Wednesday, May 6, 2009

Torstar posts $21.4 million net loss in first quarter after restructuring charge


Torstar Corp., which operates the Toronto Star newspaper, the Hamilton Spectator and other dailies in southern Ontario, reported Wednesday it lost $21.4 million or 27 cents a share for the three months ended March 31.

That compared with a net loss of $3 million or four cents a share in the first quarter of 2008.

In its financial report, Torstar said revenue fell by $12.3 million to $339 million in the latest quarter, from $351.3 million last year. Growth at the Harlequin book publishing division was more than offset by lower advertising revenue in newspaper and digital operations.

The publisher also booked a $25.9 million restructuring charge in the quarter for staff cuts and streamlining efforts to boost the bottom line. The moves have cut 260 jobs but will save $16.2 million in labour costs this year.

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