Torstar Corporation Reports Third Quarter Results

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

Highlights for the third quarter:
• Ended the third quarter of 2017 with $51.4 million of cash and cash equivalents and $9.1 million of restricted cash; Torstar has no bank indebtedness.
• Cash provided by operating activities was $9.7 million in the third quarter of 2017 reflecting a $7.8 million decrease in working capital combined with $1.9 million of cash generated by operating activities in the quarter.
• Our net loss attributable to equity shareholders was $6.6 million ($0.08 per share) in the third quarter of 2017. This compares to a net income of $1.4 million ($0.02 per share) in the third quarter of 2016.
• Adjusted loss per share was $0.08 in the third quarter of 2017, consistent with the third quarter of 2016. Adjusted loss per share in 2017 and 2016 included $0.19 and $0.30 per share effects, respectively, of amortization and depreciation.
• Our segmented operating loss was $6.2 million in the third quarter of 2017 which included $15.0 million of non-cash amortization and depreciation expense as well as $1.7 million of restructuring and other charges.
• Our segmented adjusted EBITDA was $11.2 million in the third quarter of 2017 down $1.9 million from the prior year. Segmented adjusted EBITDA in the Digital Ventures segment was $7.2 million in the quarter, down $0.9 million relative to the third quarter of 2016. In the newspaper operations, the segmented adjusted EBITDA at the Star Media Group was $0.1 million, an improvement of $0.8 million, while segmented adjusted EBITDA at the Metroland Media Group was $6.7 million, down $1.7 million in the quarter.
• Segmented revenue was $164.6 million in the third quarter of 2017, down $17.1 million (9.4%) from $181.7 million in the third quarter of 2016 and included revenue growth of $0.5 million or 4.8% (8.8% growth in USD) from VerticalScope.
more detail at:  http://www.torstar.com/images/file/2017/Q3/2017%20Q3%20FS%20Press%20Release%20r30.pdf

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