PRESS RELEASE
TORSTAR CORPORATION REPORTS FIRST QUARTER RESULTS
TORONTO, ONTARIO – (Marketwired – May 7, 2014) – Torstar Corporation (TSX:TS.B) today reported financial
results for the first quarter ended March 31, 2014.
Highlights for the first quarter:

Segmented revenue was $310.5 million in the first quarter of 2014, down $21.8 million (6.6%) from the first
quarter of 2013.

Segmented adjusted EBITDA (“Segmented EBITDA”) (see “non-IFRS measures”) was $28.5 million in the
first quarter of 2014, down $0.9 million from $29.4 million in the first quarter of 2013.

Segmented operating profit was $14.5 million in the first quarter of 2014, up $2.6 million from $11.9 million in
the first quarter of 2013.

Net income attributable to equity shareholders was $7.1 million ($0.09 per share) in the first quarter of 2014
up $2.9 million from $4.2 million ($0.05 per share) in the first quarter of 2013.

Adjusted earnings per share (see “non-IFRS measures”) was $0.14 in the first quarter of 2014, consistent with
the first quarter of 2013.

Acquired the remaining 10% interest in Free Daily News Group Inc. (“Metro English Canada”) for $10.1 million
bringing Torstar’s ownership to 100%.

Net debt (see “non-IFRS measures”) was $172.7 million at March 31, 2014, up $14.2 million from $158.5
million at December 31, 2013.

Subsequent to the end of the first quarter, Torstar entered into an agreement to sell all of the shares of
Harlequin, (which represents Torstar’s Book Publishing Segment) to HarperCollins Publishers, a subsidiary of
News Corp for $455 million in cash. The transaction is subject to customary approvals and closing conditions,
including regulatory approvals and approval by Torstar’s Class A shareholders. A meeting of the holders of
Torstar’s Class A shares will be held on July 8, 2014, and the Board has fixed June 3, 2014 as the record
date for the meeting. An information circular will be mailed to shareholders in June 2014. The parties
anticipate closing the transaction by the end of the third quarter of 2014.
“Results in the quarter were relatively stable with segment EBITDA down $0.9 million to $28.5 million” said David
Holland, President and CEO of Torstar Corporation. “A strong earnings performance in the media businesses, up
$2.8 million, was more than offset by an earnings decline at Harlequin. In the media operations, continuing efforts
on costs exceeded the impact of revenue declines. Revenues were affected by continued shifts in spending by
advertisers. Harlequin’s results were down $4.2 million to $13.9 million. Lower results were anticipated due to
the comparison to a very strong first quarter in 2013.”
“Looking forward, Harlequin’s results for the balance of the year are expected to be relatively stable
compared to 2013. In the media operations, for the balance of the year, we expect continued pressure on print
advertising revenues, relative stability in multi-platform subscriber revenues, and a continuation of modest growth
in distribution revenues. Our results will continue to benefit from restructuring efforts to date and ongoing efforts
to control costs. We will remain committed to investing in those areas of highest value to our customers as we
adapt to the changing media environment.”
“The recently announced agreement to sell Harlequin is subject to regulatory approval. We will be working
through this process in the coming months.”
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The following table provides a continuity of earnings per share from the first quarter of 2013 to the first quarter of
2014:
Earnings Per
Share
$0.05
Earnings per share attributable to equity shareholders in the first quarter of 2013
Changes
 Operations
 Interest and financing costs
 Loss of associated businesses

Restructuring and other charges*

Non-cash foreign exchange*

Other income (expense) *
(0.01)
0.02
(0.01)
0.04
(0.01)
0.01
Earnings per share attributable to equity shareholders in the first quarter of 2014
* Items are excluded from definition of adjusted earnings per share
Adjusted Earnings
Per Share
$0.14
(0.01)
0.02
(0.01)
$0.09
$0.14
OPERATING RESULTS – FIRST QUARTER 2014
The following tables sets out, in $000’s the segmented results for the three months ended March 31, 2014 and
2013.
