For the first time in bankruptcy, the Star Tribune has reported a monthly operating profit. In the May 4-31 period, the Strib made $1.35 million from operations, after posting its biggest monthly loss ($3.45 million) in April.

The difference? Compensation costs, which plunged from $12.9 million in April (actually March 30-May 3) to $7 million. The two figures are not perfectly comparable, since the April period had 35 days versus May's 28. However, on a per-day basis, comp costs plunged from $368,000 to $250,000; total costs fell 20 percent.

The wildly swinging figure could indicate buyouts and severance are whipsawing the monthly bottom line. (The Star Tribune does not comment to MinnPost on business questions.) Accrued compensation liabilities fell from $18.7 million in April to $17.9 million in May. Meanwhile, "other accrued liabilities" fell from $6.2 million to $4.3 million. 

On the sales side, revenue also fell, from $18.7 million in April to May's $15.3 million. Per day, however, sales ticked up 2 percent.

All told, the Strib has grossed $72.6 million in the 20 weeks since entering Chapter 11. That projects to $193 million for all of 2009, a 22 percent drop from 2008's $246 million gross. The paper's sales slid 18 percent the year before.

Since its Jan. 15 bankruptcy filing, the Strib has lost $4.7 million from operations. Publisher Chris Harte announced last week that the paper plans to exit bankruptcy this fall.

Despite the profitable month, the paper's cash position declined from $36.9 million on May 3 to $34.3 million on May 31 — the first time that number has fallen in bankruptcy.

The paper reported spending $1.1 million in reorganization costs (lawyers and consultants), down from $2.2 million in April. Those costs are not included in the operating profit; together with a tax expense, the Strib netted $171,000 overall.