By: Mark Fitzgerald A.H. Belo Corp., publisher of The Dallas Morning News and The Providence (R.I.) Journal, is laying off another 500 people and cutting expenses by $50 million before the end of the first quarter -- but it won't stop publishing or home deliver on certain days, Chairman and CEO Robert Decherd told analysts Tuesday afternoon.
"We have a mind to continue operating the seven-day business model we have," Decherd said in the conference call. "We think with the headcount reduction and getting cost reductions that are not related to people that if we can do this successfully, we've created some runway -- and we don't have to risk the alienating our loyal customers who expect a paper every way."
Decherd noted that the company had similarly reduced staffing and expenses last year, shrinking costs by $45 million.
"It's an aggressive approach, a conscious effort to get ahead of revenue trends," Decherd said of the cuts. The latest round of job cuts amounts to more than one-sixth of the 2,950-person workforce. At the beginning of last year, A.H. Belo employed about 3,600 people.
The company is implementing other measures beginning in April, including ceasing retirement plan matching contributions and charging employees to park at its downtown Dallas lots.
For more on A.H. Belo's Q4 conference call, and its affect on its stock, check out E&P's business-oriented blog
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