(MENAFN- ProactiveInvestors) (TSE:TS.B) the publisher of the Toronto Star posted declining revenue in the fourth quarter as demand for print ads weakened.
Net income totalled C$20.6 million or C$0.26 per share in the October-to-December quarter almost unchanged from a year ago the Toronto Ontario-based company said in a statement today.
Adjusted earnings per share fell to C$0.30 from C$0.34 a year earlier.
Segmented revenue fell 9.8 percent to $244.9 million. Operating revenue was $233.4 million down from $259.4 million.
Print advertising continued to be a problem with ad revenues falling 26.9 percent at the Toronto Star in the quarter compared to a year earlier.
Total digital revenue was down 2.9 percent for the year though the Toronto Star’s digital strategy is now in transition with plans to launch a new tablet edition of the newspaper in the fall which aims to reach new and younger audiences. The company expects to spend C$8 million to C$9 million in 2015 to launch the tablet edition. At launch the company has said it expects to remove the metered paywall that currently restricts access to its online content.
“Looking forward in 2015 we anticipate continued pressure on print advertising revenues but we remain committed to making the investments necessary to our future as we adapt to this evolving media environment” chief executive officer David Holland said in the statement.
The company closed its sale of its Harlequin book publishing division to . for C$455 million on August 1 and today it reported a C$222.7 million gain on the sale.
Shares closed up 0.7 percent at C$7.48 in Toronto yesterday expanding this year’s gains to 15 percent.
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