Torstar Corporation Reports First Quarter Results

Torstar Corporation (TSX:TS.B) today reported financial results for the first quarter ended March 31, 2018.

Highlights for the first quarter:
• On April 12, 2018, Workopolis.com and Workopolis’ related assets were sold to Recruit Holdings Co., Ltd. Following the sale and subsequent wind up of the remaining Workopolis business, we estimate the net proceeds will be in the range of $2 million to $4 million.
• As part of our transformation plan, on April 10, 2018, we launched a major national expansion with a reinvention of our Metro urban commuter newspapers and more robust digital offerings on thestar.com in Vancouver, Calgary, Edmonton, Toronto, Halifax and nationally. This expansion leverages the Star brand and its history and unique position of local and investigative reporting.
• Ended the first quarter of 2018 with $51.5 million of cash and cash equivalents and $7.7 million of restricted cash; Torstar has no bank indebtedness.
• Our net loss attributable to equity shareholders was $14.5 million ($0.18 per share) in the first quarter of 2018 an improvement relative to a net loss of $24.3 million ($0.30 per share) in the first quarter of 2017.
• Our net loss from continuing operations in the first quarter of 2018 was $20.9 million ($0.26 per share) compared to a net loss of $24.4 million ($0.30 per share) in the first quarter of 2017.
• Adjusted loss per share was $0.20 in the first quarter of 2018, an improvement of $0.02 per share relative to the first quarter of 2017.
• Our segmented operating loss was $18.9 million in the first quarter of 2018 which included $15.6 million of non-cash amortization and depreciation expense as well as $4.4 million of restructuring and other charges.
• Our segmented adjusted EBITDA was $1.8 million in the first quarter of 2018, down $0.2 million from the first quarter of the prior year. Segmented adjusted EBITDA in the Daily Brands segment was a loss of $1.5 million in the first quarter of 2018, an improvement of $0.5 million relative to the first quarter of 2017. Segmented adjusted EBITDA in the Community Brands segment was $0.6 million, down $0.3 million relative to the comparable period in 2017 while segmented adjusted EBITDA in the Digital Ventures segment was $5.4 million, an increase of $0.3 million relative to the first quarter of 2017.
• Segmented revenue was $147.4 million in the first quarter of 2018, down $9.3 million (6%) from $156.7 million in the first quarter of 2017 and included revenue growth of $1.4 million or 14% (19% growth in USD) from VerticalScope.
more detail at: https://www.torstar.com/images/file/2018/Q1/2018%20Q1%20FS%20Press%20Release%20r45.pdf

Related Posts

A Fork in the Road: Walmart Bets on Associates, Automation

At Walmart Distribution Center 6020 in Brooksville, Florida, we’re used to pioneering new technology. In fact, 6020 was Walmart’s first high-tech DC. Once again, innovation is afoot in our facility, where associates have been working alongside a new autonomous forklift system that’s bolstering their skills and bettering their jobs while building our business. After a 16-month proof of concept, I’m proud to announce Walmart is taking another step into the future, rolling 19 autonomous forklifts across four high-tech DCs, with the potential for more as we evaluate the benefits to our associates and operations. I believe these benefits will be wide ranging. And I should know – I’ve seen them firsthand.

Tilly’s, Inc. Board of Directors Authorizes Share Repurchase Program

Tilly’s, Inc. announced that its Board of Directors has authorized a share repurchase program, pursuant to which the Company may repurchase up to two million shares of the Company’s Class A common stock over the next twelve months through March 14, 2023. Repurchases of Class A common stock by the Company pursuant to the Program may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, or by other means in accordance with federal securities laws, including pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Exchange Act. The Company is not obligated to repurchase any specific number or amount of shares of Class A common stock pursuant to the Program, and it may modify, suspend or discontinue the Program at any time. The Company will determine the timing and amount of repurchased shares, if any, in its discretion based on a variety of factors, such as the market price of Class A common stock, corporate requirements, general market economic conditions and applicable legal requirements.
Back To Top
×Close search
Search