Glacier Media Inc. will begin paying a semi-annual dividend of three cents per share as it reported an increase in profits for 2010.
The publishing company said Wednesday it earned $20.6 million or 22 cents per share on $242.6 million in revenue in 2010. That compared with a profit of $13.9 million or 15 cents per share on $229.1 million in revenue in 2009.
Excluding one-time items the company said it earned $25.6 million or 28 cents per share in 2010, up from $22.2 million or 24 cents per share in 2009.
Vancouver-based Glacier is a community newspaper publisher and printer of The Globe and Mail in Saskatchewan and Manitoba. The company is also a publisher of trade magazines, directories, technical manuals, databases and speciality websites.
Shares in the company were up 12 cents or about 5% at $2.50 on the Toronto Stock Exchange on Thursday.
