Torstar reports $7-million Q2 loss
Torstar Corp. reported a smaller second-quarter loss compared with a year ago as it saw improved results from its digital media company VerticalScope.
The publisher of the Toronto Star, The Hamilton Spectator, Waterloo Region Record and community newspapers like The Burlington Post and The Stoney Creek News, said it lost $7 million or nine cents per share in the three months ending June 30 compared with a loss of $23.9 million or 30 cents per share a year ago.
Operating revenue totalled $161.8 million for what was the company’s latest quarter, down from $177.9 million a year earlier.
Torstar chief executive John Boynton said VerticalScope posted strong year-over-year growth in revenue, while the company’s Metroland Media Group, which includes the Spectator, and Star Media Group benefited from efforts to reduce costs.
“We’re facing continued headwinds but we continue to make great progress,” Boynton said during a Wednesday conference call with financial analysts.
Torstar holds a 56 per cent stake in VerticalScope, which owns and operates hundreds of online forums and websites including AutoGuide.com, PetGuide.com, Motorcycle.com and ATV.com. In its outlook, the company said cost reduction will remain an important area of focus for the balance of the year. Revenue growth at VerticalScope is also expected to continue in the second half of 2017.
Torstar said its most recent quarter included $6.1 million in restructuring charges.