Translating Dickey's odd remark about staff cuts

U.S. newspaper division President Bob Dickey (left) unexpectedly told the UBS media stock analysts conference in December that the company was able to "reduce FTEs by 24% in 2009." That sounded like a too-high figure, given that it would mean a reduction of some 7,000 full-time equivalent positions.

In fact, it appears, he was referring to a reduction in dollars, says the new 10-K annual report. It says: "Publishing payroll costs were down 23%, reflecting the impact of headcount reductions in both years as well as the furloughs the majority of company employees were required to take in the first and second quarters of 2009."

The same report shows that the newspaper division shed 4,500 jobs last year vs. 2008, a reduction of 15%.

Needless to say, company-wide cuts aren't over, last week's 10-K made clear: "The company expects operating expenses to decline further in 2010, reflecting continued savings from previously and newly planned restructuring and consolidation efforts."