TWO-YEAR SUMMARY HIGHLIGHTS Uses l Purchase property & equipment . . . . . . $ 32,494 l Pay Cash Dividends . . 28,288 l Purchase Lee Stock . . . 20,021 l Acquisitions . . . . . . . . 71,609 l Increase Cash . . . . . . . 18,891 ----------------------------------------------------------- Total  . . . . . . . . . . . . $ 171,303 Sources l Operations . . . . . . . . . $ 126,889 l Short-Term  Borrowings . . . . . . . 30,500 l All Other . . . . . . . . . . 13,914 ----------------------------------------------------------- Total  . . . . . . . . . . . . $ 171,303 SOURCES AND U SES OF C ASH FOR YEAR ENDED SEPTEMBER 30, 2000 LEE ENTERPRISES / 2000 Annual Report 1 %  (In Thousands Except Per Share Data) 2000 1999 Change For The Year Operating revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 431,513 $ 413,846 4.3% Income before interest, taxes, depreciation and amortization (EBITDA) . . . . . . . . . . . . . . . . . . . . . . . . 131,793 124,955 5.5 Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,467 97,369 5.2 Gain on sale of publishing properties . . . . . . . . . . . . . . . . . . 18,439 738 N/M Income from continuing operations . . . . . . . . . . . . . . . . . . . 69,875 56,821 23.0 Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,788 11,152 23.6 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,663 67,973 23.1 At Year End Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 746,233 $ 679,513 9.8%  Debt, including current maturities . . . . . . . . . . . . . . . . . . . . 222,932 204,625 8.9 Stockholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 395,167 354,329 11.5 Per Share, Diluted Income from continuing operations . . . . . . . . . . . . . . . . . . . $ 1.58 $ 1.27 24.4% Discontinued operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 .25 24.0 Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.89 1.52 24.3  Dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .64 .60 6.7 Return EBITDA as a percent of revenue . . . . . . . . . . . . . . . . . . . . . 30.5% 30.2% 1.0% Income from continuing operations as a percent of revenue  . . 16.2% 13.7% 18.2% Lee Enterprises, Incorporated and Subsidiaries