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Union Calls on Investors to Question Pulitzer on Labor Dispute
Washington, D.C. -- In a letter to institutional investors, President Linda Foley of The Newspaper Guild-CWA, alerted analysts to the stalled contract negotiations and unsettled labor conditions at the flagship newspaper of Pulitzer, Inc., (NYSE:PTZ) and urged them to question Pulitzer management about the impact these conditions may have on investment in the company.
Workers at the St. Louis Post-Dispatch voted overwhelmingly, by a 96 percent margin, on Dec. 7 to authorize a strike and other economic actions at the newspaper if a fair settlement is not reached. TNG-CWA represents about 600 workers at the newspaper.
Management's refusal to engage in meaningful negotiations with TNG-CWA, the union representing employees at the St. Louis Post-Dispatch, "is ill-timed and may ultimately undermine the longterm viability of Pulitzer's largest and most profitable operation," Foley wrote.
"I encourage you to ask your analyst to question management about the impact this dispute may have on your investment" during the analyst call scheduled for 9 a.m. on Tuesday, Dec. 9, she said. Foley noted that Pulitzer management announced today that the company was likely to fall short of analysts' earnings expectations for 2004. "A labor dispute may further reduce the company's earnings potential for 2004," she wrote.
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Workers at the St. Louis Post-Dispatch voted overwhelmingly, by a 96 percent margin, on Dec. 7 to authorize a strike and other economic actions at the newspaper if a fair settlement is not reached. TNG-CWA represents about 600 workers at the newspaper.
Management's refusal to engage in meaningful negotiations with TNG-CWA, the union representing employees at the St. Louis Post-Dispatch, "is ill-timed and may ultimately undermine the longterm viability of Pulitzer's largest and most profitable operation," Foley wrote.
"I encourage you to ask your analyst to question management about the impact this dispute may have on your investment" during the analyst call scheduled for 9 a.m. on Tuesday, Dec. 9, she said. Foley noted that Pulitzer management announced today that the company was likely to fall short of analysts' earnings expectations for 2004. "A labor dispute may further reduce the company's earnings potential for 2004," she wrote.
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