TORONTO - Postmedia Network Canada Corp. (TSX:PNC.A) had $8.3 million of net income and $26.7 million of operating income in its latest quarter, both down from a year earlier.
The Toronto-based publisher's revenue also fell, dropping to $211.7 million in the three months ended Nov. 30 from $231 million a year earlier.
The lower revenue was partially the result of Postmedia's sale of its Times-Colonist daily newspaper in Victoria and a number of smaller B.C. newspapers.
The sales of those assets added to Postmedia's year-earlier net income, which was $28.3 million, about half from discontinued operations. Operating income at the time was $34.2 million.
The recent quarter's net income from continuing operations was down from $14.3 million a year earlier.
Postmedia said it generated reduced revenue from print advertising and circulation, partially offset by an increase in revenue from digital products.
The quarter spanned a three-month period that included the back-to-school and Thanksgiving periods and the lead-up to Christmas and New Year's Day — all important shopping periods that usually generate advertising revenue from retailers.