AP posts profit in 2013 even as revenue falls

Source: AP-Excite

By The Associated Press
NEW YORK (AP) — The Associated Press said Wednesday that it posted a net profit of $3.3 million in 2013, as it cut costs across the organization. The results compare with a loss of $25.5 million a year ago, according to the news cooperative's annual financial report, released Wednesday.

Revenue fell 4 percent 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 percent, to $604 million.

The AP earned nearly $11 million from equity stakes in joint ventures such as its entertainment photo service, Invision.

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