2014
(in $000’s)
Operating revenue
Salaries and benefits
Other operating costs
EBITDA**
Amortization & depreciation
Operating earnings**
Restructuring and other
charges
Impairment of assets
Operating profit**
Media*
$211,289
(92,009)
(101,682)
17,598
(8,987)
8,611
(3,564)
(266)
$4,781
Book
Publishing*
$99,242
(26,824)
(58,470)
13,948
(1,105)
12,843
Total Per
Consolidated
Statement of
Income
$292,433
(114,903)
(152,614)
24,916
(9,360)
15,556
($2,361)
(713)
(3,074)
(15)
(3,089)
Total
Segmented*
$310,531
(121,194)
(160,865)
28,472
(10,107)
18,365
($3,089)
(3,566)
(266)
$14,533
($2,763)
(3,520)
(266)
$11,770
Total
Segmented*
$332,372
(130,081)
(172,880)
29,411
(9,549)
19,862
Adjustments
&
Eliminations
for Joint
Ventures
($18,954)
6,773
8,906
(3,275)
749
(2,526)
Total Per
Consolidated
Statement of
Income
$313,418
(123,308)
(163,974)
26,136
(8,800)
17,336
(8,007)
$11,855
11
($2,515)
(7,996)
$9,340
Corporate
(2)
$12,841
Adjustments
&
Eliminations
for Joint
Ventures
($18,098)
6,291
8,251
(3,556)
747
(2,809)
46
2013
Book
(in $000’s)
Media*
Publishing*
Corporate
Operating revenue
$229,818
$102,554
Salaries and benefits
(102,080)
(25,143)
($2,858)
Other operating costs
(112,928)
(59,225)
(727)
EBITDA**
14,810
18,186
(3,585)
Amortization & depreciation
(8,533)
(1,006)
(10)
Operating earnings**
6,277
17,180
(3,595)
Restructuring and other
charges
(5,718)
(2,289)
Operating profit**
$559
$14,891
($3,595)
* Includes proportionately consolidated share of joint venture operations
** These are non-IFRS or additional IFRS measures, see “non-IFRS measures.”
-2-
Revenue
Segmented revenue was $310.5 million down $21.8 million or 6.6% in the first quarter of 2014 inclusive of a $3.9
million decrease in revenue at Metroland Media Group’s TMGTV which was primarily due to lower product sales.
Media Segment revenues, excluding the $3.9 million decrease in Metroland Media Group’s TMGTV, were down
$14.6 million or 6.5% in the first quarter, largely due to print advertising revenue declines at the newspapers
partially offset by growth in distribution revenue. Print advertising revenues continued to be under pressure
during the first quarter of 2014, and were believed to be negatively impacted in part by reduced retailer
advertising on account of poor winter weather and the impact of the transition of advertising sales for the Toronto
Star to Metro effective February 28, 2014. Digital revenue in the Media Segment was down 2.7% in the first
quarter of 2014 primarily as a result of lower revenues at WagJag and Workopolis largely offset by growth in other
digital properties including eyeReturn Marketing, the Metroland community websites and Olive Media. Digital
revenues were 12.2% of total Media Segment revenues in the first quarter of 2014 up from 11.3% in the same
period last year.
Book Publishing Segment revenues were down $3.3 million in the first quarter of 2014 including a $7.6 million
increase from the impact of foreign exchange. Excluding the impact of foreign exchange, revenues were down
$10.9 million in the first quarter primarily as a result of revenue declines in all channels compared to a strong first
quarter in 2013. Book Publishing revenues in the first quarter of 2014 were comparable to the fourth quarter of
2013.
EBITDA
Total Segmented EBITDA was $28.5 million down $0.9 million in the first quarter of 2014 reflecting a $2.8 million
increase in EBITDA in the Media Segment and a decrease of $0.5 million in Corporate expenses, offset by a $4.2
million decrease in EBITDA in the Book Publishing Segment.
Media Segment EBITDA was $17.6 million, up $2.8 million in the first quarter as cost reductions exceeded print
advertising revenue declines and general wage increases. Overall Media Segment costs decreased by $21.3
million in the first quarter of 2014 including $6.7 million of savings from restructuring initiatives, the benefit of other
cost reduction initiatives, lower pension costs, and the impact of lower newsprint price and consumption.
