Q3 up at Torstar

Print advertising was strong in the quarter and the company remains committed to digital growth: Holland.

Torstar Corporation released its third-quarter financial statement earlier today, showing growth over the same quarter last year and expressing optimism in print advertising revenue.

Overall revenue was up $9 million over the same quarter last year, to $352.7 million from $343.7 million.

EBITDA grew $8 million over last year’s Q3, to $50.8 million from $42.8 million in 2009. The company’s net income for the quarter was $4.1 million, consistent with the previous year.

Net debt decreased from $480.1 million on June 30 to $450.4 million on Sept. 30.

David Holland, president and CEO of Torstar, said in a statement that the company is committed to digital platforms and remains optimistic about the print side of the business, but there are concerns in the near-term.

‘Looking forward to the balance of the year, we are encouraged by print advertising revenue momentum at the Toronto Star but, more generally, are concerned about the modest economic recovery we are experiencing,’ Holland said. ‘At Harlequin, we have experienced very good results year to date but are wary of some indicators of weakness that are emerging in the U.S. market.’

The company saw a strengthening of national advertising in September, and that continued into October.

The financial statement included losses from associated businesses, which totalled $17.9 million in Q3, an increase from $13.6 million in the same time last year. The loss came from the company’s share of CTVgm. This is the last quarter that Torstar will report its CTVgm share. It agreed in September to sell its 20% stake for roughly $345 million.