Story #72

#Story 72 "Newspaper decline continues to weigh on AP earnings"

As the article states, NEW YORK (AP) — Earnings at The Associated Press shrank substantially last year compared with 2015, when the news organization enjoyed a large tax benefit that skewed its results. Revenue also edged downward, reflecting continued contraction in the newspaper industry and a stronger U.S. dollar that reduced the value of overseas sales. Net income last year shrank to $1.6 million from $183.6 million in 2015, a 99 percent decline. The 2015 profit figure was bolstered by a one-time, $165 million tax benefit. AP's 2014 net income of $140.9 million was also boosted by a large non-recurring gain from the sale of a stake in a sports data company. In 2013, net income at the AP — a not-for-profit news cooperative — was $3.3 million. 

• New York AP's net income last year shrank to $1.6 million from $183.6 million in 2015, a 99 percent decline