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2020 Q1 FS Press Release

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2020 Q1 FS Press Release PRESS RELEASE TORSTAR CORPORATION REPORTS FIRST QUARTER RESULTS TORONTO, ONTARIO – (CNW – May 6, 2020) – Torstar Corporation (TSX:TS.B) today reported financial results for the first quarter ended March 31, 2020. Highlights for the first quarter: • The emergence of the COVID-19 pandemic and the resulting government measures for social distancing and the closure of non-essential businesses began to have a significant impact on advertising revenues late in the quarter. These trends have continued into April and have created significant pressure on advertising and flyer distribution revenues. In response to the continued impact of the COVID-19 pandemic on advertising revenues, we have undertaken a number of cost reduction initiatives which are further discussed in our MD&A for the three months ended March 31, 2020. • We continued to make progress on the transformation of our business including digital subscription offerings, ending the first quarter with almost 90,000 subscribers with digital access including over 32,000 digital-only subscribers to our Daily Brands news sites, up from almost 80,000 subscribers and almost 28,000 digital-only subscribers at December 31, 2019. In addition, at the end of the first quarter we had over 7,700 subscribers to the e-editions of our Daily Brands newspapers. • We now have over 370,000 registered users in the Community news sites, up from over 280,000 at December 31, 2019. During the quarter we announced an exclusive agreement with Innocode and launched a scalable digital platform in our first test market, North Bay, Ontario, as part of an innovative new project aimed at revitalizing local media in communities across Canada. • Subsequent to the end of the first quarter, we expanded our suite of digital marketing products and services, through an exclusive agreement with Madwire, LLC in Canada. We now offer approximately ten additional digital advertising and marketing services to small and medium sized businesses in Canada, including to our roster of approximately 30,000 small and medium sized clients. • During the first quarter of 2020, we sold the Hamilton property and received net cash proceeds of $24.7 million. • We ended the first quarter of 2020 with $69.5 million of cash and cash equivalents and $9.1 million of restricted cash; Torstar has no bank indebtedness. • Our operating revenue was $92.5 million in the first quarter of 2020, down $23.5 million or 20% relative to the first quarter of 2019. Excluding the impact of the closure of StarMetro print editions in late December 2019, first quarter operating revenues were down 17%. Our first quarter advertising revenues were impacted by the social distancing measures and the closure of non-essential businesses introduced in mid-March as a result of the COVID-19 pandemic. • Our net loss attributable to equity shareholders was $23.5 million ($0.29 per share) in the first quarter of 2020. This compares to a net loss of $7.4 million ($0.09 per share) in the first quarter of 2019. • Adjusted loss per share (see "non-IFRS measures") was $0.13 in the first quarter of 2020. This compares to an adjusted loss per share of $0.06 in the first quarter of 2019. • Adjusted EBITDA (see "non-IFRS measures") was $2.6 million in the first quarter of 2020, down from $7.1 million in the first quarter of 2019 and included the benefit of $11.9 million of tax credits ($18.0 million in the first quarter of 2019). Excluding the tax credits, Adjusted EBITDA loss improved by $1.7 million, with the Daily Brands up $3.8 million, the Community Brands down $2.4 million and Corporate and Other up $0.3 million. "In the first quarter, we continued to make good progress in our transformation. We remain encouraged with the results of our focus on total subscriber revenue and in particular with the growth of our digital-only subscriber base and associated revenue. We were also pleased to have closed the sale of our Hamilton property for proceeds of almost $25 million. Subsequent to the end of the quarter, we took a step forward in expanding our suite of digital marketing products and services, through an exclusive agreement with Madwire, LLC, we now offer approximately ten additional -1- digital advertising and marketing services to small and medium sized clients in Canada.” said John Boynton, President and CEO of Torstar. “Adjusted EBITDA was $2.6 million in the quarter, with results in the quarter including the benefit of $11.9 million in digital media and journalism tax credits. Results in the quarter continued to reflect ongoing challenges in the print advertising market and towards the end of the quarter, the emergence of the COVID-19 pandemic and the resulting government measures for social distancing and the closure of non-essential businesses began to have a negative impact