The company that owns the Winnipeg Free Press, Brandon Sun and a number of Manitoba regional and community newspapers has reported slight increases in revenues and operating income for the fourth quarter and for the full year.
FP Canadian Newspapers Limited Partnership (FPLP) generated revenue of $30.2 million for the fourth quarter, an increase of 0.8 over the same period last year and $111.5 million for the full year, an increase of 0.2 per cent over 2011’s results.
FP Newspapers Inc. the publicly traded entity that is entitled to 49 per cent of the distributable cash of FPLP, reported net earnings of $2.0 million for the three months ended Dec. 30, 2012, compared to a net loss of $13.1 million for the same period last year which included a $15.0 million non-cash write-down of the investment in FPLP Class A limited partner units.
FPLP’s advertising revenues for the fourth quarter ending Dec. 31, 2012 were $20.6 million, a 0.9 per cent decline. Display advertising, its largest category, was down 0.6 per cent, circulation revenue was down 1.5 per cent and digital revenue was up 14.9 per cent or $100,000.
EBITDA for the quarter was $7.4 million, an increase of 1.2 per cent.
Revenue of $111.5 million for the full year was up 0.2 per cent but excluding revenue attributable to Derksen Printers (which was acquired in February 2011) for the first quarter of 2012 and 2011, revenue decreased by 0.6 per cent.
EBITDA for the year ended Dec. 31, 2012 was $21.0 million compared to $23.1 million in 2011, a decrease of 9.1 per cent. Excluding the Derksen business for the first quarter and the full year restructuring charges, EBITDA for the 12 months ended Dec. 31, 2012 was $21.4 million compared to $23.3 million in 2011, a decrease of 8.2 per cent.