FP Newspapers sees revenue fall
FP Canadian Newspapers Limited Partnership (FPLP), the company that owns the Winnipeg Free Press, the Brandon Sun, the Carillon in Steinbach and a number of other Manitoba publications reported revenue of $25.1 million for the third quarter ending Sept. 30, down 4.5 per cent from the year before.
FPLP's net earnings were $2.5 million for the three months ended Sept. 30, 2013, compared with $2.9 million for the same period last year.
Advertising revenues for the quarter were $16.5 million, a $1.0-million or 5.8 per cent decrease compared with the same period last year.
Operating expenses were $22.2 million, a decrease of $0.8 million or 3.7 per cent compared with the same quarter last year.
FP Newspapers Inc., which owns securities entitling it to 49 per cent of the distributable cash of FPLP, reported net earnings of $0.9 million or $0.125 per share for the three months ended Sept. 30, 2013, compared with net earnings of $1.0 million or $0.141 per share in the same period last year.
Cash available for distribution attributable to FPI was $0.5 million or $0.077 per share for the three months ended Sept. 30, 2013, compared with $0.8 million or $0.118 per share for the same period last year.
FPI declared dividends to shareholders of $1.0 million or $0.15 per share for the three months ended September 30, 2013, unchanged from the same period in 2012.
FPI shares closed down 16 cents to $5.25.
Boyd hammers out healthy Q3
THE Boyd Group Income Fund reported healthy increases across the board for the third quarter ending Sept. 30, 2013.
The Winnipeg-based collision repair centre operator had total sales for the quarter ending Sept. 30, 2013, of $149.6 million, an increase of 37.2 per cent from the same quarter last year.
Same-store sales increased by 4.4 per cent and adjusted EBITDA was up 42.2 per cent to $10.6 million.
During the quarter, the fund acquired Hansen Collision and Glass with 25 locations and added six single-store locations subsequent to the end of the quarter. It now has 258 locations across Canada and the U.S.
Boyd raised $63.5 million in an equity offering about half of which was used to repay unamortized prepaid rebates to its paint supplier. Company officials say it will be able to generate better returns from volume discounts.
Securities body nixes application
THE Manitoba Securities Commission has denied Ken Muzik's application to be a representative for mutual funds with Sterling Mutuals Inc.
The application was flagged, the MSC said, as a result of questions and concerns arising from the review of the application.
Muzik has held various registrations in the past and has been before the regulatory body on a few occasions for various oversights.
In a ruling filed earlier this month, the MSC said, "When questioned of these repeated instances of what he acknowledged to be unacceptable conduct, Muzik could provide no insight into his conduct except that it was a mistake and in some instances done for some perceived benefit to the client."
In its ruling, the MSC noted Muzik has operated under heightened supervision in the past. Sterling proposed an additional level of supervision of Muzik's activities, which would involve more direct supervision.
But the MSC said that would not be enough.
Stefanson moves up in CIBC world
JASON Stefanson, managing director and head of Prairies investment banking for CIBC World Markets, has been named vice-chairman, investment banking.
Stefanson becomes one of the highest-ranking bankers based in Winnipeg.
He is responsible for senior client coverage in Western Canada for CIBC World Markets, excluding energy and mining, and has represented many of Manitoba's largest companies.
"It is a signal of CIBC's commitment to the Winnipeg marketplace," Stefanson said. "We have been tremendously appreciative of the significant amount of business Winnipeg companies are doing with us."