Revenue fell 4 percent to
The revenue decline was offset by a sharper drop in operating expenses, which fell nearly 7 percent, to
The AP earned nearly
The AP eliminated its long-term debt and said it expects a small amount of revenue growth this year, which would mark the first gain since 2008.
"AP is in a financially strong position," CEO
The decline in newspaper revenue was partially offset by gains in video and photo sales, as well as in the sale of infrastructure support to other news organizations. The support comes in the form of equipment and camera crews, which it supplies through its
The AP's forecast 2014 revenue gain is expected to come from increasing sales of video, photos and its video newsroom software, Essential News Production System, said chief financial officer
In 2014, AP plans to bolster its coverage of the 50 states, focusing on state government. The organization plans to add 20 to 30 new reporters to help with the effort.
The AP also plans to improve its video capabilities and revamp its Arabic language news service.
The Associated Press, founded in 1846, is owned by 1,400 U.S. newspapers and is largely a wholesaler of news. It sells the content that its journalists gather and produce to newspapers, commercial websites and radio and TV broadcasters.
AP's annual report for 2013: http://bit.ly/1h84jPW
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