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Winnipeg Free Press - ONLINE EDITION
Downturn cuts into FP Newspapers' revenue
The economic downturn shaved 14.3 per cent off total revenue in the third quarter at FP Newspapers Limited Partnership (FPLP), the company that owns the Winnipeg Free Press, the Brandon Sun and Canstar Community News.
The Winnipeg-based newspaper company is 49 per cent owned by FP Newspapers Income Fund.
The fund had net earnings of $1.3 million for the quarter, 35 per cent less than last year.
Total revenue for FPLP for the quarter ending Sept. 30, 2009 was $26.6 million, with advertising making up $17.3 million of that. Ad revenue was 17.2 per cent less than the third quarter last year which ended just prior to the Wall Street melt down and last fall’s collapse of the equity markets.
A 19.2 per cent decline in display ads was attributed to the decline in local and national spending on automotive and career ads.
EBITDA (earnings before interest, taxes, depreciation and amortization) for the quarter was $4.7 million, a 25 per cent decrease from the same quarter last year.
According to the Audit Bureau of Circulation, the Winnipeg Free Press circulation held its own for the six months ending Sept. 30, 2009. Paid circulation on Saturdays was 162,701, down 1.0 per cent and Monday to Friday paid circulation was 118,958, down 0.7 per cent.
FP Newspapers Income Fund units were down 10 cents in early trading today to $6.85.
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