UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 12 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report: April 16, 2004

Commission File Number 1-6227

LEE ENTERPRISES, INCORPORATED
(Exact name of Registrant as specified in its charter)

Delaware 42-0823980
(State of Incorporation) (I.R.S. Employer Identification No.)

215 N. Main Street, Davenport, Iowa 52801
(Address of Principal Executive Offices)

(563) 383-2100
Registrant’s telephone number, including area code

Item 12. Results of Operations and Financial Condition

On April 16, 2004, Lee Enterprises, Incorporated (the Registrant) reported its second fiscal quarter results and is furnishing the earnings release required under Item 12. The Company also reported its revenues for the month of March 2004, and is furnishing the related release under Item 12. The following exhibits are included herein:

EXHIBIT 99.1 Earnings Release - Second Quarter Ended March 31, 2004

EXHIBIT 99.2 Monthly Revenue Release — March 2004

The earnings release contains several non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows of the Company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation within the earnings release of all non-GAAP financial measures to the most directly comparable GAAP financial measures.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		LEE ENTERPRISES, INCORPORATED


Date: April 16, 2004		/s/Carl G. Schmidt
		Carl G. Schmidt
		Vice President, Chief Financial Officer,
		and Treasurer

EXHIBIT 99.1 Earnings Release - Second Quarter Ended March 31, 2004

Lee Enterprises
215 Main St.
Davenport, IA 52801-1924
www.lee.net

NEWS RELEASE

Lee Enterprises reports advertising growth of 6.6%
and earnings growth of 9.1% in second quarter

DAVENPORT, Iowa (April 16, 2004) — Lee Enterprises, Incorporated (NYSE: LEE), reported today that diluted earnings per common share from continuing operations were 36 cents for its second quarter ended March 31, 2004. The results represent an increase of 9.1 percent over earnings of 33 cents a year ago.

Advertising revenue increased 6.6 percent to $116.5 million, and total operating revenue increased 5.3 percent to $160.3 million. Operating expenses, excluding depreciation and amortization, rose 5.5 percent to $121.6 million, led by an increase of 10.7 percent for newsprint and ink. Operating cash flow⁽¹⁾ increased 4.7 percent to $38.8 million. Operating cash flow margin⁽¹⁾ was 24.2 percent, compared with 24.3 percent a year ago. Operating income, which includes equity in net income of associated companies and depreciation and amortization, rose 4.5 percent to $28.4 million. Income from continuing operations increased 11.4 percent to $16.3 million. Net income increased 8.1 percent to $15.8 million.

On a same property basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, total advertising revenue for the quarter ended March 31, 2004, increased 5.9 percent from a year ago and total operating revenue increased 4.6 percent.

“Lee delivered another excellent quarter,” said Mary Junck, chairman and chief executive officer. “Advertising and total revenue increased sharply against the strongest percentage growth quarter of last year, as we have continued to intensify our sales programs. Meanwhile, we’ve kept our focus, too, on circulation, strong local news, online growth and cost controls.”

As previously announced, results for the quarter include a pretax charge of $550,000 to accrue for the prospect that Lee, among many others, will be required to refund critical vendor payments received from Kmart Corporation during its bankruptcy proceedings in 2002. The charge reduced earnings for the quarter by less than one cent per common share.

YEAR TO DATE

For the six months ended March 31, 2004, advertising revenue increased 5.4 percent to $245.6 million, and total operating revenue increased 4.3 percent to $333.3 million. Operating expenses, excluding depreciation and amortization, rose 4.2 percent to $243.7 million, led by an increase of 10.5 percent for newsprint and ink. Operating cash flow⁽¹⁾ increased 4.5 percent to $89.7 million. Operating cash flow margin⁽¹⁾ was 26.9 percent, compared with 26.8 percent a year ago. Operating income, rose 4.8 percent to $70.3 million. Income from continuing operations increased 10.1 percent to $40.7 million. Net income increased 8.7 percent to $40.3 million.

On a same property basis, total advertising revenue for the six months ended March 31, 2004, increased 5.0 percent from a year ago and total operating revenue increased 4.0 percent.

Tables follow.

Lee Enterprises is based in Davenport, Iowa, and is the premier publisher of daily newspapers in midsize markets. Lee owns 38 daily newspapers and a joint interest in six others, along with associated online services. Lee also publishes nearly 200 weekly newspapers, shoppers and classified and specialty publications. Lee stock is traded on the New York Stock Exchange under the symbol LEE. More information about Lee Enterprises, including revenue statistics for March, is available at www.lee.net.

