorney Gen eral's Office is reviewing whether HTA must pay $780, 000 in interest for millions of dollars in late payments to the Hawai 'i Visitors and Convention Bureau. During the meeting, James Kunane Tokioka, state Department of Business Economic Development and Tourism director and HTA board member, disclosed that another pending issue is a possible procurement violation for HTA in relation to a Los Angeles marketing activation executed by HVCB last fall as part of a Maui recovery plan. Arakawa also brought up a potential ethics issue when he questioned why HVCB, the Council for Native Hawaiian Advancement's Kilohana and the Hawaii Lodging and Tourism Association were named as premier partners for the HTA's fall Hawai 'i Tourism Conference when they did not pay sponsorship fees. Arakawa told the Honolulu Star-Advertiser that he anticipates that the next steps will include gathering more evidence. The BFCC committee will consider a full report before it votes on recommendations to bring to the full board, he said. Don 't miss out on what 's happening ! Stay in touch with breaking news, as it happens, conveniently in your email inbox. It 's FREE ! Email 28141 Sign Up By clicking to sign up, you agree to Star-Advertiser 's and Google 's and. This form is protected by reCAPTCHA. Aaron J. Sala, HVCB president and CEO, said he was traveling to American Samoa during the Tuesday meeting and could not immediately respond to the Star-Advertiser's request for comment In an email Wednesday to the Star-Advertiser, Sala said HVCB is currently awaiting $9.5 million in payments from HTA for services rendered between October and March. Sala said, 'The delayed payments have accumulated interest at the statutory rate of 9.75 % per annum as specified in the State Comptroller's Memorandum No. 2024-27 (2 December 2024 ) regarding late vendor payments.' He also addressed the fall conference, saying, 'HVCB was a major contributor to this important industry event and was acknowledged as such, but at no point was HVCB asked to provide financial sponsorship for this event.' Tom Mullen, HVCB chief operating officer, addressed the Los Angeles activation. Mullen said HVCB carried out the $1.5 million promotional activation—targeting the critical Southern California market—at the request of HTA and with unanimous approval from the HTA board on July 25. 'HVCB updated our work plan to include this activation and increased our budget accordingly, with the understanding that reimbursement would come from our fiscal year 2026 allocation, ' Mullen said. Mufi Hannemann, HLTA president and CEO, said he was unable to respond to the Star-Advertiser's request for comment Tuesday because he was traveling to American Samoa to meet Gov. Josh Green and others who are commemorating the 125th Flag Day celebration. Hannemann, who is still on the HTA board, stepped down as board chair in March when earlier allegations of Hawai 'i Convention Center discounts surfaced in relation to HLTA and Pacific Century Fellows, which he founded. Current HTA board Chair Todd Apo told the HTA Administrative and Audit Standing Committee on April 7 that he did not 'see an abuse of discretion ' regarding center discounts received by the two nonprofits, and recommended putting the matter 'to bed.' On Wednesday, Hanne-mann addressed the new potential ethics concerns that Arakawa raised about HLTA's status as a premier conference partner in an email to the Star-Advertiser. 'To clarify, the official Hawai 'i Tourism Conference identified these three organizations as 'partners'—not sponsors, it is even listed as such on their website, ' Hannemann said. 'This designation reflected a collaborative effort to support and elevate the conference, not a financial sponsorship.' Hannemann said HLTA played a pivotal role in securing the participation of federal speakers for the event, including Deputy Assistant Secretary for Travel and Tourism Alex Lasry and Bill Hornbuckle, MGM Resorts president and CEO, and chair of the national Travel and Tourism Advisory Board, which Hannemann sits on in his HLTA capacity. 'HLTA was an active member of the Hawai 'i Tourism Conference planning committee, attending weekly meetings and helping to organize several sessions such as the workforce development workshop, ' Hannemann said. 'We also assisted in marketing the conference and its sponsorship opportunities to our membership statewide.' Hannemann noted that HTA's conference website refers to HVCB, Kilohana and HLTA as premier conference partners and the other groups as sponsors. But Arakawa said the sponsorship solicitation sheet refers to paying sponsors, whose contributions ranged from $7, 500 to $2, 500, as partners. He said his inquiry started after the Hawai 'i Hotel Alliance asked how they could become premier conference partners. Arakawa said HTA has not produced written criteria for how it chose its premier conference partners, whose logos were prominently displayed throughout the website and other conference materials. '(The criteria ) is in writing for every other partner except for the three top guys, ' Arakawa said. 'You would think for the top people it would definitely be in writing unless they did not want any criteria that they could be held to or they didn't want anybody else to qualify for it.' Caroline Anderson, interim HTA president and CEO, told the Star-Advertiser on Wednesday that her predecessor, Daniel Naho 'opi 'i, debuted the idea of asking HVCB, Kilohana and HLTA to serve as premier conference partners to expand HTA's reach and to assist with conference planning and programming. 'I know for sure there was no outside pressure to influence that decision, ' she said. 'I felt it was a benefit. We definitely saw our attendance grow from 2023, when it was about 500, to over 600 in 2024. I believe the (premier conference partner ) sessions were well attended. From the comments that I heard, those sessions were really well put together.' Lee-Ann Choy, principal of Pacific Rim Concepts LLC, the HTA contractor that put on the conference, said the premier conference partners encouraged members to attend, and as a result increased exhibitors, who paid $150 to participate in the Tourism Expo. 'I saw many new businesses that I had not seen before, ' she said. HTA board member Stephanie Iona opined that the BFCC meeting shared incorrect information based on her checks of the fall Hawai 'i Tourism Conference website, flyers, discussions with Anderson and her own past experience in event planning. 