Philadelphia Inquirer | Tierney letter (PDF) Philadelphia Newspapers publisher
Brian Tierney tells his staff that in 2004 the company produced over $100 million in cash for Knight Ridder. This year, the company is projected to have about $50 million in cash flow, but only $10 million to invest in the business. "Without immediate and dramatic changes to the business in 2007 we will not only miss our performance requirement, be we will also not have enough cash to make our interest payments." ||
Tierney Letter
