PostMedia Losses Continue to Mount

Originally published by masthead online

12 January 2024

TORONTO - Revenue for the quarter was $104.6 million as compared to $124.2 million in the same period in the prior year,

representing a decrease of $19.6 million (15.8%).

The revenue decrease was primarily due to decreases in advertising revenue of $14.4 million (22.1%) and circulation revenue of $7.1 million (17.8%), partially offset by increases in parcel revenue of $3.6 million (39.1%). Total operating expenses excluding depreciation, amortization and restructuring decreased $20.6 million, or 17.3%, for the quarter ended November 30, 2023, relative to the same period in the prior year.

Decreases were experienced across all expense categories. Net loss in the quarter ended November 30, 2023 was $10.6 million, as compared to a net loss of $15.9 million in the same period in the prior year. The decrease in net loss was primarily the result of a decrease in foreign exchange losses in the three months ended August 31, 2023 and the increase in operating income before depreciation, amortization and restructuring, partially offset by a decrease in gain on disposal of assets held-for-sale and other assets, loss on debt refinancing and a increases in depreciation and interest expenses.