Tribune announces improved results

Well, kinda. The parent company of the LAT says in a news release that operating cash flow was $635 million in 2010, an increase of more than $140 million from the previous year. But I'd take that number with a huge grain of salt because privately held Tribune didn't provide full financial results that would offer a real sense of the company's health. Specifically, there's nothing about ad revenues or operating income - not to mention the company's prospects once it comes out of bankruptcy. Release does note that full-year operating cash flow at the LAT was "essentially unchanged compared to the previous year," which would not seem to be encouraging news (but again, who knows?). A memo to employees (via Romenesko) offers some hint of trouble in 2011.

Now it is time to move forward into 2011. This will be a challenging year due to a number of factors, including a reduction in political advertising in broadcasting and continued pressure on print advertising, particularly in the national advertising category. But, there is also a lot of opportunity ahead. We are organized for success, finding new ways to serve our customers, and working together as one company--but we have to continue to work smart, innovate and be efficient.