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

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