Bottom line: “Net loss in the nine months ended May 31, 2022 was $43.3 million, as compared to net earnings of $62.3 million in the same period in the prior year.”
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July 7, 2022 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today released financial information for the three and nine months ended May 31, 2022 which include the results of the daily and weekly newspapers, digital properties and parcel delivery business acquired from J. D. Irving, Limited on March 25, 2022 (the “BNI Acquisition”).
“This quarter we welcomed the Brunswick News teams and brands to Postmedia and extended our reach across Canada. Looking ahead, management continues to plan for an uncertain future economic environment while our teams remain focused on delivering value to our audiences, advertisers and partners.” said Andrew MacLeod, President and Chief Executive Officer, Postmedia.
Third Quarter Operating Results
Revenue for the quarter was $120.6 million as compared to $111.7 million in the same period in the prior year, representing an increase of $8.9 million or 7.9%.
Total operating expenses excluding depreciation, amortization, impairment and restructuring increased $17.4 million or 17.3% for the quarter ended May 31, 2022, relative to the same period in the prior year.
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