LEE ENTERPRISES, INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

			Three Months Ended								Six Months Ended
				March 31								March 31

(Thousands, Except EPS Data)		2004			2003			%		2004			2003			%

Operating revenue:
Advertising revenue:
Retail	$	62,571		$	60,352		3	.7%		$140,108			$135,591		3	.3%
National		4,595			3,754		22	.4		9,281			7,809		18	.9
Classified:
Daily newspapers:
Employment		10,515			9,192		14	.4		19,541			17,898		9	.2
Automotive		9,445			9,620		(1	.8)		19,381			19,745		(1	.8)
Real estate		8,287			7,573		9	.4		16,493			14,794		11	.5
All other		6,443			6,130		5	.1		13,249			12,891		2	.8
Other publications		8,919			8,336		7	.0		17,401			16,652		4	.5

Total classified		43,609			40,851		6	.8		86,065			81,980		5	.0
Niche publications		3,018			2,411		25	.2		5,113			3,997		27	.9
Online		2,690			1,892		42	.2		4,985			3,619		37	.7

Total advertising revenue		116,483			109,260		6	.6		245,552			232,996		5	.4

Circulation		32,529			32,391		0	.4		65,509			65,254		0	.4
Commercial printing		4,777			4,404		8	.5		9,502			9,374		1	.4
Online services & other		6,555			6,235		5	.1		12,765			11,960		6	.7

Total operating revenue		160,344			152,290		5	.3		333,328			319,584		4	.3

Operating expenses:
Compensation		68,974			66,239		4	.1		137,358			133,492		2	.9
Newsprint and ink		14,542			13,131		10	.7		30,222			27,360		10	.5
Other operating expenses		38,056			35,877		6	.1		76,074			72,925		4	.3

Operating expenses,
excluding depreciation
and amortization		121,572			115,247		5	.5		243,654			233,777		4	.2

Operating cash flow(1)		38,772			37,043		4	.7		89,674			85,807		4	.5
Depreciation		5,062			4,741		6	.8		9,622			9,079		6	.0
Amortization		6,909			6,697		3	.2		13,665			13,452		1	.6

Operating income, before
equity in net income of
associated companies		26,801			25,605		4	.7		66,387			63,276		4	.9
Equity in net income of
associated companies		1,589			1,553		2	.3		3,881			3,771		2	.9

Operating income		28,390			27,158		4	.5		70,268			67,047		4	.8

Non-operating income:
Financial income		267			203		31	.5		565			543		4	.1
Financial expense		(3,398	)		(4,270	)	(20	.4)		(6,934	)		(8,960	)	(22	.6)
Other, net		(266	)		(43	)	N	M		(294	)		(387	)	(24	.0)

		(3,397	)		(4,110	)	(17	.3)		(6,663	)		(8,804	)	(24	.3)

Income from continuing
operations before
income taxes		24,993			23,048		8	.4		63,605			58,243		9	.2
Income tax expense		8,721			8,446		3	.3		22,936			21,288		7	.7

Income from continuing
operations		16,272			14,602		11	.4		40,669			36,955		10	.1
Discontinued operations		(458	)		22		N	M		(376	)		127		N	M

Net income	$	15,814		$	14,624		8	.1%	$	40,293		$	37,082		8	.7%

Earnings per common share:
Basic:
Continuing operations	$	0.36		$	0.33		9	.1%	$	0.91		$	0.84		8	.3%
Discontinued operations		(0.01	)		-		N	M		(0.01	)		-		N	M

Net income	$	0.35		$	0.33		6	.1%	$	0.90		$	0.84		7	.1%

Diluted:
Continuing operations	$	0.36		$	0.33		9	.1%	$	0.90		$	0.83		8	.4%
Discontinued operations		(0.01	)		-		N	M		(0.01	)		-		N	M

Net income	$	0.35		$	0.33		6	.1%	$	0.90		$	0.84		7	.1%

Average common shares:
Basic		44,742			44,257					44,658			44,239
Diluted		45,050			44,405					44,945			44,379

SELECTED BALANCE SHEET INFORMATION


			March 31

(Thousands)		2004			2003

Cash and temporary cash investments	$	14,289		$	17,380
Total assets		1,408,520			1,436,608
Debt, including current maturities		263,600			357,200
Stockholders' equity		837,015			768,179

NOTES:

(1)

Operating cash flow, which is defined as operating income before depreciation, amortization and equity in net income of associated companies, and operating cash flow margin (operating cash flow divided by operating revenue) represent non-GAAP financial measures. A reconciliation of operating cash flow to operating income, the most directly comparable measure under accounting principles generally accepted in the United States (GAAP), is reflected in the tables accompanying this release. The Company believes that operating cash flow and the related margin ratio are useful measures of evaluating its financial performance because of their focus on the Company’s results from operations before depreciation and amortization. The Company also believes that these measures are several of the alternative financial measures of performance used by investors, rating agencies and financial analysts to estimate the value of a company and evaluate its ability to meet debt service requirements.

(2)

Certain amounts as previously reported have been reclassified to conform with the current period presentation. Also, in order to report revenue statistics on a basis more consistent with peer newspaper companies and to recognize the growing importance of niche and online advertising revenue, several revenue categories have been reclassified. The prior period has been restated for comparative purposes, and the reclassifications have no impact on earnings.

(3)

Same property comparisons exclude acquisitions and divestitures made in the current or prior year. Same property revenue also excludes revenue of Madison Newspapers, Inc., (MNI). Lee owns 50% of the capital stock of MNI, which for financial reporting purposes is reported using the equity method of accounting.

