TORSTAR CORPORATION REPORTS FOURTH QUARTER AND 2008 FULL YEAR RESULTS
TORONTO, ONTARIO – February 26, 2009, 6:30 a.m. Torstar Corporation today reported financial results for the fourth quarter and full year ended December 31, 2008.
Highlights for the year:
Revenue of $1,536.0 million was down less than 1% from $1,546.5 million in 2007.
EBITDA (operating profit before charges for interest, taxes, depreciation and amortization of intangible assets, and restructuring and other charges – see “non-gaap measures”) was $210.1 million in 2008, down $15.3 million from $225.4 million last year.
Torstar reported a net loss of $180.5 million in 2008, including $230.8 million of losses from associated businesses and investment write downs and loss. Excluding these items, net income was $50.3 million.
Net loss was $2.29 per share, including $2.93 per share for the losses from associated businesses and investment write downs and loss. Excluding these items, net income was $0.64 per share.
Net debt was $627.3 million at December 31, 2008, up $7.0 million from $620.3 million at December 31, 2007 including an increase of $26.3 million from the weakening of the Canadian dollar and changes in the fair value of interest rate hedges.
Highlights for the quarter:
Fourth quarter revenue of $412.8 million was up $9.9 million from $402.9 million in the fourth quarter of 2007.
EBITDA was $63.4 million in the quarter, down $7.6 million from $71.0 million last year.
Torstar reported a net loss of $211.2 million in the fourth quarter, including $229.5 million of losses from associated businesses and investment write downs and loss. Excluding these items, net income was $18.3 million in the quarter.
Net loss was $2.68 per share, including $2.91 per share for the losses from associated businesses and investment write downs and loss. Excluding these items, net income was $0.23 per share.
Dividend:
Torstar has reduced its annual dividend by half from $0.74 to $0.37 per share.
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