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2017 Q1 FS Press Release

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2017 Q1 FS Press Release PRESS RELEASE TORSTAR CORPORATION REPORTS FIRST QUARTER RESULTS TORONTO, ONTARIO – (Marketwired – May 3, 2017) – Torstar Corporation (TSX:TS.B) today reported financial results for the first quarter ended March 31, 2017. Highlights for the first quarter: • On March 31, 2017, John Boynton was appointed President and Chief Executive Officer of Torstar and Publisher of the Toronto Star. Mr. Boynton comes to Torstar with deep expertise in marketing, technology and business transformation. • Ended the first quarter of 2017 with $59.4 million of cash and cash equivalents and $9.1 million of restricted cash; Torstar has no bank indebtedness. • Our net loss was $24.4 million ($0.30 per share) in the first quarter of 2017. This compares to a net loss of $53.5 million ($0.66 per share) in the first quarter of 2016. • Our net loss attributable to equity shareholders was $24.3 million ($0.30 per share) in the first quarter of 2017 compared to a net loss attributable to equity shareholders of $53.5 million ($0.66 per share) in the first quarter of 2016. • Adjusted loss per share was $0.22 in the first quarter of 2017, an improvement of $0.18 from adjusted loss per share of $0.40 in the first quarter of 2016. Adjusted loss per share in 2017 and 2016 included $0.21 and $0.52 per share effects of amortization and depreciation. • Our segmented operating loss was $23.4 million in the first quarter of 2017 which included $17.2 million of non-cash amortization and depreciation expense as well as $4.9 million of restructuring and other charges and $3.0 million of impairment charges. • Our segmented adjusted EBITDA was $2.0 million in the first quarter of 2017 up $2.7 million from the prior year. Segmented adjusted EBITDA in the Digital Ventures segment was $5.1 million in the quarter which benefitted from 21% growth in adjusted EBITDA at VerticalScope (25% growth in USD). In the newspaper operations the segmented adjusted EBITDA loss at the Star Media Group was $2.9 million, an improvement of $3.3 million, while segmented adjusted EBITDA at the Metroland Media Group was $1.8 million, down $1.5 million in the quarter. • Segmented revenue was $156.7 million in the first quarter of 2017, down $18.1 million (10%) from $174.8 million in the first quarter of 2016 and which included revenue growth of $1.5 million or 18% (22% growth in USD) from VerticalScope. “Segmented adjusted EBITDA was up $2.7 million to $2.0 million in the first quarter and included $5.1 million from our Digital Ventures segment which continues to benefit from very strong year over year growth in revenue and adjusted EBITDA at VerticalScope. At Metroland and the Star Media Group, we benefitted from continuing efforts on costs which offset the impact of the continuing challenges in the print advertising environment with earnings up $1.9 million across the two operations." said John Boynton, President and CEO of Torstar Corporation. "Looking forward, we expect earnings in the balance of the year to continue to benefit from growth at VerticalScope and efforts on reducing costs.” -1- The following chart provides a continuity of earnings per share from the first quarter of 2016 to the first quarter of 2017: Three months ended March 31 Adjusted Earnings (Loss) Per Share** Earnings (Loss) Per Share Earnings (loss) per share from continuing operations attributable to equity shareholders in ($0.66) ($0.40) 2016 Changes • Adjusted EBITDA* 0.03 0.03 • Amortization and depreciation* 0.31 0.31 • Operating earnings* (0.32) (0.06) • Restructuring and other charges* 0.33 • Impairment of assets* (0.04) • Operating loss* (0.03) (0.06) • Non-cash foreign exchange (0.03) • Income from associated businesses (excluding VerticalScope) (0.01) (0.01) • Other income (0.02) • Change in current and future taxes (including associated businesses) (0.21) (0.15) Earnings (loss) per share attributable to equity shareholders in 2017 ($0.30) ($0.22) *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 –FIRST QUARTER 2017 The following tables sets out, in $000’s the segmented results for the three months ended March 31, 2017 and 2016 Three months ended March 31, 2017 Adjustments Total Per Digital Total & Consolidated (in $000’s) MMG SMG Ventures Corporate Segmented* Eliminations1 Statement of Loss Operating revenue $81,486 $59,414 $15,815 $156,715 ($18,039) $138,676 Salaries and benefits (41,503) (22,085) (5,577) ($1,485) (70,650) 5,907 (64,743) Other operating costs (38,153) (40,232) (5,141) (540) (84,066) 5,576 (78,490) Adjusted EBITDA** 1,830 (2,903) 5,097 (2,025) 1,999 (6,556) (4,557) Amortization & depreciation (3,760) (5,797) (7,613) (17,170) 7,105 (10,065) Share based compensation (130) (103) (120) 25 (328) 328 Operating earnings (loss)** (2,060) (8,803) (2,636) (2,000) (15,499) 877 (14,622) Restructuring and other charges (2,937) (1,801) (141) (4,879) 396 (4,483) Impairment of assets (3,000) (3,000) 3,000 Operating profit (loss)** ($4,997) ($10,604) ($5,777) ($2,000) ($23,378) $4,273 ($19,105) Net loss ($24,397) -2- Three months ended March 31, 2016 Adjustments Total Per Digital Total & Consolidated (in $000’s) MMG SMG Ventures Corporate Segmented* Eliminations1 Statement of Loss Operating revenue $89,065 $69,815 $15,939 $174,819 ($18,138) $156,681 Salaries and benefits (44,888) (30,973) (5,649) ($2,037) (83,547) 6,324 (77,223) Other operating costs (40,924) (45,042) (5,376) (636) (91,978) 5,699 (86,279) Adjusted EBITDA** 3,253 (6,200) 4,914 (2,673) (706) (6,115) (6,821) Amortization & depreciation (3,383) (9,519) (28,944) (7) (41,853) 28,588 (13,265) Share based compensation (118) (163) (245) 128 (398) 398 Operating earnings (loss)** (248) (15,882) (24,275) (2,552) (42,957) 22,871 (20,086) Restructuring and other charges (2,262) (29,538) (31,800) (31,800) Operating profit (loss)** ($2,510) ($45,420) ($24,275) ($2,552) ($74,757) $22,871 ($51,886) Net loss ($53,532) 1Reflects eliminations of proportionate share of joint ventures and VerticalScope. * Includes proportionately consolidated share of joint venture operations and VerticalScope. ** These are non-IFRS or additional IFRS measures, see “Non-IFRS measures”. Revenue Segmented revenue was down $18.1 million or 10% in the first quarter of 2017, which included revenue growth of $1.5 million or 18% from VerticalScope (22% revenue growth in USD). Segmented revenue in the first quarter of 2017 reflected declines of 19% in print advertising revenues, with particular softness in national advertising revenues, a 9.5% decrease in subscriber revenue and a 0.6% increase in distribution revenues. Operating revenue (excluding our proportionate share of revenues from our joint ventures and our 56% interest in VerticalScope) was down $18.0 million or 11% in the first quarter 2017. Digital revenue decreased 4% in the first quarter of 2017 reflecting lower revenues at Workopolis, WagJag and Save.ca, partially offset by strong growth at VerticalScope as well as in local digital advertising within the community websites at Metroland Media Group. Digital revenues were 18% of total revenue in the first quarter of 2017 compared to 17% in the first quarter of 2016. Salaries and benefits Segmented salaries and benefits costs were down $12.8 million (15%) in the first quarter of 2017 reflecting the benefit of savings from restructuring initiatives, including the closure of the Vaughan Printing Facility and lower staffing costs associated with Toronto Star Touch. Other operating costs Segmented other operating costs primarily include newspaper circulation and flyer distribution costs, production costs and newsprint costs which represented 40%, 13% and 12% respectively of segmented other operating costs for the first quarter of 2017. Segmented other operating costs were down $7.9 million or 8.6% in the first quarter of 2017 as a result of lower print volumes and the impact of other cost reductions. Adjusted EBITDA Our segmented adjusted EBITDA was $2.0 million in the first quarter of 2017 up $2.7 million from the prior year. Segmented adjusted EBITDA in the Digital Ventures segment was $5.1 million in the quarter which benefitted from 21% growth in adjusted EBITDA at VerticalScope (25% growth in USD). In the newspaper operations the segmented adjusted EBITDA loss at the Star Media Group was $2.9 million, an improvement of $3.3 million, while segmented adjusted EBITDA at the Metroland Media Group was $1.8 million, down $1.5 million in the quarter. Amortization and depreciation Total segmented amortization and depreciation decreased $24.7 million in the first quarter of 2017, primarily the result of lower amortization associated with our investment in VerticalScope as well as the absence of accelerated amortization of equipment related to the transition of printing of the Toronto Star to Transcontinental Printing in the first quarter of 2016. -3- Operating earnings (loss) Segmented operating loss was $15.5 million in the first quarter of 2017 compared to an operating loss of $43.0 million in the first quarter of 2016. This improvement was the result of an increase in adjusted EBITDA combined with lower amortization and depreciation expense. Restructuring and other charges Total segmented restructuring and other charges were $4.9 million in the first quarter of 2017 and $31.8 million in the first quarter of 2016.
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