Tribune Company Announces 2010 Financial Highlights
Consolidated Operating Cash Flow Up 29%
CHICAGO, Jan. 26, 2011 /PRNewswire/ -- Tribune Company today announced financial highlights for 2010.*
"The past year showed substantial improvement over 2009," said Chandler Bigelow, Tribune's chief financial officer. "Consolidated operating cash flow in 2010 was approximately $635 million, an increase of more than $140 million compared to full-year 2009."
Thanks to strong performance across its local television station group, the expansion of local programming and robust political advertising in the fourth quarter, the company's broadcasting division had an exceptional year in 2010. On the publishing side, despite a difficult environment for print advertising, the rate of decline in both revenue and operating cash flow slowed significantly compared to 2009. At Tribune Publishing's two largest business units, the Los Angeles Times and Chicago Tribune, 2010 full-year operating cash flow was essentially unchanged compared to the previous year.
Other full-year financial highlights for 2010 include:
- Consolidated revenue increased one percent compared to 2009.
- Consolidated operating cash flow margin increased more than four percentage points, to almost 20%, compared to the previous year.
- Consolidated cash operating expenses decreased four percent compared to 2009.
Tribune's financial results for 2010 are due, in large part, to the great work of thousands of employees, who continue transforming the company from a collection of newspapers and broadcast stations to a media company with innovative products providing news, information and entertainment across multiple platforms.
The company said that 2011 will remain challenging due to reduced political advertising in broadcasting and continued pressure on print advertising, particularly in the national advertising category.
Late yesterday, Tribune filed its monthly operating report for December 2010 with the U.S. Bankruptcy Court for the District of Delaware.
The Company uses cash operating expenses and operating cash flow to evaluate internal performance. "Cash operating expenses" are defined as operating expenses before depreciation and amortization, write-downs of intangible assets, stock-based compensation, certain special items including severance, non-operating items, and reorganization costs. "Operating cash flow" is defined as earnings before interest and dividend income, interest expense, equity income and losses, depreciation and amortization, write-downs of intangible assets, stock-based compensation, certain special items including severance, non-operating items, and reorganization costs. Cash operating expenses and operating cash flow are not measures of financial performance under GAAP and should not be considered as a substitute for measures of financial performance prepared in accordance with GAAP.
TRIBUNE is one of the country's leading multimedia companies, operating businesses in publishing, interactive and broadcasting. In publishing, Tribune's leading daily newspapers include the Los Angeles Times, Chicago Tribune, The Baltimore Sun, Sun Sentinel (South Florida), Orlando Sentinel, Hartford Courant, The Morning Call and Daily Press. The company's broadcasting group operates 23 television stations, WGN America on national cable and Chicago's WGN-AM. Popular news and information websites complement Tribune's print and broadcast properties and extend the company's nationwide audience.
*Tribune Company and its subsidiaries maintain their financial records in accordance with generally accepted accounting principles ("GAAP"); however, the information included herein is unaudited and preliminary and includes some non-GAAP financial measures.
SOURCE Tribune Company
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