Earnings: Postmedia Network Reports Q1 2012 Earnings, Profit Rises To $28.3 Million
Big day for media company Postmedia Network, as they announced the hiring of a number of key executives including Simon Jennings, Wayne Parrish to Chief Operating Officer, and Jeffrey Haar joins Postmedia as Executive Vice President, Legal and General Counsel.
The company has also reported their first quarter results for 2012 today, they reported that net earnings from continuing operations of C$14.3 million and revenue of C$231.1 million in the three months to the end of November 30, 2011, compared to a year ago it made C$4.6 million, and revenue of C$254.1 million during the same time period.
“In this first quarter of our second year, we continue to see the effects of a slower than expected economic recovery,” Postmedia CEO Paul Godfrey said in the earnings statement.
Postmedia was launched in July 2010 out of the newspaper assets of bankrupt Canwest, and has continued to rebuild their digital assets including their websites, smartphone and tablet apps, and other services.
Much of the gain was due to lower restructuring costs including the sale of community newspapers in British Columbia and one of its major dailies – The Victoria Times Colonist – to Glacier Media Inc. for $86.5 million in October. Print advertising slipped almost 12 percent from a year earlier to C$149.4 million. Digital and circulation revenue was flat.
Sounds like they are in need of a digital saviour…
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