April 8, 2021 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today released financial information for the three and six months ended February 28, 2021.
Revenue for the quarter was $106.0 million as compared to $134.2 million in the same period in the prior year, representing a decrease of $28.2 million or 21.0%. The revenue decline was primarily due to decreases in print advertising revenue of $14.7 million or 29.3% and digital revenue of $6.2 million or 20.9%. Print circulation revenue decreased by $5.6 million or 11.6%.
Total operating expenses … decrease was a result of lower compensation expense and newspaper circulation volumes as well as the implementation of various cost reduction initiatives.
Net earnings in the quarter ended February 28, 2021 were $0.7 million, as compared to a net loss of $12.8 million in the same period in the prior year.