The Associated Press shared details of its finances with Guild negotiators Friday, reiterating much of what CEO Gary Pruitt said earlier this year at a town hall meeting with staff.
The AP said its projected revenue for 2013 is $599 million, down from $622 million a year earlier. On the good news side, the company said its operating cash profits are projected to be $37 million in 2013, up from $24 million a year earlier.
The company also said its debt, which was $36 million in August 2012, was $10 million in June 2013. Some of the debt was projected, the company said, as the AP made major capital investments, such as HD cameras.
For a look a the company’s slides on AP’s finances, click here:
For details on the company’s estimate of savings from its dismissal pay proposal, click here:
For details on AP’s figures on cash operating profits, click here.
The figures show that the company expects to cut expenses by $36 million from December 2012 to December 2013. The Guild asked how much of the reduction was due to cuts in compensation. You’ll see from the link to the cash operating profits that the savings from compensation cuts was $10 million, while the savings from freelance use was $5 million. Continue reading