Tribune: We finished 2009 with close to $500 million in operating cash flow

Note from Tribune chief executive Randy Michaels and chief operating officer Gerry Spector

From: Tribune Communications
Sent: Wednesday, January 20, 2010 13:18
Subject: Message from Randy and Gerry/2009 Financial Results


As we reach the midpoint of January, now is a good time to give you a quick update about our financial results for 2009. We're still going through the numbers, but thanks to a stronger than expected performance by both the Broadcasting and Publishing Groups in the fourth quarter, it appears we will finish the year with close to $500 million in operating cash flow. Given that we started the year like most media companies, feeling as though we would be fighting for our very survival, this is truly a remarkable achievement.

Thank you for making it possible.

You should be proud. You worked hard, you innovated, you were aggressive, you kept expenses low, and you led from the front. We also got some help from outside the company-newsprint prices turned lower, retailers had a slightly better than expected holiday season, and the economy is improving a little bit.

It's unclear whether these trends will continue, so we'll have to work even faster in 2010. We'll still have to keep our expenses in check and be as efficient as possible, but we're optimistic about where we're headed.

Thanks again for your hard work last year. We're making great progress, let's continue doing so in 2010.

Randy and Gerry

SOURCE: Romenesko