on advertising revenue. These trends have continued into April and have created significant pressure on advertising and flyer distribution revenues. At the same time, digital traffic to our news sites has increased significantly, and overall subscriber revenues have remained resilient. We have undertaken a number of cost reduction initiatives in response to these pressures on advertising revenues. We are monitoring our financial outlook closely and are developing plans to implement additional labour and other cost reductions depending on the length and severity of potential revenue declines." OPERATING RESULTS – FIRST QUARTER 2020 The following chart provides a continuity of earnings (loss) per share from the first quarter of 2019 to the first quarter of 2020: Three months ended March 31 Earnings (Loss) Per Share Adjusted Earnings (Loss) Per Share** ($0.09) ($0.06) Loss per share attributable to equity shareholders in 2019 Changes • Adjusted EBITDA* (0.05) (0.05) • Amortization and depreciation 0.04 0.04 • Impairment of assets (0.32) • Interest and financing costs 0.01 0.01 • Non-cash foreign exchange (0.04) • Income (Loss) from joint ventures and associated businesses (0.06) (0.06) • Other income 0.23 • Other (0.01) (0.01) Loss per share attributable to equity shareholders in 2020 ($0.29) ($0.13) *Refer to discussion of "Non-IFRS measures" including definition of Adjusted EBITDA. ** Refer to discussion of "Non-IFRS measures" including definition of adjusted earnings (loss) per share. The following tables set out, in $000’s, the results for the three months ended March 31, 2020 and 2019: Three months ended March 31, 2020 Total Per Consolidated (in $000’s) Communities Dailies Corporate and Other Statement of Loss Operating revenue $42,877 $47,853 $1,787 $92,517 Salaries and benefits1 (16,524) (12,613) (2,567) (31,704) Share based compensation 42 4 (143) (97) Other operating costs (23,436) (32,843) (1,805) (58,084) Adjusted EBITDA* 2,959 2,401 (2,728) 2,632 Amortization & depreciation (2,193) (1,213) (671) (4,077) Share based compensation (42) (4) 143 97 Restructuring and other charges (1,645) (1,854) (202) (3,701) Impairment of assets (19,169) (4,443) (1,883) (25,495) Operating profit (loss)* ($20,090) ($5,113) ($5,341) ($30,544) -2- Three months ended March 31, 2019 Total Per Consolidated (in $000’s) Communities Dailies Corporate and Other Statement of Loss Operating revenue $53,891 $59,841 $2,250 $115,982 Salaries and benefits2 (18,534) (18,669) (3,337) (40,540) Share based compensation 79 23 313 415 Other operating costs (25,827) (40,718) (2,229) (68,774) Adjusted EBITDA* 9,609 477 (3,003) 7,083 Amortization & depreciation (3,934) (2,319) (720) (6,973) Share based compensation (79) (23) (313) (415) Restructuring and other charges (1,839) (1,436) (59) (3,334) Operating profit (loss)* $3,757 ($3,301) ($4,095) ($3,639) 1Salaries and benefits in the three months ended March 31, 2020 included the recovery of the following: • $10.4 million of digital media tax credits ($6.6 million in the Communities segment and $3.8 million in the Dailies segment) • $1.5 million of journalism tax credits ($0.4 million in the Communities segment and $1.1 million in the Dailies segment) 2Salaries and benefits in the three months ended March 31, 2019 included the recovery of $18.0 million of digital media tax credits ($11.2 million in the Communities segment and $6.8 million in the Dailies segment). *These are non-IFRS or additional IFRS measures, see "Non-IFRS measures". Operating revenue Operating revenue was $92.5 million in the first quarter of 2020, down $23.5 million or 20%. Excluding the impact of the closure of StarMetro print editions in late December 2019, first quarter operating revenues were down 17%. Subscriber revenues decreased 4% in the first quarter while flyer distribution revenues decreased 15% and digital advertising revenues were down 12%. On a same store basis, print advertising revenues were down 29% in the first quarter. Our first quarter print and digital advertising revenues were impacted by the emergence of the COVID-19 pandemic and the resulting government measures for social distancing and the closure of non-essential businesses, which began in mid-March and continued into the second quarter. Although overall print advertising revenue declines in the first quarter were 29% on a same store basis, the decline in the latter half of March was 58%. On the positive side, we have seen a significant increase in digital traffic to our news sites since the pandemic began. We have also experienced a notable acceleration of digital-only and e-edition subscriptions since the middle of March, while our print subscriptions continue to be relatively resilient. In response to the continued impact of the COVID-19 pandemic on advertising revenues, subsequent to the end of the quarter we have undertaken a number of cost reduction initiatives.
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