Media General, the Richmond-based parent of the Times-Dispatch, is no longer losing money, but that’s mostly because of deep cuts including more than a week of mandatory furloughs for employees.
The company reported earning $27.4 million in the fourth quarter of 2009. That’s better than last year, when the company lost $85 million on a special impairment.
Revenue in the fourth quarter fell 14 percent from last year, but the company cut expenses 22 percent.
Shares of Media General are trading at around $9.45, up more than 17 percent from Wednesday close of $8.31.
Media General, the Richmond-based parent of the Times-Dispatch, is no longer losing money, but that’s mostly because of deep cuts including more than a week of mandatory furloughs for employees.
The company reported earning $27.4 million in the fourth quarter of 2009. That’s better than last year, when the company lost $85 million on a special impairment.
Revenue in the fourth quarter fell 14 percent from last year, but the company cut expenses 22 percent.
Shares of Media General are trading at around $9.45, up more than 17 percent from Wednesday close of $8.31.