TVA Group Inc. said it recorded $1.6 million in operational restructuring costs in the second quarter, related to jobs cut from its television and publishing segments.
The information was contained in notes for a quarterly report issued Friday by the Montreal-based company.
TVA said it had $7 million of net income attributable to shareholders, or 29 cents per share.
That was down from $10.2 million or 43 cents per share a year before, excluding a $12.9-million gain in the second quarter of 2012. Including that item, TVA had $23 million of net income attributable to shareholders.
TVA’s revenue was $111.5 million in the three months ended June 30, compared with $113.5 million a year earlier. The 2012 second quarter results was restated following a change in accounting standards adopted at the beginning of 2013.
The company is part of Quebecor Media, a non-public subsidiary of Quebecor, which is one of Canada’s largest media and telecommunications companies.
TVA said its revenue from television was $96.5 million, down from $97.3 million a year earlier, while revenue from publishing was $15.8 million, down from $17.2 million a year before.
The quarter included about $2 million of unusual charges for operational restructuring and asset writedowns, compared with nothing in the comparable period of 2012.
Its main operations are in Quebec, including the TVA television network and TVA publications, which produces French-language magazines and related digital productions and other print products.
TVA announced in the second quarter that its home shopping and online shopping operations will be discontinued by Aug. 31.
After the end of the quarter, TVA acquired the publisher of La Semaine magazine, and Charron Editeur Inc., a book publisher, for a total of $7.5 million cash consideration of $7,500,000.
TVA also currently owns 49% of Sun News, with the remainder of that owned by Sun Media, another Quebecor subsidiary. The two partners made a total of $3 million in contributions to Sun News during the second quarter.
