The Capital Times Co., half owner of Capital Newspapers, last week made a $5 quarterly distribution to stockholders, or $600,000 on its 120,000 shares. That's much less than usual (the company's four quarterly dividends topped $60 in 2007) but better than the summer quarter's payout: nothing.
Meanwhile, Cap News' other half-owner, Lee Enterprises (see "Taking Stock of Lee's Up and Downs," 11/05/09), just reported a third-quarter profit of $1.7 million, a sizable improvement from the same period last year, when it lost $192 million. (Overall revenues are down, $244.8 million to $195.8 million, between the two quarters.) And the company's stock price continues to rise, on Tuesday hitting a 52-week high of $4.25 per share, up from a low of 24 cents.
Next thing you know, the employees who suffered to produce this turnaround will be rewarded. Any day now....
