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2018 Q2 FS Press Release

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2018 Q2 FS Press Release PRESS RELEASE TORSTAR CORPORATION REPORTS SECOND QUARTER RESULTS TORONTO, ONTARIO – (Marketwired – August 1, 2018) – Torstar Corporation (TSX:TS.B) today reported financial results for the second quarter ended June 30, 2018. Highlights for the second quarter: • As part of our transformation plan, on April 10, 2018, we launched a major national expansion with more robust digital offerings on thestar.com in Vancouver, Calgary, Edmonton, Toronto and Halifax aimed at driving future digital subscription revenues. This expansion leverages the Star brand and its history and unique position of local and investigative reporting. • On April 12, 2018, Workopolis.com and Workopolis' related assets were sold to Recruit Holdings Co., Ltd. Following the sale and subsequent wind up of the remaining Workopolis business, we estimate that the net proceeds will be in the range of $3.5 million to $4.0 million, with $3.2 million of proceeds received to date. • Ended the second quarter of 2018 with $49.4 million of cash and cash equivalents and $7.7 million of restricted cash; Torstar has no bank indebtedness. • Our net income attributable to equity shareholders was $4.8 million ($0.06 per share) in the second quarter of 2018 an improvement relative to a net loss of $7.0 million ($0.09 per share) in the second quarter of 2017. • Our net income from continuing operations in the second quarter of 2018 was $4.8 million ($0.06 per share) compared to a net loss of $7.5 million ($0.10 per share) in the second quarter of 2017. • Adjusted earnings per share was $0.16 in the second quarter of 2018, an improvement of $0.19 per share relative to the second quarter of 2017. • Our segmented operating profit was $2.2 million in the second quarter of 2018 which included $17.9 million of non- cash amortization and depreciation expense as well as $7.6 million of restructuring and other charges. • Our segmented adjusted EBITDA was $27.8 million in the second quarter of 2018, an improvement of $9.8 million from the second quarter of the prior year. Segmented adjusted EBITDA in the Daily Brands segment was $18.7 million in the second quarter, an improvement of $15.6 million relative to 2017. The improvement in adjusted EBITDA included the benefit of a $15.8 million digital media tax credit. This tax credit related to a claim made in respect of 2015 and not current year operations. Segmented adjusted EBITDA in the Community Brands segment was $7.9 million, down $2.5 million relative to the comparable period in 2017 while segmented adjusted EBITDA in the Digital Ventures segment was $5.7 million, down $1.2 million relative to the second quarter of 2017, $0.5 million of which was related to the sale of Workopolis in early April. Corporate costs were also $2.0 million higher in the second quarter of 2018 relative to the second quarter of 2017. • Segmented revenue was $160.7 million in the second quarter of 2018, down $20.1 million (11%) from $180.8 million in the second quarter of 2017 and included revenue growth of $1.3 million or 12% (16% growth in USD) from VerticalScope. On a same store and comparable timing basis, segmented revenue was down $9.9 million (5%) in the second quarter. “I am very pleased with the progress we are making across many fronts in laying the foundation for our transformation plan. A major national digital expansion, an exclusive deal with the Wall Street Journal, an increased investment in more sharply focused investigative journalism, hyper-local and local content are all outputs of our push towards digital subscriptions. What is less obvious but critically important is the progress we are making in the areas of data infrastructure, advanced analytics capability, single sign-on/identity management and paywall/subscription platform implementations and customer life cycle management capabilities. While we are in the early days of a comprehensive multi-phased transformation plan, signs of progress are clear.” said John Boynton, President and CEO of Torstar. “In terms of results in the quarter, segmented adjusted EBITDA was up $9.8 million over last year and included the benefit of a $15.8 million digital media tax credit. While print advertising trends remain challenging we saw trends improve in the local category and we continue to be pleased with the stability we are seeing in subscriber revenue which is a large -1- and more resilient part of our business. Our results also benefitted from synergies associated with the purchase and sale of a number of daily and community papers in late 2017 as well as continued efforts on costs which helped to offset continued pressure on print advertising revenues and necessary investments in our transformation. Earnings in the quarter also included $5.7 million from