NEWS
08/02/2017 03:44 EDT | Updated 08/02/2017 04:00 EDT

Torstar Corp. reports $7-million second-quarter loss, revenue down

TORONTO — Torstar Corp. (TSX:TS.B) has reported a loss of $7 million in its latest quarter compared with a loss of $23.9 million a year ago.

The publisher of the Toronto Star says the loss amounted to nine cents per share for the quarter ended June 30 compared with a loss of 30 cents per share a year ago.

Operating revenue totalled $161.8 million for what was the company's second quarter, down from $177.9 million a year earlier.

Torstar says the quarter included a $6.3-million non-cash amortization and depreciation charge related to its investment in digital media company VerticalScope and $6.1 million in restructuring charges.

That compared with a $26.6-million non-cash charge related to VerticalScope last year as well as $6.9 million in restructuring charges and a $4.5-million non-cash charge related to the transition of printing of the Toronto Star to Transcontinental.

On an adjusted basis, Torstar says it lost three cents per share in the second quarter compared with a loss of 13 cents per share in the same quarter last year.

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Torstar holds an investment in The Canadian Press as part of a joint agreement with a subsidiary of the Globe and Mail and the parent company of Montreal's La Presse.