Winnipeg Free Press - PRINT EDITION

Revenue down, earnings up at 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, 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 Sept. 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 $200,000 or one per cent decrease compared with the same period last year.

Circulation revenue was $6.7 million, a decrease of $100,000 from the third quarter of 2011

EBITDA was lower by $200,000 or 3.7 per cent compared with the third quarter last year, but excluding restructuring charges of $400,000, increased by $200,000 or 5.4 per cent

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

FP Newspapers Inc. shares closed down four cents in modest trading to $4.05.

Republished from the Winnipeg Free Press print edition November 16, 2012 B9

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