VerticalScope.” The following chart provides a continuity of earnings per share from the second quarter and first six months of 2017 to the second quarter and first six months of 2018: Three months ended June 30 Six months ended June 30 Adjusted Adjusted Earnings (Loss) Earnings (Loss) Earnings (Loss) Earnings (Loss) Per Share Per Share** Per Share Per Share** Loss per share from continuing operations attributable to equity ($0.10) ($0.03) ($0.40) ($0.24) shareholders in 2017 Changes • Adjusted EBITDA* 0.12 0.12 0.12 0.12 • Amortization and depreciation* 0.01 0.01 0.03 0.03 • Operating earnings (loss)* 0.03 0.10 (0.25) (0.09) • Restructuring and other charges* (0.01) (0.01) • Impairment of assets* 0.04 • Operating profit (loss)* 0.02 0.10 (0.22) (0.09) • Non-cash foreign exchange (0.01) (0.01) • Other 0.05 0.06 0.03 0.05 Earnings (Loss) per share from continuing operations attributable to $0.06 $0.16 ($0.20) ($0.04) equity shareholders in 2018 Earnings per share from discontinued operations attributable to equity $0.08 shareholders in 2018 Earnings (Loss) per share attributable to equity shareholders in 2018 $0.06 $0.16 ($0.12) ($0.04) *Includes proportionately consolidated share of joint venture and VerticalScope's operations. These include Non-IFRS or additional IFRS measures. ** Refer to discussion of "Non-IFRS measures" including definition of adjusted earnings (loss) per share. OPERATING RESULTS –SECOND QUARTER 2018 The following tables set out, in $000’s, the segmented results for the three months ended June 30, 2018 and 2017: Three months ended June 30, 2018 Total Per Adjustments Consolidated Digital Total & Statement of (in $000’s) Communities Dailies Ventures Corporate Segmented* Eliminations1 Income (Loss) Operating revenue $68,661 $75,406 $16,598 $160,665 ($17,494) $143,171 Salaries and benefits (31,965) (12,669) (5,155) ($1,681) (51,470) 6,165 (45,305) Other operating costs (28,807) (44,034) (5,738) (2,814) (81,393) 5,616 (75,777) Adjusted EBITDA** 7,889 18,703 5,705 (4,495) 27,802 (5,713) 22,089 Amortization & depreciation (2,758) (3,192) (11,911) (17,861) 11,327 (6,534) Share based compensation (61) 72 (411) 197 (203) 203 Operating earnings (loss)** 5,070 15,583 (6,617) (4,298) 9,738 5,817 15,555 Restructuring and other charges (4,071) (1,663) (1,818) (7,552) 1,768 (5,784) Operating profit (loss)** $999 $13,920 ($8,435) ($4,298) $2,186 $7,585 $9,771 Net income $4,849 -2- Three months ended June 30, 2017 Total Per Adjustments Consolidated Digital Total & Statement of (in $000’s) Communities Dailies Ventures Corporate Segmented* Eliminations1 Income (Loss) Operating revenue $82,620 $79,794 $18,358 $180,772 ($19,015) $161,757 Salaries and benefits (36,031) (29,142) (5,649) ($1,562) (72,384) 5,928 (66,456) Other operating costs (36,147) (47,560) (5,763) (919) (90,389) 5,562 (84,827) Adjusted EBITDA** 10,442 3,092 6,946 (2,481) 17,999 (7,525) 10,474 Amortization & depreciation (3,425) (8,454) (7,317) (19,196) 6,779 (12,417) Share based compensation (206) (22) (491) 75 (644) 644 Operating earnings (loss)** 6,811 (5,384) (862) (2,406) (1,841) (102) (1,943) Restructuring and other charges (3,053) (2,816) (142) (200) (6,211) 141 (6,070) Operating profit (loss)** $3,758 ($8,200) ($1,004) ($2,606) ($8,052) $39 ($8,013) Loss from continuing operations ($7,499) Income from discontinued operations $500 Net loss ($6,999) 1Reflects adjustments and eliminations of proportionately consolidated results of, and transactions with joint ventures and VerticalScope Holdings Inc. ("VerticalScope"). * Includes proportionately consolidated share of joint venture operations and VerticalScope . ** These are non-IFRS or additional IFRS measures, see “Non-IFRS measures”. Revenue In November 2017, we completed a transaction with Postmedia Network Inc. (“Postmedia”), in which we purchased and sold a number of daily and community newspapers. As part of the transaction, we acquired eight weekly community publications, seven daily community newspapers and two free daily newspapers from Postmedia. In addition, we sold 22 weekly community newspapers in eastern and southern Ontario and the Metro Winnipeg and Metro Ottawa free daily publications to Postmedia. Readers and advertisers of certain publications we acquired and subsequently closed are now being serviced by one or more of our other Community properties while we continue to operate four daily newspapers acquired from Postmedia now included in our Daily Brands segment. Refer to Section 12 of our MD&A for the three and six months ended June 30, 2018 as well as Section 16 of our annual MD&A for further discussion. As a result of publications sold and acquired, revenues in the Community Brands segment were estimated to be $6.8 million lower in the second quarter of 2018, while revenues in the Daily Brands segment were $2.4 million higher in the second quarter of 2018.
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