Free Press tops $16M in Q1
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Hey there, time traveller!
This article was published 18/05/2018 (2668 days ago), so information in it may no longer be current.
The company that owns the Winnipeg Free Press, Brandon Sun and eight community newspapers in Manitoba reported revenues of $16.1 million for the first quarter ending March 31, 2018.
That was an 11.8 per cent decline compared to the same period the previous year for FP Canadian Newspapers Limited Partnership (FPLP). FP Newspapers Inc., a publicly listed entity, owns securities entitling it to 49 per cent of the distributable cash of FPLP.
FPLP also reported a 7.9 per cent reduction in operating expenses.
Print advertising revenue was down 14.7 per cent for the quarter and the company said it expects the long-term trend of lower advertising revenues will continue but that early into the second quarter advertising revenue declines are not as steep as was experienced in the first quarter.
In addition to the two Manitoba dailies and their digital assets, the company also owns Derksen Printers, the Steinbach Carillon, Carberry News Express and the Canstar Community News group which includes The Herald, The Lance, The Sou’wester, The Metro, The Times and The Headliner.
FPLP’s net loss was $0.1 million for quarter, compared to net income of $0.6 million for the same period last year.