Postmedia Is Looking at More Outsourcing as Revenue from Newspapers Falls in Q2

By Nguyen, Linda | The Canadian Press, April 11, 2013 | Go to article overview

Postmedia Is Looking at More Outsourcing as Revenue from Newspapers Falls in Q2


Nguyen, Linda, The Canadian Press


Postmedia Q2 revenue falls 10 per cent

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TORONTO - Postmedia Network Canada Corp. (TSX:PNC.B) says it's continuing to look at making more cuts across its operations, including centralizing its manufacturing, marketing and circulation departments.

"As we look into our crystal ball, we will be a smaller revenue company but as well, a much smaller expense or costs company," Paul Godfrey, Postmedia's president and chief executive told investors Thursday.

"By doing that, we have to look at every aspect we do business, including the potential for outsourcing."

The media company, which owns several big city newspapers including the National Post, Vancouver Sun and the Ottawa Citizen, reported a $14.2-million loss in the second quarter due to a 10 per cent drop in revenue and changing currency values resulting in a foreign exchange loss.

The loss amounted to 35 cents per share for the three months ended Feb. 28 compared with a loss of $11.1 million or 27 cents per share a year ago.

Overall, revenue for the three months ended Feb. 28 was $178.8 million, down from $198.6 million.

The company is in the midst of a three-year program to transform its business and cut ongoing costs.

During the three months ended Feb. 28, it implemented changes to create $16 million in annualized savings, bringing the total since the program was announced in July to $58 million.

But Godfrey said the savings were not enough, and the company will continue to explore other ways to get costs down.

"I don't think there's a day that goes by that we don't look at various aspects of our company. Look, we have a business to run on a day-by-day basis. …

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