Net income last year shrank to $1.6 million from $183.6 million in 2015, a 99 percent decline. AP ended 2016 with $24.7 million in cash and equivalents, down from $50.6 million the year before. Revenue at AP, which reported its earnings Wednesday, dropped 2 percent to $556.3 million in 2016. AP expects further growth in video revenue, particularly from the Middle East and Asia. Nearly half of AP's revenue comes from TV broadcasters.

Source: New Zealand Herald April 19, 2017 13:16 UTC