Torstar Corporation Reports Fourth Quarter Results

    TORONTO, ONTARIO – (Marketwire – March 6, 2013) – Torstar Corporation (TSX:TS.B) today reported financial results for the fourth quarter ended December 31, 2012.

    Highlights for the quarter:

    ? Revenue was $395.7 million in the fourth quarter of 2012, down $29.6 million from $425.3 million in the fourth quarter of 2011. Excluding the impact of acquisitions and a decrease at TMGTV resulting from lower product sales, revenue was down $23.0 million (5.4%) in the fourth quarter.

    ? EBITDA (see “non-IFRS measures”) was $64.6 million in the fourth quarter of 2012, down $16.6 million from $81.2 million in the fourth quarter of 2011. Media Segment EBITDA was down $12.5 million including the benefit of acquisitions. Book Publishing Segment EBITDA was down $4.4 million including a decline of $1.1 million from the impact of foreign exchange. Corporate expenses were $3.3 million, down $0.3 million from $3.6 million in 2011.

    ? Net income attributable to equity shareholders was $24.1 million ($0.30 per share) in the fourth quarter, down $40.2 million ($0.51 per share) from $64.3 million ($0.81 per share) last year.

    ? Adjusted earnings per share for the fourth quarter of 2012 (excluding restructuring and other charges, impairment of assets, non-cash foreign exchange, other income and gain on sale of assets) was $0.49 in the fourth quarter of 2012, down $0.21 from $0.70 in the fourth quarter of 2011.

    ? Net debt was $149.0 million at December 31, 2012, down $10.5 million from $159.5 million at September 30, 2012.

    Highlights for the year:

    ? Revenue was $1,485.7 million in 2012, down $63.1 million from $1,548.8 million in 2011. Excluding the impact of acquisitions and a decrease at TMGTV resulting from lower product sales, revenue was down $64.9 million (4.2%) in 2012.

    ? EBITDA was $207.7 million in 2012, down $34.5 million from $242.2 million in 2011. Media Segment EBITDA was down $27.0 million primarily as a result of lower print advertising revenues. Book Publishing Segment EBITDA was down $9.2 million including a decline of $1.7 million from the impact of foreign exchange. Corporate expenses were down $1.6 million in 2012 as a result of lower compensation costs and a mark-to-market adjustment of a share-based compensation hedging instrument.

    ? Net income attributable to equity shareholders was $103.2 million or $1.30 per share in 2012 down $114.5 million or $1.44 per share from $217.7 million or $2.74 per share in 2011. Excluding the impact of CTV Inc. in 2011, Torstar would have reported net income attributable to equity shareholders of $143.1 million or $1.80 per share in 2011.

    ? Net debt was $149.0 million at December 31, 2012, down $4.3 million from $153.3 million at December 31, 2011.
     

    Click here to read a full PDF of the Press Release
    Management Discussion and Anaylsis
    Financial Statements

    TORONTO, ONTARIO – (Marketwire – March 6, 2013) – Torstar Corporation (TSX:TS.B) today reported financial results for the fourth quarter ended December 31, 2012.

    Highlights for the quarter:

    ? Revenue was $395.7 million in the fourth quarter of 2012, down $29.6 million from $425.3 million in the fourth quarter of 2011. Excluding the impact of acquisitions and a decrease at TMGTV resulting from lower product sales, revenue was down $23.0 million (5.4%) in the fourth quarter.

    ? EBITDA (see “non-IFRS measures”) was $64.6 million in the fourth quarter of 2012, down $16.6 million from $81.2 million in the fourth quarter of 2011. Media Segment EBITDA was down $12.5 million including the benefit of acquisitions. Book Publishing Segment EBITDA was down $4.4 million including a decline of $1.1 million from the impact of foreign exchange. Corporate expenses were $3.3 million, down $0.3 million from $3.6 million in 2011.

    ? Net income attributable to equity shareholders was $24.1 million ($0.30 per share) in the fourth quarter, down $40.2 million ($0.51 per share) from $64.3 million ($0.81 per share) last year.

    ? Adjusted earnings per share for the fourth quarter of 2012 (excluding restructuring and other charges, impairment of assets, non-cash foreign exchange, other income and gain on sale of assets) was $0.49 in the fourth quarter of 2012, down $0.21 from $0.70 in the fourth quarter of 2011.

    ? Net debt was $149.0 million at December 31, 2012, down $10.5 million from $159.5 million at September 30, 2012.

    Highlights for the year:

    ? Revenue was $1,485.7 million in 2012, down $63.1 million from $1,548.8 million in 2011. Excluding the impact of acquisitions and a decrease at TMGTV resulting from lower product sales, revenue was down $64.9 million (4.2%) in 2012.

    ? EBITDA was $207.7 million in 2012, down $34.5 million from $242.2 million in 2011. Media Segment EBITDA was down $27.0 million primarily as a result of lower print advertising revenues. Book Publishing Segment EBITDA was down $9.2 million including a decline of $1.7 million from the impact of foreign exchange. Corporate expenses were down $1.6 million in 2012 as a result of lower compensation costs and a mark-to-market adjustment of a share-based compensation hedging instrument.

    ? Net income attributable to equity shareholders was $103.2 million or $1.30 per share in 2012 down $114.5 million or $1.44 per share from $217.7 million or $2.74 per share in 2011. Excluding the impact of CTV Inc. in 2011, Torstar would have reported net income attributable to equity shareholders of $143.1 million or $1.80 per share in 2011.

    ? Net debt was $149.0 million at December 31, 2012, down $4.3 million from $153.3 million at December 31, 2011.
     

    Click here to read a full PDF of the Press Release
    Management Discussion and Anaylsis
    Financial Statements

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