Book Publishing Segment EBITDA was down $4.2 million compared to a very strong first quarter in 2013. Results
in the first quarter included a $1.6 million positive impact from foreign exchange and primarily reflect lower
revenues which were partially offset by lower advertising and promotional spending and savings from
restructuring initiatives.
Operating earnings
Total Segmented operating earnings were down $1.5 million in the first quarter of 2014, from $19.9 million in the
first quarter of 2013.
Restructuring and other charges
Segmented restructuring and other charges of $3.6 million were recorded in the first quarter of 2014. These
charges primarily related to the Media Segment and reflect ongoing efforts to reduce costs and reflect a reduction
of approximately 55 positions which are expected to result in annualized net labour savings of $3.4 million in the
Media Segment. Of the annualized savings anticipated as a result of the initiatives undertaken within the first
quarter of 2014, $2.9 million of the savings are expected to be realized in 2014 (including $0.5 million in the first
quarter) and $0.5 million in 2015.
Operating profit
Segmented operating profit was $14.5 million in the first quarter of 2014, up $2.6 million from $11.9 million in the
first quarter of 2013.
Interest and financing costs
Interest and financing costs were $2.4 million in the first quarter of 2014, down $1.9 million from the first quarter of
2013. The lower expense primarily reflects lower financing costs related to employee benefit plans. Average net
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debt (current portion of long-term debt, long-term debt and bank overdraft, net of cash and cash equivalents) was
$165.6 million during the first quarter of 2014 up marginally from $165.3 million in the same period last year.
Torstar’s effective interest rate on long-term debt was 4.3% in the first quarter of 2014, compared to 4.1% in the
same period last year.
Foreign exchange
Torstar reported a non-cash foreign exchange loss of $1.8 million in the first quarter of 2014 and a loss of $0.2
million in the same period last year. The loss in the first quarter of 2014 was the result of the Canadian dollar
being weaker at the end of the quarter relative to the beginning of the quarter and with Torstar’s Canadian
operations being in a net liability position in U.S. dollars for the quarter.
Income from joint ventures
Income from joint ventures was $2.1 million in the first quarter of 2014 and $2.0 million in the first quarter of 2013
as included in the above discussions of Segmented Revenue and Segmented EBITDA.
Loss of associated businesses
Loss of associated businesses was $0.7 million in the first quarter of 2014 and $0.5 million in the first quarter of
2013. The 2014 loss includes a loss of $0.4 million from Blue Ant and a loss of $0.4 million from Shop.ca partially
offset by income of $0.1 million from Tuango and income of less than $0.1 million from Black Press. The 2013
loss included a loss of $0.3 million from Blue Ant and a loss of $0.6 million from Shop.ca partially offset by income
of $0.4 million from Black Press and less than $0.1 million from Tuango. Subsequent to March 31, 2014, as part
of a broader financing Torstar invested an additional $1.0 million in Shop.ca.
Other income (expense)
In March 2014, Torstar and Metro International S.A. agreed to an early settlement of the existing put and call
arrangements between them with regards to the remaining 10% interest in Metro English Canada (previously
owned by Metro International S.A.). The agreed upon price for the early settlement was $10.1 million. The existing
put and call arrangements were both exerciseable at the same fixed price of $11.2 million beginning in October
2014. Accordingly, Torstar recorded a gain of $1.1 million on the transaction.
Net income attributable to equity shareholders
Torstar reported net income attributable to equity shareholders of $7.1 million or $0.09 per share in the first
quarter of 2014 up $2.9 million or $0.04 per share from $4.2 million or $0.05 per share in the first quarter of 2013.
