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Aug 2, 2017

Torstar Q2 revenue drops as print demand continues to dwindle

Toronto Star

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TORONTO - Torstar Corp. (TSb.TO) has reported a loss of $7 million in its latest quarter compared with a loss of $23.9 million a year ago.

The publisher of the Toronto Star says the loss amounted to nine cents per share for the quarter ended June 30 compared with a loss of 30 cents per share a year ago.

Operating revenue totalled $161.8 million for what was the company's second quarter, down from $177.9 million a year earlier.

Torstar says the quarter included a $6.3-million non-cash amortization and depreciation charge related to its investment in digital media company VerticalScope and $6.1 million in restructuring charges.

That compared with a $26.6-million non-cash charge related to VerticalScope last year as well as $6.9 million in restructuring charges and a $4.5-million non-cash charge related to the transition of printing of the Toronto Star to Transcontinental.

On an adjusted basis, Torstar says it lost three cents per share in the second quarter compared with a loss of 13 cents per share in the same quarter last year.