The ad recession affecting its members and clients was felt last year by the Associated Press. The news cooperative announced that 2009 revenues fell nearly 10% to $676.1 million.
It was the first revenue decline for the AP since a 6% drop in 1993. The news cooperative noted that it had been cutting fees for both newspapers and broadcasters “to help them deal with their own financial woes.” The AP said it reduced payroll expenses by 10% in 2009.
Net income fell 65% to $8.8 million in 2009 from $25.1 million in 2008. That would have been a lot worse – a net loss, in fact – except for a one-time gain from the sale of AP’s former German-language service.
Even with the revenue decline, the AP ended 2009 with $53.2 million in cash, up from $34.5 million. It also reduced debt by about $1 million to $4.2 million.
The AP released its 2009 financial results at its annual meeting in New York.