OUTLOOK
Through the first quarter of 2014, the Media Segment continued to face challenges as a result of continued shifts
in spending by advertisers. Print advertising revenue was also believed to be impacted by reduced retailer
advertising on account of poor winter weather and the impact of the transition of advertising sales for the Toronto
Star to Metro effective February 28, 2014. Visibility on how advertising revenues will evolve over the balance of
the year remains limited. However, distribution revenues are expected to grow in the balance of the year. Across
Torstar, cost reduction has been and is expected to remain an important area of focus. The Media Segment is
anticipated to realize $17.1 million of savings in the balance of 2014 from restructuring initiatives undertaken
through the end of the first quarter of 2014. Net investment spending associated with growth initiatives in 2014 is
currently expected to be consistent with 2013 levels.
Harlequin anticipated that earnings would be lower in the first quarter of 2014 relative to the very strong results
posted in the first quarter of 2013 which represented the strongest quarter of 2013. Harlequin’s underlying
revenues were stable in the first quarter of 2014 relative to the fourth quarter of 2013. Looking forward to the
balance of the year, with comparable earnings less challenging for the remaining three quarters of 2014,
Harlequin’s results in the balance of 2014 are expected to be relatively stable compared to 2013, including the
benefit of foreign exchange. If the Canadian dollar remains at its current levels relative to the U.S. dollar and
overseas currencies, Harlequin anticipates a year over year positive foreign currency impact of approximately
$5.7 million including the impact of U.S. dollar hedges currently in place. The impact of Harlequin’s earnings on
Torstar’s 2014 results will be dependent upon the timing of the anticipated closing of the announced agreement to
sell Harlequin. The transaction is subject to customary approvals and closing conditions, including regulatory
approvals and approval by Torstar’s Class A shareholders.
-4-
DIVIDEND
On May 6, 2014, Torstar declared a quarterly dividend of 13.125 cents per share on its Class A shares and Class
B non-voting shares, payable on June 30, 2014, to shareholders of record at the close of business on June 13,
2014. Torstar advises that, for the purposes of the Income Tax Act, Canada and for any relevant provincial tax
legislation, this dividend is designated as an eligible dividend.
ADDITIONAL INFORMATION
For additional information, please refer to Torstar’s condensed consolidated financial statements and interim
Management’s Discussion and Analysis (“MD&A”) for the period ended March 31, 2014. Both documents will be
filed today on SEDAR and are available on Torstar’s corporate website www.torstar.com.
CONFERENCE CALL
Torstar has scheduled a conference call for May 7, 2014 at 8:15 a.m. to discuss its first quarter results. The dialin number is (416) 340-8527 or 1-800-766-6630. A live broadcast of the conference call will be available over the
internet on the Presentations, Events and Conference Calls page (Investor Relations) on Torstar’s website
www.torstar.com. A recording of the conference call will be available for 9 days at (905) 694-9451 or 1-800-4083053 reservation number 7117631. An online archive of the broadcast will be available shortly after the
completion of the call and will be accessible by visiting the Presentations, Events and Conference Calls (Investor
Relations) page on Torstar’s website www.torstar.com.
ANNUAL GENERAL MEETING
Torstar will be holding its Annual General Meeting at 10:00 a.m. on May 7, 2014 at The Westin Harbour Castle
Hotel, 1 Harbour Square, Toronto, Ontario in the B&C Room. The Annual General Meeting will also be webcast
live on the Presentations, Events and Conference Calls Page (Investor Relations) at www.torstar.com with
interactive capabilities. An online archive of the webcast will be available shortly after the completion of the
meeting and will be accessible by visiting the Presentations, Events and Conference Calls (Investor Relations)
page on Torstar’s website www.torstar.com.
About Torstar Corporation
Torstar Corporation is a broadly based media and book publishing company listed on the Toronto Stock Exchange (TS.B). Its businesses
include the Star Media Group led by the Toronto Star, Canada’s largest daily newspaper, Free Daily News Group Inc., which publishes the
English-language Metro newspapers in several Canadian cities, Metroland Media Group, publisher of community and daily newspapers in
Ontario; and also include digital properties including thestar.com, Workopolis, wagjag.com, toronto.com, save.ca, Olive Media and eyeReturn
Marketing; and Harlequin, a leading global publisher of books for women.