(4)

The Company disclaims responsibility for updating information beyond the release date.

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 and 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 are changes in advertising demand, newsprint prices, interest rates, labor costs, legislative and regulatory rulings and other results of operations or financial conditions, difficulties in integration of acquired businesses or maintaining employee and customer relationships and increased capital and other costs. The words “may,” “will,” “would,” “could,” “believes,” “expects,” “anticipates,” “intends,” “plans,” “projects,” “considers” and similar expressions generally identify 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 publicly undertake to update or revise its forward-looking statements.

Contact: dan.hayes@lee.net, (563) 383-2100

EXHIBIT 99.2 Monthly Revenue Release — March 2004

Lee Enterprises
215 Main St.
Davenport, IA 52801-1924
www.lee.net

NEWS RELEASE

Lee Enterprises reports revenue growth

DAVENPORT, Iowa (April 16, 2004) — Lee Enterprises, Incorporated (NYSE: LEE), reported today that total advertising revenue for February and March increased 6.5 percent over a year ago, and total operating revenue increased 6.2 percent.

Separate February and March comparisons with the previous year are distorted by the movement of an additional Sunday between periods. February 2004 and March 2003 each included five Sundays, while February 2003 and March 2004 each included four Sundays. Even with the loss of a Sunday, however, March 2004 revenue exceeded a year ago.

For the two months combined, on a same property⁽²⁾ basis, which excludes the impact of acquisitions and divestitures made in the current or prior year, retail advertising revenue increased 4.0 percent over the previous year, and classified revenue rose 6.5 percent, with employment up 18.9 percent, automotive down 4.5 percent, real estate up 9.3 percent, other newspaper classified categories up 0.5 percent, and classified in non-daily publications up 7.4 percent. National advertising revenue, a small category for Lee, increased 25.5 percent. Niche publication revenue increased 12.9 percent and online advertising revenue increased 45.6 percent. Total advertising revenue increased 6.5 percent. Circulation revenue was flat.

The following tables combine February and March operating revenue and volume to eliminate the effect of the Sunday exchanges and facilitate comparison.


		February-March Combined

(Thousands)	2004	2003		%

Advertising revenue:
Retail	$ 43,732	$ 42,051	4	.0%
National	3,080	2,454	25	.5
Classified:
Daily newspapers:
Employment	7,418	6,237	18	.9
Automotive	6,329	6,624	(4	.5)
Real estate	5,686	5,201	9	.3
All other	4,170	4,149	0	.5
Other publications	6,138	5,714	7	.4

Total classified revenue	29,741	27,925	6	.5
Niche publications	1,869	1,655	12	.9
Online	1,918	1,317	45	.6

Total advertising revenue	80,340	75,402	6	.5
Circulation	21,571	21,563		-
Commercial printing	3,226	2,950	9	.4
Online services and other	4,455	4,324	3	.0

Total same property
operating revenue	109,592	104,239	5	.1
Acquisitions	1,079	-	N	M

Total operating revenue	$ 110,671	$ 104,239	6	.2%

DAILY NEWSPAPER ADVERTISING VOLUME


		February-March Combined

(Thousands of Inches)	2004		2003		%

Retail	1,583		1,536	3	.1%
National	96		74	29	.7
Classified	1,745		1,715	1	.7

Total, same property	3,424		3,325	3	.0%

Revenue statistics for March, year to date and quarter follow.

LEE ENTERPRISES, INCORPORATED
Revenue and Statistical Summary
(Unaudited)

OPERATING REVENUE


			March			Six Months Ended March 31

(Thousands)		2004		2003		%		2004		2003		%

Advertising revenue:
Retail	$	22,071	$	22,503	(1	.9)%	$	139,641	$	135,591	3	.0%
National		1,604		1,243	29	.0		9,244		7,809	18	.4
Classified:
Daily newspapers:
Employment		3,791		3,452	9	.8		19,525		17,898	9	.1
Automotive		3,237		3,539	(8	.5)		19,379		19,745	(1	.9)
Real estate		2,834		2,808	0	.9		16,480		14,794	11	.4
All other		2,120		2,196	(3	.5)		13,156		12,891	2	.1
Other publications		3,126		2,796	11	.8		17,234		16,652	3	.5

Total classified revenue		15,108		14,791	2	.1		85,774		81,980	4	.6
Niche publications		1,108		1,094	1	.3		5,113		3,997	27	.9
Online		1,040		688	51	.2		4,974		3,619	37	.4

Total advertising revenue		40,931		40,319	1	.5		244,746		232,996	5	.0
Circulation		10,743		11,459	(6	.2)		65,327		65,254	0	.1
Commercial printing		1,673		1,454	15	.1		9,417		9,374	0	.5
Online services and other		2,331		2,260	3	.1		12,759		11,960	6	.7

Total same property
operating revenue		55,678		55,492	0	.3		332,249		319,584	4	.0
Acquisitions		526		-	N	M		1,079		-	N	M

Total operating revenue	$	56,204	$	55,492	1	.3%	$	333,328	$	319,584	4	.3%