'As a member of the (BFCC ) committee, I was taken aback by this issue being discussed with no advance information, or I would have done my due diligence to help my colleagues on the committee to be responsible in reporting accurate information to the public, ' Iona said. 'To embarrass any of our valued partners in this manner is not pono, and I am heart broken that this behavior caused them any embarrassment, especially when they are so essential to our success in tourism.' Apo, who was out of town Tuesday, told the Star-Advertiser on Wednesday that he needs a better understanding of the latest issues before determining his next steps as HTA board chair. 'I need to understand the allegations and the history more to determine how we best look at the issues that got raised at the committee meeting yesterday, ' Apo said. 'There is the potential of internal efforts, (state Attorney General's Office ) efforts, (state ) Ethics Commissions efforts, and I just don't know enough about where any of those are. I'm going to work to understand that and to put them in their right places to make sure that we take a really strong look at the situation and get to a resolution in a timely manner.' The State Ethics Commission told the Star-Advertiser on Tuesday that investigations are confidential, and it cannot comment if an investigation has been opened. Toni Schwartz, spokesperson for the state Department of the Attorney General, told the Star-Advertiser on Thursday that 'The Department of the Attorney General cannot share legal opinions or advice given to clients.' Apo said that he has had discussions with board members about the need to bifurcate 'looking at and dealing with past issues ' and 'the focus on moving forward.' 'We need to make sure that cleaning up the past doesn't impact our ability to move forward in the way that we need to for the industry, ' he said.
Yahoo
01-04-2025
- Health
- Yahoo
Higher cigarette tax clears key Hawaii Senate committee
GEORGE F. LEE / FEB. 6 The University of Hawaii Cancer Center in Kakaako. GEORGE F. LEE / FEB. 6 The University of Hawaii Cancer Center in Kakaako. A bill proposing a 2-cent increase in the state cigarette tax that would boost funding for the University of Hawaii Cancer Center passed its first hearing before a key Senate committee Monday despite ongoing opposition from retailers who worry about increased shoplifting and lost cigarette sales. The latest version of House Bill 441 crossed over into the Senate at the midpoint of the legislative session and moved out of the Senate Ways and Means Committee on Monday. If approved this year and signed into law, Hawaii's per-cigarette tax would jump to 18 cents from 16 cents on Jan. 1. The increase would go to the Hawai 'i Cancer Research special fund while simultaneously making it more expensive to buy cigarettes across the islands, with the goal of reducing cancer rates. But UH officials have pushed back against a Senate amendment to HB 441 that would dedicate the additional 2-cent tax to reducing the cancer center's debt on capital improvement costs. Cigarette tax revenue funded construction of the cancer center and its efforts to fight cancer, including reducing tobacco use. 'However, due to the success of smoking cessation efforts, this allocation has declined, indicating both progress in public health and a concerning decrease in resources for the initiatives that have fueled this advancement, ' according to testimony submitted to the Ways and Means Committee by Cancer Center Director Naoto Ueno and UH Manoa Provost Michael Bruno. Don 't miss out on what 's happening ! Stay in touch with breaking news, as it happens, conveniently in your email inbox. It 's FREE ! Email 28141 Sign Up By clicking to sign up, you agree to Star-Advertiser 's and Google 's and. This form is protected by reCAPTCHA. 'Now providing less than half the funding compared with that of 2009, this source of allocation is no longer able to support its original intent to provide a top-notch facility, and to invest in the most promising cancer research, clinical care and community outreach.' Increasing the cigarette tax to fund the cancer center has been endorsed by state agencies including the Department of Health and health organizations such as The Queen's Health Systems, Hawai 'i Public Health Institute, American Cancer Society Cancer Action Network, American Heart Association and 38 people who submitted individual testimony of support. Opposition includes testimony from Tina Yamaki, president of the Retail Merchants of Hawaii. She wrote that an increase in the cigarette tax would disproportionately burden lower-income smokers, 'who are already struggling with the high cost of living in Hawai 'i.' A higher tax also could hurt small businesses, leading to job losses and potential business closures 'in an already fragile economic climate, ' Yamaki said. They could also lose cigarette sales through increased shoplifting and from the loss of customers who might ask military friends and family to buy them tax-exempt cigarettes through Hawaii's military bases, she said. Yamaki also criticized linking cigarette sales to fund cancer center research. 'Cigarette consumption has been steadily declining due to increased awareness and existing tax measures, ' Yamaki wrote. 'Tying funding for critical research and other special funds to an unstable revenue source creates long-term financial uncertainty for the Hawai 'i Cancer Research Special Fund. Alternative, more sustainable funding mechanisms should be considered for this or any other special fund.' A separate Senate bill, SB 1204, would have forced the cancer center to merge with the UH medical school, which UH previously said would jeopardize the center's accreditation. SB 1204 appears dead this session. It represented the latest effort by state Sen. Donna Kim, who chairs the Senate Higher Education Committee, to merge the cancer center with UH's John A. Burns School of Medicine and have the center's director report to the medical school dean. A similar bill Kim introduced in 2020 was opposed by then-UH President David Lassner. Earlier this legislative session, new UH President Wendy Hensel told Kim and other members of the Senate Higher Education Committee that UH would return with a recommendation over whether to merge the cancer center into JABSOM.
