Glacier Media earned $20.5 million last year, up 47% from 2009

Glacier Media has reported its 2010 year-end reports.The company made — drum roll please — $20.56 million in the year ended Dec. 31, 2010.

That’s up considerably from $13.92 million the company earned in 2009, but less than the $28 million it made in 2008.

If you like financial statements and the sort, you can sort through all the numbers here.

If you don’t, I’ve pulled out themost interesting bits from the financial statement, from which I can steal liberally, since it’s a press release:

The recovery in revenue occurred across the majority of Glacier’s businesses in 2010. Growth came from both traditional print sources and digital media sources, and is directly attributable to Glacier’s operational, business segment and media platform strategies.

…

As previously indicated, management pursued a cost reduction strategy prior to and during the recession that was focused on realizing significant reductions in operating costs and efficiencies while protecting the strength of Glacier’s human resources, content quality, sales force and market and competitive positions. Additional cost savings are being realized in 2011 as a result of production and printing related technology and equipment investments, amongst other things.

…

The revenue growth that was realized prior to the recession and that resumed in 2010 continues to underscore the value of Glacier’s community newspapers, which offer a unique selling proposition and competitive advantage through the local information that they provide, of which they are a primary source. This is very different to the challenges that exist for large metropolitan daily newspapers. The value of Glacier’s local community content can and is now being provided to Glacier’s readers in print and online, by tablet and smartphone platforms. Glacier is in the beginning stages of the development of this local market digital media strategy. This timing has been geared to be proactive while aligning operating cost investment with market needs. The timing also means that significant digital revenue opportunities still exist to be realized.

Given that the demand for local community information is expected to exist for the long term, Glacier expects to be able to monetize the information and marketing value through advertising and other revenue sources for the long term. As 85% of Glacier’s local newspaper distribution is free, this also provides for a more durable reach of readership for advertisers over time wherein total market coverage can always be provided.

…

Given that cash flow is growing and debt is at 2.1x EBITA, Glacier is reviewing acquisition opportunities that fit with the Company’s business strategy. Given the current juncture of the business cycle, many attractive opportunities are expected to arise.

I’ve bolded two things of note. First, the reference to smart phone and tablet platforms. It may not be a coincidence that the Glacier-owned PR Peak just launched its new smart phone app last week.

Secondly, Glacier may buy new papers. That, I think, is probably good news, given the company’s not-terrible reputation for cutting jobs and quality.