Operating Cash Flow Up 44% For Tribune So Far In 2010
August 26, 2010 at 2:46 PM (PT)
TRIBUNE CO. released its financial highlights for the first seven months of 2010 TODAY (8/26), showing operating cash flow up 44% and consolidated operating cash flow margin up from 12% to 18% for the first seven months of 2010.
"We are making solid financial progress," said CEO RANDY MICHAELS. "Despite the noise surrounding our Chapter 11 process and a tough economic environment, we have not only stabilized our business, but in 2010 we have grown cash operating flow -- and we're really just getting started."
"We continue transforming TRIBUNE from a collection of media businesses to a single media company," added MICHAELS. "Working together enables us to continue leveraging the development of scalable, common systems throughout the company, which is the primary factor behind our ability to reduce expenses. Consolidated cash operating expenses were down 7% through JULY, 2010."
"Our employees have done an incredible job," said MICHAELS. "They are talented, innovative, and dedicated to serving our readers, viewers, advertisers and communities. We have built some momentum and accomplished a lot, but there is much more to do."
In a note sent to TRIBUNE employees, MICHAELS and CFO GERRY SPECTOR said, "There's been a lot of media speculation lately regarding our Chapter 11 process -- and the temptation is to let it distract us from the things that matter most: focusing on our business and serving our customers and communities. Try not to pay attention to the outside noise. Our employees are our greatest asset, and our financial performance so far this year has been remarkable -- and that is what counts. Consolidated operating cash flow is up 44% through JULY, and we've substantially increased operating cash flow in both publishing and broadcasting.
Later today, TRIBUNE will file its monthly operating report for JULY 2010 with the U.S. Bankruptcy Court for the District of DELAWARE, showing that the company has approximately $1.6 billion in cash on hand.