Tribune's operating cash flow up for first seven months of 2010

By Lisa Kerner

Charlotte, N.C., Aug. 26 - Tribune Co. chief executive officer Randy Michaels said that despite "the noise" surrounding the company's Chapter 11 process and the tough economic environment, Tribune is making "solid financial progress."

According to a statement on Thursday, for the first seven months of 2010, Tribune's operating cash flow increased substantially in both publishing and broadcasting, compared to the same period in 2009.

Tribune generated roughly $100 million more in consolidated operating cash flow compared to the same period last year.

In July alone, Tribune generated $18 million more in consolidated operating cash flow compared to July 2009, the statement said.

Consolidated operating cash flow increased 44%, and consolidated operating cash flow margin increased to 18% from 12% for the first seven months of 2009.

"We continue transforming Tribune from a collection of media businesses to a single media company," said Michaels.

Also on Thursday, Tribune said it will file its monthly operating report for July 2010 with the U.S. Bankruptcy Court for the District of Delaware, reflecting that the company has $1.6 billion in cash on hand.

Tribune, a Chicago-based media company, filed for bankruptcy on Dec. 8, 2008 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 08-13141.

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