TORONTO — Postmedia Network Canada Corp. says it lost nearly $5.1 million in the second quarter as its revenue dropped 7.5 per cent compared with last year as a result of shifting advertising and circulation patterns.
The owner of the National Post and other newspapers reported $145.7 million in total revenue for the quarter ended Feb 28, including $28.2 million from its digital businesses and $110.8 million from print advertising and circulation.
A year earlier, Postmedia’s total revenue fell by 10.8 per cent to $157.6 million, which included $26.4 million from its digital businesses and $123.7 million from print advertising and circulation.
This year’s second-quarter loss amounted to five cents per share, compared with a loss of $1.25 million or one cent per share last year.
The Toronto-based publisher has faced intense competition for advertising dollars and readers as consumers and advertisers make an industry-wide switch to digital media.
Postmedia chief executive Andrew MacLeod says the company has made progress in slowing the decline in traditional revenue and reducing its long-term debt, which was $238.3 million at the end of the quarter.
Companies in this story: (TSX:PNC.A, TSX:PNC.B)