Tribune Posts Improved 2010 Financials
The media company said that 2011 will be "challenging" amid lower political TV advertising revenue and continued weakness in print advertising.
NEW YORK - Media company Tribune on Wednesday reported improved financials for 2010 as better TV advertising sales offset other challenges, but it predicted a "challenging" 2011.
Operating cash flow in 2010 reached approximately $635 million, an increase of 28 percent, or more than $140 million, compared to 2009, according to the company. Revenue rose 1 percent.
The company didn't list more financial figures for 2010 in its statement.
“The past year showed substantial improvement over 2009,” CFO Chandler Bigelow said in a statement.
"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," Tribune said.
Meanwhile, the firm's publishing unit, which includes the LA Times and Chicago Tribune, faced a difficult print ad market, but the rate of decline in revenue and operating cash flow slowed "significantly," it said.
The company said that 2011 will remain challenging due to "reduced political advertising in broadcasting and continued pressure on print advertising."