Postmedia Revenue Down 13.5%
CBJ — Postmedia is reporting a 13.5% decline in second-quarter revenue. However, the silver lining is that the company’s losses were smaller compared with the same quarter a year ago largely due to a number of cost-cutting moves, including buyouts and layoffs.
The Toronto-based owner of the National Post and the Toronto Sun and other newspapers says it had a loss for the quarter ended Feb. 28 of $26.5 million or 28 cents per share.
That’s a turnaround from the loss of $225.1 million or 80 cents per share in the same period a year ago.
This year’s second quarter was free of any asset impairments, compared with a $187 million writedown last year.
Postmedia’s bottom line was also helped by a $21.6 million decline in operating expenses, mainly due to cost-saving measures.
But the company’s total revenue fell by $28.3 million to $180.8 million, primarily because of falling print advertising.
Digital revenue rose by $2.6 million, or 10.3%, to $28.1 million.
Like other media companies, Postmedia has been reeling from declines in print advertising and circulation, which have prompted layoffs throughout the newspaper chain.