The Tribune Co.’s cash is flowing at nearly a $500 million pace, the company’s two top executives, Randy Michaels and Gerry Spector, announced to employees today:

Sent: Wednesday, January 20, 2010 13:18
Subject: Message from Randy and Gerry/2009 Financial Results

As we reach the midpoint of January, now is a good time to give you a
quick update about our financial results for 2009.  We’re still going
through the numbers, but thanks to a stronger than expected performance
by both the Broadcasting and Publishing Groups in the fourth quarter, it
appears we will finish the year with close to $500 million in operating
cash flow.  Given that we started the year like most media companies,
feeling as though we would be fighting for our very survival, this is
truly a remarkable achievement.

Thank you for making it possible.

You should be proud.  You worked hard, you innovated, you were
aggressive, you kept expenses low, and you led from the front.  We also
got some help from outside the company-newsprint prices turned lower,
retailers had a slightly better than expected holiday season, and the
economy is improving a little bit.

It’s unclear whether these trends will continue, so we’ll have to work
even faster in 2010.  We’ll still have to keep our expenses in check and
be as efficient as possible, but we’re optimistic about where we’re
headed.

Thanks again for your hard work last year.  We’re making great progress,
let’s continue doing so in 2010.

Randy and Gerry

This seems on its face an improvement over the past. But I guess it’s the leftover skeptical journalist in me that asks: what does a positive cash flow of this magnitude mean? How far out of the $13 billion hole will it lift the company?

I’m sure the financial observers will have something on that question soon.