Torstar has reported fourth-quarter net income attributable to equity shareholders of $20.6 million, almost unchanged from a year ago despite lower revenue.
The newspaper publisher said segmented revenue was $244.9 million, down $26.6 million or 9.8% from the same year-earlier period, mostly reflecting lower print advertising revenue. Operating revenue was $233.4 million, down from $259.4 million.
For the full year, Torstar reported net income attributable to shareholders of $172.7 million, compared with a net loss of just under $28 million in the same 2013 period.
Operating revenue was $858.1 million, down from $935.8 million, while the company’s loss from continuing operations was $49.6 million, an improvement over the 2013 operating loss of $58 million.
The full-year results included $222.7 million from gains on the sale and income from discontinued operations, versus $30.6 million in 2013.
“This was a very significant year at Torstar with the decision to sell the Harlequin operation,” president and CEO David Holland said, referring to the purchase of the romance novel publisher by global media company News Corp.. The sale produced a pre-tax accounting gain of $224.6 million.
“We have retired all debt and closed the year in a significant cash position.”
However, Holland noted that the company “continued to feel the effects of a challenging print advertising environment.”
“Results in the quarter were lower and somewhat mixed with segment adjusted EBITDA down $13.1 million to $38.6 million as revenue declines exceeded the effect of continuing efforts on costs.”
Holland said the company anticipates continued pressure on print advertising revenues in 2015 but remains “committed to making the investments necessary to our future as we adapt to this evolving media environment.”
That includes the launch of the new Toronto Star tablet edition, scheduled for the fall, which Holland described as “integral” to the company’s future.
