Postmedia data slight revenue in second quarter regardless of decline in income

Postmedia records slight profit in second quarter despite decline in revenue

Total working bills decreased by 24%

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Postmedia Community Canada Corp. posted a slim revenue for its fiscal second quarter regardless of a 21 per cent decline in total income, in line with outcomes launched on Thursday.

Income fell to $106 million for the three-month interval ended Feb. 28, 2021, down from $134.2 million in the identical interval a yr in the past. The corporate, which owns quite a few publications and digital properties together with the Nationwide Submit, noticed a decline in print promoting of 29 per cent and a virtually 21-per-cent decline in digital income.

Postmedia ended the quarter with web earnings of $700,000, in comparison with a web lack of $12.8 million for a similar interval final yr.

Total working bills — which exclude depreciation, amortization, impairment and restructuring — decreased by 24 per cent to $31 million.

In a press launch, the corporate mentioned it had an unrestricted money steadiness of $52.8 million as of the tip of February.

It additionally indicated it could pay $17 million towards decreasing its first-lien debt by the tip of Might, leaving $67 million excellent from an preliminary $225 million following a recapitalization in October 2016.

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At first of the pandemic, the federal authorities unleashed the Canada Emergency Wage Subsidy (CEWS) program, which helps cowl partial wage prices for eligible corporations. Postmedia met the eligibility necessities and in its second quarter recorded a compensation expense restoration of $5.7 million associated to CEWS. Because the inception of CEWS, the corporate has acknowledged $52.4 million in connection to the subsidy.

“Throughout our group, our groups are working collectively to speed up our transformation, develop our audiences and architect new digital fashions to monetize,” Andrew MacLeod, president and chief government officer of Postmedia, mentioned in an announcement. “Our second quarter represents continued progress on our technique with measured optimism for the long run.”

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Written by LessDaily.Com


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