March 5 Torstar Corp, owner of Canada's
largest daily newspaper by circulation, said quarterly operating
revenue fell more than 7 percent, hurt by weak print
Torstar is trying to make up for losses in its traditional
print business by charging users for access to the online
version of the Toronto Star newspaper and cutting costs.
" ... We anticipate continued pressure on print advertising
revenues, although we were pleased to experience some relative
improvement in the print advertising trend in the fourth
quarter," Chief Executive David Holland said in a statement on
The company also publishes regional newspapers and Harlequin
Net income attributable to Torstar's shareholders fell to
C$20.6 million ($18.5 million) in the fourth quarter ended Dec.
31 from C$21.1 million, a year earlier.
The company's income was flat on a per-share basis.
Total operating revenue fell to C$366.5 million from C$395.7
Operating revenue from Torstar's media business, its
biggest, fell to C$271.4 million from C$290.8 million, a year
Torstar warned in July that the second half of 2013 would be
tough for print revenue, as readers increasingly get their news
through the Internet or on mobile devices.
The company began charging readers for online access to the
Toronto Star last year.
Torstar said its restructuring initiatives, mainly in the
media business, resulted in about 190 job cuts in the fourth
quarter. The initiatives have resulted in total 510 job cuts in
the media business in 2013.
Torstar's shares closed at C$5.04 on Tuesday on the Toronto
Stock Exchange. The stock has fallen about 37 percent in the
year to Tuesday's close.