Torstar's Q2 net income soars to C$228.3M from C$23.4M in year-ago period, including gain on sale of share in CTV; revenue up 4.2% to C$393.3M

TORONTO , July 29, 2011 (press release) – Torstar Corporation (TS.B) today reported financial results for the second quarter ended June 30, 2011.

Highlights for the quarter:

Revenue was $393.3 million in the quarter, up $15.7 million from the second quarter of 2010. Excluding accounting changes and the impact of foreign exchange, total revenue was up $11.6 million or 3.1% in the quarter.

EBITDA (operating profit, as presented on the consolidated statement of income, which is before charges for interest and taxes, adjusted for amortization and depreciation and restructuring and other charges – see “non-IFRS measures”) was $65.7 million in the quarter, down $5.1 million from $70.8 million in the second quarter of 2010. This decline included a $0.9 million decline from the impact of foreign exchange, $3.8 million of lower Harlequin results and relatively stable results in the Canadian media businesses.

Net income was $228.3 million ($2.87 per share) in the second quarter, up $204.9 million ($2.57 per share) from $23.4 million ($0.30 per share) last year including a gain of $190.1 million ($2.40 per share) on the sale of Torstar’s 20% interest in CTV Inc.

Excluding the impact of the CTV sale in 2011 and the loss of associated businesses in 2010, net income was $38.2 million ($0.47 per share) in 2011, up $7.8 million ($0.08 per share) from $30.4 million ($0.39 per share) in 2010.

Net debt was $108.1 million at June 30, 2011, down $265.7 million from $373.8 million at March 31, 2011.

Industry Intelligence Editor's Note: In an omitted table, Torstar recorded Q2 2010 revenue of C$377.6 million.

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