Torstar Corporation Reports Fourth Quarter Results

Torstar Corporation (TSX:TS.B) today reported financial results for the fourth quarter ended December 31, 2017.
Highlights for the fourth quarter:
•  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 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. This transaction is expected to contribute to an improvement in annualized operating earnings in the range of $5 million to $7 million.
•  Ended 2017 with $71.4 million of cash and cash equivalents as well as $9.1 million of restricted cash; Torstar has no bank indebtedness.
•  Cash provided by operating activities was $23.6 million in the fourth quarter of 2017 reflecting $31.6 million of cash generated by operating activities partially offset by an $8.1 million increase in working capital.
•  Our net income from continuing operations was $7.8 million ($0.10 per share) in the fourth quarter of 2017.  This compares to net income of $0.7 million ($0.01 per share) in the fourth quarter of 2016.
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