Business
FP Newspapers Inc. Reports First Quarter 2019 Results
WINNIPEG, MB / ACCESSWIRE / May 28, 2019 / FP Newspapers Inc. ("FPI") announces financial re...
About this update from Fp Newspapers Inc.
[{"type":"text","content":"FP Newspapers Inc. Reports First Quarter 2019 ResultsWINNIPEG, MB / ACCESSWIRE / May 28, 2019 / FP Newspapers Inc. (\"FPI\") announces financial results for the quarter ended March 31, 2019. FPI owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership (\"FPLP\"). First quarter operating results of FPIFPI reported income of $0.1 million for the three months ended March 31, 2019, compared to a net loss of $0.1 million for the same period last year. First quarter operating results of FPLPFPLP's revenue for the three months ended March 31, 2019 was $15.5 million, a decrease of $0.6 million or 3.6% from the same three months in the prior year. FPLP's print advertising revenues for the three months ended March 31, 2019 were $8.0 million, a $0.8 million or 9.0% decrease compared to the same period last year. FPLP's largest advertising revenue category, display advertising including colour, was $4.3 million, a decrease of $0.3 million or 6.4% from the same period in the prior year, primarily due to decreased spending in the local and national automotive and retail categories, partially offset by an increase in the telecommunications category. Classified advertising revenues for the first quarter decreased by $0.2 million or 12.8% compared to the same period last year, primarily due to lower spending in the obituary, employment and real estate categories. Flyer distribution revenues decreased by $0.2 million or 8.8% compared to the first quarter in 2018, primarily due to a decrease in flyer volumes delivered. Circulation revenue increased by $0.1 million or 2.4% compared to the same quarter last year, primarily due to an increase in print subscription prices and increased digital subscription revenue. Digital advertising revenues were $0.6 million, an increase of $0.1 million or 27.0% compared to the first quarter of 2018, primarily due to increased digital design services revenues and revenues from web ads and mobile ads. Operating expenses for the three months ended March 31, 2019 were $15.0 million, a decrease of $0.9 million or 5.6% compared to the same quarter last year. Employee compensation costs for the first quarter decreased by $0.4 million or 5.0% from the same period in the prior year, primarily due to a reduction in the number of employees across most of our business units. ...