Postmedia Network Canada Corp. has released its Q4 earnings information for the three months and year ended August 31, 2019.
Highlights from the Quarter:
- Continued digital growth – Eleventh consecutive quarter of double digit digital advertising revenue growth – up 10.8%.
- Successful refinancing of our long-term debt – As a result of the refinancing transaction completed on September 9, 2019 Postmedia will not have any notes obligations maturing over approximately the next 4 years.
- Business Transformation – Initiatives implemented in the quarter are expected to result in approximately $3 million of net annualized cost savings – in the quarter we realized a 9.4% reduction in operating costs.1
- Operating income before depreciation, amortization, impairment and restructuring was $13.3 million in the quarter and excluding the journalism tax credit in Fiscal 2019, represents an increase of $1.4 million.
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