Non-IFRS measures
In addition to operating profit, an additional IFRS measure, as presented in the consolidated statement of income, management uses Adjusted
EBITDA (“EBITDA”) (and where applicable Segmented EBITDA) operating earnings (and where applicable Segmented operating earnings)
and Adjusted earnings per share as measures to assess the consolidated performance and the performance of the reporting units and
business segments. Torstar also reports net debt, which is also a non-IFRS measure. Please refer to Section 11 of Torstar’s 2014 First
Quarter MD&A for a reconciliation of EBITDA and Operating earnings (and Segmented EBITDA/Segmented Operating earnings – as
applicable) with Operating profit (Segmented Operating profit – as applicable), Adjusted earnings per share to earnings per share and Net
debt to Long-term debt.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”)/Segmented Adjusted EBITDA (“Segmented EBITDA”)
Unless otherwise indicated, references to EBITDA throughout this press release means adjusted EBITDA or adjusted Segmented EBITDA, as
applicable. EBITDA (earnings before interest, taxes, depreciation and amortization) is a measure that is also used by many of Torstar’s
shareholders, creditors, other stakeholders and analysts as a proxy for the amount of cash generated by Torstar’s operations or by a reporting
unit or business segment. EBITDA is not the actual cash provided by operating activities and is not a recognized measure of financial
performance under IFRS. Torstar calculates EBITDA as operating revenue less salaries and benefits and other operating costs as presented
on the consolidated statement of income. Torstar further adjusts EBITDA to exclude restructuring and other charges and impairment of
assets. Torstar’s method of calculating EBITDA (including calculating EBITDA on an adjusted basis to exclude restructuring and other
charges and impairment of assets) may differ from other companies and accordingly may not be comparable to measures used by other
companies. Segmented EBITDA is calculated in the same manner described above, except that it is calculated using total segment results
prior to the elimination of proportionately consolidated results for joint ventures.
Operating earnings/Segmented operating earnings
Operating earnings is used by management to represent the results of ongoing operations and is not a recognized measure of financial
performance under IFRS. Torstar calculates operating earnings as operating revenue less salaries and benefits, other operating costs and
amortization and depreciation. Operating earnings excludes restructuring and other charges and impairment of assets. Torstar’s method of
calculating operating earnings (including calculating operating earnings on an adjusted basis to exclude restructuring and other charges and
impairment of assets) may differ from other companies and accordingly may not be comparable to measures used by other companies.
-5-
Segmented operating earnings is calculated in the same manner described above, except that it is calculated using total segment results prior
to the elimination of proportionately consolidated results for joint ventures.
Adjusted earnings per share
Adjusted earnings per share is used by management to represent the per share earnings of results of ongoing operations and is not a
recognized measure of financial performance under IFRS. Torstar calculates adjusted earnings per share as earnings per share less the per
share effect of impairment of assets, restructuring and other charges, non-cash foreign exchange and other income (expense). Torstar’s
method of calculating adjusted earnings per share may differ from other companies and accordingly may not be comparable to measures used
by other companies.
Net debt
Net debt is used by management to represent the amount of borrowings outstanding and is calculated as the sum of Long-term debt, Current
portion of long-term debt and Bank overdraft less Cash and cash equivalents.
Operating profit
Operating profit is an additional IFRS measure used by management to represent the results of operations inclusive of impairments and
restructuring and other charges and appears in Torstar’s consolidated statement of income.
Forward-looking statements
Certain statements in this press release and in the Company’s oral and written public communications may constitute forward-looking
statements that reflect management’s expectations regarding the Company’s future growth, financial performance and business prospects and
opportunities as of the date of this press release. Generally, these forward-looking statements can be identified by the use of forward-looking
terminology such as “anticipate”, “believe”, “plan”, “forecast”, “expect”, “intend”, “would”, “could”, “if”, “may” and similar expressions.
This press release includes, among others, forward-looking statements regarding the proposed acquisition by HarperCollins Publishers of all
of the outstanding shares of Harlequin, including management’s expectations regarding the expected timing of the approval and completion of
the transaction, Company’s expected net savings from restructuring initiatives and the outlook for the balance of 2014. All such statements
are made pursuant to the “safe harbour” provisions of applicable Canadian securities legislation. These statements reflect current expectations
of management regarding future events and operating performance, and speak only as of the date of this release. In addition, forward-looking
statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future.
