Meeting Oct. 21-23 in Minneapolis, trustees of
Augsburg Fortress, the ELCA publishing house, adopted a 2005 operating
budget with a projected net income loss of $2.3 million. The board
hopes the plan —along with new resources, spending reductions and tight
budget controls — will propel the publisher toward breaking even or
turning a profit for the first time in several years.
George W. Poehlman, Augsburg Fortress vice president for finance, told trustees the company is projecting an operating loss of $1.85 million and a net loss of $2.2 million for 2004. In 2003, the company's net loss was $3.5 million. "We've made progress, but we haven't made as much as we hoped for or as much as we needed to make," Poehlman said. "We have to find a way to generate revenue to stop the losses."
Some trustees said they believe the company is in its best position in years to get its finances in the black. One trustee voted against the budget proposal, saying he wasn't comfortable adopting a budget with a projected net income loss of $2.3 million.
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