Postmedia has released financial information for the three and nine months ended May 31, 2021.
Net earnings in the quarter, which ended May 31, 2021 were $8.7 million, as compared to a net loss of $13.8 million in the same period in the prior year.
Revenue for the quarter was $111.7 million as compared to $112.4 million in the same period in the prior year, representing a decrease of $0.7 million. Declines were primarily due to decreases in print advertising revenue of $3.2 million or 7.8% and print circulation revenue of $3.0 million or 6.4%. Total digital revenue increased by of $4.7 million or 21.6% with digital advertising revenue up 22.6%.
“As we emerge from the pandemic, we are cautiously optimistic about early signs of economic rebound as we report a return to double-digit digital advertising revenue growth and our third consecutive quarter of net gains versus the peak impact of the pandemic,” said Andrew MacLeod, President & CEO, Postmedia.
MacLeod also emphasized his disappointment with the fact that the federal government has yet to pass legislation to level the playing field between domestic publishers and foreign tech giants. He said he is concerned a recent content deal between certain rivals and Google will hurt the bargaining position of smaller publishers.