Downturn cuts into FP Newspapers’ revenue
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Winnipeg Free Press access to your Brandon Sun subscription for only
$1 for the first 4 weeks*
*$1 will be added to your next bill. After your 4 weeks access is complete your rate will increase by $0.00 a X percent off the regular rate.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 06/11/2009 (5783 days ago), so information in it may no longer be current.
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.