Postmedia Network Canada Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2014; Reports Impairment Charges for the First Quarter Ended November 30, 2014
January 08, 2015 at 10:58 am EST
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Postmedia Network Canada Corp. reported unaudited consolidated earnings results for the first quarter ended November 30, 2014. For the quarter, the company reported total revenues of CAD 169,514,000 compared to CAD 193,978,000 a year ago. This decrease was primarily due to a decline in print advertising revenue of CAD 23.5 million (20.1%) with the declines occurring across all categories, including national, local and insert advertising. Operating income before depreciation, amortization, impairment and restructuring was CAD 45,622,000 compared to CAD 46,011,000 a year ago. The decrease was the result of revenue declines of CAD 24.5 million, offset by decreases in operating expenses of CAD 24.1 million. Operating income was CAD 17,988,000 compared to CAD 2,259,000 a year ago. Loss before income taxes was CAD 10,255,000 compared to CAD 11,805,000 a year ago. Net loss attributable to equity holders of the company was CAD 10,255,000 compared to CAD 11,805,000 a year ago. Basic and diluted loss per share attributable to equity holders of the company was CAD 0.26 compared to CAD 0.29 a year ago. Cash flows from operating activities was CAD 2,640,000 compared to CAD 4,223,000 a year ago. Purchases of property and equipment were CAD 1,824,000 compared to CAD 2,988,000 a year ago. Purchases of intangible assets were CAD 134,000 compared to CAD 698,000 a year ago.
The company reported impairment charge for the first quarter ended November 30, 2014. For the quarter, the company reported impairment charge of CAD 1,843,000.
Postmedia Network Canada Corp. is the holding company that owns Postmedia Network Inc., a Canadian news media company representing more than 130 brands across multiple print, online, and mobile platforms. The Company operates through the Newsmedia segment that publishes daily and non-daily newspapers and operates digital media and online assets, including each newspaperâs online Website. Its operations consist of news and information gathering and dissemination operations, with products offered in local, regional, and major metropolitan markets in Canada through print, online and mobile platforms. Its brands include National Post, Financial Post, Canadian Family Offices, Airdrie Echo, Bow Valley Crag & Canyon, The Vancouver Sun, The Province, Edmonton Journal, Edmonton Sun, Business London, Cochrane Times-Post, Community Press, The Daily Press, The Londoner, The Expositor, The Timmins Times, The Courier Press, St. Thomas Times-Journal, and others.
Postmedia Network Canada Corp. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended November 30, 2014; Reports Impairment Charges for the First Quarter Ended November 30, 2014