Postmedia Network reports lower revenue, net loss, in Q4 report
Print ad revenue falls 21 percent in the newspaper publisher’s final quarter of its fiscal 2014 year
The Canadian newspaper publisher Postmedia Network Canada Corp. today reported its earnings for its final quarter of fiscal year 2014. The publisher of the National Post, The Vancouver Sun and other newspapers, reported a $49.8 million net loss, compared to a net loss of $47.9 million in the same quarter last year.
Revenue fell 13.3 percent to $146.8 million compared to $169.3 million in the prior year, with print revenue down 21 percent.
“While we continue to see the impacts of a very challenging revenue environment, particularly with respect to declines in print advertising, we are focused on potential growth areas,” said Paul Godfrey, President and CEO. “Our four platform strategy is bolstered by the recent launch of entirely new products on print, web, tablet and smartphone platforms – most recently in Montreal, to be followed soon by Calgary. Subject to regulatory approval, we believe the proposed acquisition of the Sun Media assets will strengthen the Company and the future of the news media business in Canada putting us in a better position to compete against non-traditional competitors including foreign-based digital giants.”