TORONTO, ONTARIO – May 6, 2009, 6:30 a.m. Torstar Corporation today reported financial results for the first quarter March 31, 2009.
Highlights for the quarter:
Revenue of $339.0 million was down $12.3 million as growth in Book Publishing was more than offset by lower advertising revenue in the Newspapers and Digital Segment.
EBITDA (operating profit before charges for interest, taxes, depreciation and amortization of intangible assets, and restructuring and other charges – see “non-GAAP measures”) of $24.8 million was down 35% or $13.5 million. The decline was from the Newspapers and Digital Segment as Book Publishing EBITDA was up $3.3 million in the quarter.
Torstar recorded a $25.9 million ($0.23 per share after tax) restructuring charge in the quarter.
Torstar reported a net loss of $21.4 million or $0.27 per share compared with a net loss of $3.0 million or $0.04 per share in the first quarter of 2008.
Net debt was $619.0 million at March 31, 2009, down $8.3 million from $627.3 million at December 31, 2008.
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