Torstar Corporation Reports Second Quarter Results

Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended June 30, 2017.

Highlights for the second quarter:
• Ended the second quarter of 2017 with $48.4 million of cash and cash equivalents and $9.1 million of restricted cash; Torstar has no bank indebtedness.
• Our net loss attributable to equity shareholders was $7.0 million ($0.09 per share) in the second quarter of 2017. This compares to a net loss of $23.9 million ($0.30 per share) in the second quarter of 2016.
• Adjusted loss per share was $0.03 in the second quarter of 2017, an improvement of $0.10 from adjusted loss per share of $0.13 in the second quarter of 2016. Adjusted loss per share in 2017 and 2016 included $0.24 and $0.50 per share effects of amortization and depreciation.
• Our segmented operating loss was $8.1 million in the second quarter of 2017 which included $19.2 million of non-cash amortization and depreciation expense as well as $6.2 million of restructuring and other charges.
• Our segmented adjusted EBITDA was $18.0 million in the second quarter of 2017, up $1.8 million from the prior year. Segmented adjusted EBITDA in the Digital Ventures segment was $6.9 million in the quarter which benefitted from 32% growth in adjusted EBITDA at VerticalScope (27% growth in USD). In the newspaper operations, the segmented adjusted EBITDA at the Star Media Group was $0.8 million, an improvement of $1.5 million, while segmented adjusted EBITDA at the Metroland Media Group was $12.7 million, down $1.2 million in the quarter.
• Segmented revenue was $180.8 million in the second quarter of 2017, down $15.7 million (8%) from $196.5 million in the second quarter of 2016 which included revenue growth of $2.0 million or 22% (17% growth in USD) from VerticalScope.
more detail at:  http://www.torstar.com/images/file/2017/Q2/2017%20Q2%20FS%20Press%20Release%20r52.pdf

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