Readers are cautioned that reliance on such information may not be appropriate for other purposes.
By their very nature, forward-looking statements require management to make assumptions and are subject to inherent risks and
uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that
management’s assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such
predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers not to place
undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions,
actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking
statements.
These factors include, but are not limited to: the ultimate outcome of the transaction to sell Harlequin, including the risk that the transaction
may not close, the risk that Harlequin’s business will be adversely impacted during the pendency of the acquisition and the parties’ ability to
obtain regulatory approvals on a timely basis in connection with the transaction, the Company’s ability to operate in highly competitive
industries; the Company’s ability to compete with other newspapers and other forms of media and media platforms; the Company’s ability to
attract and retain advertisers; the Company’s ability to maintain adequate circulation/subscription levels; the Company’s ability to attract and
retain readers; the Company’s ability to retain and grow its digital audience and profitably develop its digital businesses; general economic
conditions in the principal markets in which the Company operates; the Company’s ability to compete with book publishers, self-publishing and
other providers of entertainment; the trend towards digital books and the Company’s ability to distribute its books through the changing
distribution landscape; the popularity of its authors and its ability to retain popular authors; the contraction and concentration of the wholesale
and retail print channels; the Company’s ability to accurately estimate the rate of book returns through the wholesale and retail channels; the
decline of the Company’s direct-to-consumer book publishing operations; labour disruptions; the Company’s ability to reduce costs; loss of
reputation; newsprint costs; foreign operations and foreign exchange fluctuations; credit risk; restrictions imposed by existing credit facilities,
debt financing and availability of capital; changes in pension fund obligations; reliance on its printing operations; reliance on technology and
information systems; interest rates; availability of insurance; litigation; environmental, privacy, anti-spam, communications and e-commerce
laws and regulations applicable generally to the Company’s businesses; dependence on key personnel; dependence on third party suppliers
and service providers; intellectual property rights; results of impairment tests; risks related to business development and acquisition
integration; product revenue and product liability; control of Torstar by the Voting Trust; and uncertainties associated with critical accounting
estimates.
We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results.
In addition, a number of assumptions, including those assumptions specifically identified throughout this press release, were applied in making
the forward-looking statements set forth in this press release. Some of the key assumptions include, without limitation, the expected benefits
of the transaction to sell Harlequin, assumptions regarding the performance of the North American and global economies; tax laws in the
countries in which we operate; continued availability of printing operations; continued availability of financing on appropriate terms; exchange
rates; market competition; rates of return and discount rates relating to pension expense and pension plan obligations; royalty rates, expected
future revenues, expected future cash flows and discount rates relating to valuation of goodwill and intangible assets; and successful
development of new products. There is a risk that some or all of these assumptions may prove to be incorrect.
-6-
When relying on our forward-looking statements to make decisions with respect to the Company and its securities, investors and others should
carefully consider the foregoing factors and other uncertainties and potential events. The Company does not intend, and disclaims any
obligation to, update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as
may be required by law.
For more information, please see the discussion of risks affecting Torstar and its businesses in Torstar’s 2013 Management’s Discussion &
Analysis which has been filed on www.sedar.com and is available on Torstar’s corporate website www.torstar.com.
Torstar’s news releases are available on the Internet at www.torstar.com.
