-- U.S. newspaper division President Bob Dickey, in his Dec. 8 presentation to Wall Street stock analysts during the UBS Media and Communications Conference.
"Our top line revenues, however, while improving, remain short of where they were a year ago."
-- Dickey, in his memo to employees today, announcing mandatory one-week furloughs for most U.S. newspaper employees.
So which is it, Dick Booby?
ReplyDeleteI also thought that phrasing ominous. GCI must produce an increase in revenues for q4, or there will be hell to pay in the stock price and the execs won't be able to cash out. I also thought this sort of forecasting by execs was not permitted by the Securities and Exchange Commission in the weeks leading up to the release of quarterly figures unless it was dissemninated by execs with insider knowledge publicly.
ReplyDeleteTranslation:
ReplyDelete"We enter 2011 confident in our position" = Don't worry, I have been kissing enough of Dubow's and Martore's private jet asses.
"while improving, we remain short of where we were a year ago" = My Boss called us out and now we need to come clean and start cutting expenses. There are only so many GMC members at a time that can have their head up Martore's ass.
I think he was referring to corporate officers being confident about THEIR positions. The rest of us are screwed.
ReplyDeleteHey Dickie Boy, how's it feel to pilot a company into the ground? No big deal, huh? Well, it's nice you filled your pockets while the fillin was good.
ReplyDeleteDon't any of these executive have to accept blame for the position we're in. Why isn't the Board doing it's job?
ReplyDeleteBecause the directors are simply there to collect their own checks.
ReplyDeleteThey're certainly not there to represent the interest of the stockholders.
He takes a furlough (vacation) and gets a bonus. Wow! I didn't know that incompentence is so highly valued!!!!!!!
ReplyDelete"Confident in our position" because we use furloughs in lieu of strategic planning to balance budgets. Reduce the workforce to make furloughs look preferable and because the economy is still poor, large amounts of employees can't all jump ship.
ReplyDeleteManagement is "winding down" the industry and company, not looking to the future. I hope they're all still in place when the economy and hiring improves. They'll have no employees to furlough!
Some comment's here make no sense. You do realize Gannett will make $500+ mil for 2010. GCI is projected to make $500+ mil for 2011. GCI has paid off it's long term debt from over $4Bil in 2005 to $2.3 Bil as of last qtr. I work for GCI and HEY I agree with all the negative comment's. However this talk about the company going into Bankruptcy etc... The stock is now trading over $15 a share from $2. DICKEY is full of BS in that memo. His comment's to investor's regarding 2011 are more reality with regard's to the entire company. GCI will alway's be pr_ck's about cutting cost's. Career Builder is a huge revenue booster. Digital and broadcasting are making 20% revenue gain's. The print side is still shrinking rev and GCI is a slave to wall street's expectation's/demand's. That's why they are doing the furlough's. It's penny pinching.
ReplyDeleteThat's why they are doing the furlough's. It's penny pinching.
ReplyDelete1/07/2011 11:33 AM
Bull, there doing furloughs in order to fill the upper echolons pockets with bonuses! Where have you been. We're not talking "schmuck" money, but rewarding the 20+ VPs/Directors/Managers that hold a job under Dickey. Do you honestly think it is to maintain cost???? It has nothing to do with "penny pinching" - this couldn't be further from the truth. Penny pinching is when you can't order supplies everybody needs - this is just plain old GREED and the coup-de-tat is that they are taking it from the lower inclome employees. The Wall Street excuse is just the same as the "weak economy excuse" - nothing but air. They bonuses have gotten so astronomically, that the $500+ just plain can't cover them all anymore. Don't forgot, all publishers and upper income tier at their newspapers receive bonuses, too. How much do you think there will be left for everyday operations???? Yeah, thought so: not much. Rest my case.