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Q3 revenue down, earnings up for FP Canadian Newspapers

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Revenue was down slightly and net earnings up slightly in the third quarter at FP Canadian Newspapers Limited Partnership (FPLP), the company that owns the Winnipeg Free Press, Brandon Sun, The Carillon in Steinbach, the Carberry Express News and several other regional papers and related online properties.

Publicly-traded FP Newspapers Inc. owns securities entitling it to 49 per cent of the distributable cash of FPLP.

FP Newspapers Inc. had net earnings of $1.0 million, or $0.143 per share, during the three months ended September 30, 2012, unchanged from the same quarter last year.

FPLP’s revenue for the quarter was $26.3 million, a decrease of $0.1 million or 0.3 per cent from the same three months in the prior year. Advertising revenue was $17.5 million, a $0.2 million or 1.0 per cent decrease compared to the same period last year.

Circulation revenue was $6.7 million, a decrease of $0.1 million from the third quarter of 2011

EBITDA was lower by $0.2 million or 3.7 per cent compared to the third quarter last year but excluding restructuring charges of $0.4 million, increased by $0.2 million or 5.4 per cent

FPLP’s net earnings for the three months ended September 30, 2012 were $2.9 million, an increase of $0.1 million, primarily due to lower finance costs.

FP Newspapers Inc. shares were down four cents this morning in modest trading to $4.05.

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