For more information please contact:
L. DeMarchi
Executive Vice-President and Chief Financial Officer
Torstar Corporation
(416) 869-4776
-7-
Torstar Corporation
Consolidated Statement of Financial Position
(Thousands of Canadian Dollars)
(Unaudited)
As at
March 31 2014
Assets
Current:
Cash and cash equivalents
Receivables
Inventories
Prepaid expenses and other current assets
Prepaid and recoverable income taxes
Total current assets
Investments in joint ventures
Investments in associated businesses
Property, plant and equipment
Intangible assets
Goodwill
Other assets
Employee benefits assets
Deferred income tax assets
Total assets
Liabilities and Equity
Current:
Bank overdraft
Current portion of long-term debt
Accounts payable and accrued liabilities
Derivative financial instruments
Provisions
Income tax payable
Total current liabilities
Long-term debt
Derivative financial instruments
Provisions
Other liabilities
Employee benefits
Deferred income tax liabilities
Equity:
Share capital
Contributed surplus
Retained earnings
Accumulated other comprehensive loss
Total equity attributable to equity shareholders
Minority interests
Total equity
Total liabilities and equity
As at
December 31 2013
$20,210
218,413
28,919
51,860
4,718
324,120
82,306
39,804
147,013
72,505
534,515
13,247
30,248
52,454
$1,296,212
$19,151
261,485
29,368
47,872
3,765
361,641
80,901
40,215
150,665
73,942
533,982
11,465
44,532
51,369
$1,348,712
$1,529
90,508
162,643
3,022
19,213
6,755
283,670
100,841
3,413
12,722
12,328
90,419
18,704
$1,741
202,888
911
20,807
9,810
236,157
175,898
4,125
16,251
12,425
82,641
24,431
398,769
17,714
359,879
(5,081)
771,281
2,834
774,115
398,605
17,383
385,589
(7,603)
793,974
2,810
796,784
$1,296,212
$1,348,712
Torstar Corporation
Consolidated Statement of Income
(Thousands of Canadian Dollars except per share amounts)
(Unaudited)
Three months ended March 31
2014
2013
Operating revenue
$292,433
$313,418
Salaries and benefits
Other operating costs
Amortization and depreciation
Restructuring and other charges
Impairment of assets
Operating profit
Interest and financing costs
Foreign exchange
Income from joint ventures
Loss of associated businesses
Other income (expense)
(114,903)
(152,614)
(9,360)
(3,520)
(266)
11,770
(2,443)
(1,763)
2,070
(668)
1,162
10,128
(3,000)
$7,128
(123,308)
(163,974)
(8,800)
(7,996)
$7,104
$24
$4,173
$9
Income and other taxes
Net income
Attributable to:
Equity shareholders
Minority interests
Net income attributable to equity shareholders per Class A
(voting) and Class B (non-voting) share:
Basic and Diluted
$0.09
9,340
(4,340)
(161)
2,025
(466)
(16)
6,382
(2,200)
$4,182
$0.05
Torstar Corporation
Consolidated Statement of Cash Flows
(Thousands of Canadian Dollars)
(Unaudited)
Three months ended March 31
2014
2013
Cash was provided by (used in)
Operating activities
Investing activities
Financing activities
Increase (decrease) in cash
Effect of exchange rate changes
Cash, beginning of period
Cash, end of period
Operating activities:
Net income
Amortization and depreciation
Deferred income taxes
Income from joint ventures
Distributions from joint ventures
Loss of associated businesses
Dividend from associated businesses
Impairment of assets
Non-cash employee benefit expense
Employee benefits funding
Other
Decrease in non-cash working capital
Cash provided by operating activities
Investing activities:
Additions to property, plant and equipment and intangible
assets
Investment in associated businesses
Acquisitions and investments
Other
Cash used in investing activities
Financing activities:
Issuance of bankers’ acceptances
Dividends paid
Other
Cash provided by (used in) financing activities
Cash represented by:
Cash
Cash equivalents – short-term deposits
Cash and cash equivalents
Bank overdraft
$14,390
(14,659)
978
709
562
17,410
$18,681
$13,184
(5,549)
(10,243)
(2,608)
(202)
15,060
$12,250
$7,128
9,360
2,500
(2,070)
823
668
194
266
4,772
(13,455)
(2,968)
7,218
7,172
$14,390
$4,182
8,800
2,000
(2,025)
500
466
382
8,292
(16,231)
(2,771)
3,595
9,589
$13,184
($3,945)
(417)
(10,696)
399
($14,659)
($4,090)
(500)
(1,062)
103
($5,549)
$11,199
(10,326)
105
$978
$11
(10,362)
108
($10,243)
$16,879
3,331
20,210
(1,529)
$18,681
$18,897
3,473
22,370
(10,120)
$12,250