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Postmedia reports $15.5 million loss as quarterly revenue slips

July 11, 2018 6:42 PM
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Most recently, the company announced it would stop printing daily newspapers in Portage La Prairie, Man., Kirkland Lake, Ont., and Pembroke, Ont., but will have a digital presence in the three communities.

It also announced the closures of two community newspapers in Alberta and four community newspapers in Ontario.

An earlier deal last November, in which Torstar Corp. and Postmedia exchanged a total of 41 publications, mostly in Ontario, resulted in the closure of most of them.

In last year’s third quarter, Postmedia had a net profit of $13 million, but that included a $22.8-million recovery of a prior restructuring expense that wasn’t repeated in this year’s third quarter.

This year’s third-quarter loss also included a $9.4 million impairment charge, which was more than twice as large as the $4.2 million recorded in last year’s third quarter.

Excluding impairment charges, other non-cash expenses and restructuring charges, Postmedia’s operating expenses were down $15.9 million or 9.3 per cent when compared with last year — or $13 million if an Ontario tax credit is excluded.

Also read: Under Armour restructuring costs rise as it trims workforce

Source: thestar.com

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