NEW YORK, N.Y. - The Associated Press posted a profit of $3.3 million in 2013, as it cut costs across the organization. The results compared with a loss of $25.5 million a year ago, according to the news co-operative's annual financial report, released Wednesday.
Revenue fell 4 per cent to $596 million as income from newspaper clients continued to fall and Google stopped licensing news content.
The revenue decline was offset by a sharper drop in operating expenses, which fell nearly 7 per cent, to $604 million.
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's annual report for 2013: http://bit.ly/1h84jPW