Nov. 21, 2024
Some highlights:
Net loss in the quarter ended August 31, 2024 was $3.1 million, as compared to a net loss of $11.0 million in the same period in the prior year.
Net loss in the year August 31, 2024 was $49.7 million, as compared to a net loss of $72.6 million in the same period in the prior year.
Revenue for the quarter was $93.2 million as compared to $101.3 million in the same period in the prior year, representing a decrease of $8.1 million (8.0%). The revenue decrease was primarily due to decreases in advertising revenue of $3.6 million (7.7%) circulation revenue of $2.3 million (6.7%) and other revenue of $2.8 million (32.8%), partially offset by increases in parcel revenue of $0.6 million (5.1%).
Total operating expenses excluding depreciation, amortization and restructuring decreased $18.5 million, or 18.6%, for the quarter ended August 31, 2024, relative to the same period in the prior year. The decrease relates to decreases in compensation, newsprint, production and other operating expenses, partially offset by an increase in distribution expense.
Revenue for the year ended August 31, 2024 was $395.9 million as compared to $448.5 million in the same period in the prior year, a decrease of $52.6 million or 11.7%.
Total operating expenses excluding depreciation, amortization and restructuring decreased $56.7 million or 13.0% for the year ended August 31, 2024, relative to the same period in the prior year.
“While we continue to operate in a challenging advertising marketplace dominated by large, foreign media platforms, Postmedia achieved some important milestones during the quarter that give us optimism around the future of Canadian news media. It is clear from our digital audience that Canadians look to us to provide accurate and timely local, provincial, and national news,” said Andrew MacLeod, President and CEO.
See the full press release here
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