Quebecor's Media, Telecom Income Up, But Company Turns In $59.5-Million Loss

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MONTREAL - Quebecor Inc. ((TSX:QBR.B) says its continuing media and telecom operations had $50.3 million of adjusted income in the fourth quarter, up 3.5 per cent from a year earlier.

The profit amounted to 41 cents per basic share, up from 39 cents in the fourth quarter of 2013.

Overall revenue for the Montreal-based media and telecom company was up 2.9 per cent to $989.4 million.

Quebecor said the quarter's growth was underpinned by the Videotron telecom segment, which had its strongest quarter in terms of subscriber additions since 2011.

However, Quebecor's overall profit and revenue were below analyst estimates of 52 cents per share of earnings and $1.09 billion of revenue.

The company is in the process of selling its English-language daily newspapers and other businesses, mostly outside Quebec. It has also sold 74 Quebec weeklies and abandoned door-to-door distribution of community newspapers and flyers in Quebec.

The operational gains at Quebecor's continuing operations were more than offset by the reduced value of its goodwill, intangible assets and financial derivatives, which dragged the company to a net loss of $59.5 million or 48 cents per share.

Quebecor's discontinued operations had $19.4 million of net income, up from $14.3 million. Including discontinued operations, Quebecor's total net loss in the fourth quarter was $50.3 million, compared with $19.4 million of net income in 2013.

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