Canadian publisher Postmedia Network reports increased losses, 9.1% decrease in revenue
The Canadian publisher Postmedia Network Canada Corp. today reported a big jump in losses as revenues continued to decline. The company reported that in Q2 it lost $25.3 million compared to $15.8 million in the same quarter of 2013.
The company blamed its losses on expenses of $3.6 million and depreciation expenses of $4.4 million, but it also saw large decreases in revenue in the quarter. Revenue came in at $162.5 million, a 9.1 percent decrease, with print revenue tanking, down 14.7 percent in the quarter. Even digital revenue fell, though only slightly down .7 percent.
“We continue to face significant print advertising revenue pressure, however we are pleased with the rapid progress we are making in the transformation of our cost structure,” said Postmedia CEO Paul Godfrey. “We are also encouraged with the progress we are making on subscriber revenue and continue to pursue real estate sales as a means of accelerating debt repayment. These priorities are key elements of repositioning the Company for the digital media environment of the future.”