Hartford Business Journal

16 Hartford Business Journal • April 20, 2020 • www.HartfordBusiness.com issue in 28 years. Zwiebel noted that HBJ's print publication largely gets delivered to offices and other workplaces, many of which are closed due to the pan- demic, so it made sense to postpone printing and release an electronic version of the issues instead. "Delivering a bunch of issues to … people's offices where they are not going to see them, that's not good, there's no point to that," Zwiebel said. Reader base, business model matter Not every Connecticut news organi- zation — which vary widely in business model, size and financial strength — is impacted the same way by COVID-19. Hearst — which is Connecticut's largest newspaper operator — has leveraged a healthy, diversified bal- ance sheet by committing additional funding from its other business interests to its newspapers. In a recent conference call with publishers and editors at his 24 daily papers across the U.S., Hearst CEO Steven Swartz promised no furloughs or pay cuts at the pri- vately held conglomerate, and even pledged modest bonuses. Hearst disclosed in January that it posted record operating results in 2019 for the ninth consecutive year, entering 2020 with no debt. As a nonprofit, the Connecticut Mirror gets most of its revenue from foundations and individual donors, and only about 10% from advertis- ing, shielding the online news outlet from at least some of the near-term coronavirus impacts. However, the timing is unfortu- nate, as a good chunk of that adver- tising typically comes in during the annual legislative session. With the 2020 session cut short by COVID-19, ads pushing various policy changes have also dried up, according to Publisher Bruce Putterman. In addition, the Mirror was forced to cancel several upcoming fundraisers in late April and May, including a gala to celebrate its 10th anniversary in business. However, Putterman is feeling relatively confident for now. The Mirror posted its strongest financial results to date in 2019, and assum- ing its able to get its federal stimu- lus and economic disaster loans and several grants, he expects to avoid having to make a significant draw on cash reserves. The publication even hired two editorial staffers — reporter Greg Hladky and photographer Chloe Poisson — when the looming crisis became a certainty. "Our instinct is to run to the fire, and then frankly try to figure out after the fact how to pay for that run to the fire," Putterman said. The Day is also feeling the hit from canceled events. "This is the first year we've been doing quite a few events," Dwyer said, including a job fair and sports banquet. HBJ has already been forced to post- pone two events, but is experimenting with webinars — including on the federal stimulus package — that show some revenue promise in the near term, but it's not easy to replace everything. "We won't recoup every dollar that way and some events we will simply postpone until the sun comes out again," Zwiebel said. At WNPR parent Connecticut Public, paid memberships are the most important revenue driver, and they've declined a bit of late, said President and CEO Mark Contreras. Like most, Contreras can only guess what the spring and early summer might look like. "We have a sense that things are going to go down but we don't have the actuals and won't have them for another month," he said. >> Viral Shedding continued Nicole Leonard, health reporter for Connecticut Public, leads a conversation with local health experts on "Connecticut Conversations: Coronavirus" on CPTV. Don't let obstacles get between you and desired results. Wes is one determined and committed individual. Whether hiking up Mt. Killington with concrete cinder blocks (his idea of fun) or figuring out tough inventory questions, Wes is a talented and tenacious accountant. No matter what, Wes will take on hard obstacles and be committed to finishing any difficult task placed in front of him. An audit partner with particular specialties in auto dealerships and product distribution/fulfillment, he has the technical expertise of a seasoned CPA with the perspective of a marathoner. Knowing your business is not a sprint, and technical expertise is not the low hurdles. The challenges of accounting and auditing may not require an ironman on your team, but it never hurts. 231 Farmington Avenue, Farmington, CT 06032 | 860-678-7100 | www.flrcpa.com " " " " My strength is helping businesses large and small navigate complex accounting and auditing challenges. Wesley D. Barnard, CPA PHOTO | CONTRIBUTED

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