Business
FP Newspapers Inc. Reports Fourth Quarter 2018 Results
WINNIPEG, MB / ACCESSWIRE / April 17, 2019 / FP Newspapers Inc. ("FPI") announces financial ...
About this update from Fp Newspapers Inc.
[{"type":"text","content":"FP Newspapers Inc. Reports Fourth Quarter 2018 ResultsWINNIPEG, MB / ACCESSWIRE / April 17, 2019 / FP Newspapers Inc. (\"FPI\") announces financial results for the quarter ended December 30, 2018. FPI owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership (\"FPLP\"). Fourth quarter operating results of FPI FPI reported net earnings of $0.6 million for the three months ended December 30, 2018, compared to net earnings of $0.4 million for the same period in 2017, excluding the $2.9 million non-cash write-down of the equity investment in FPLP in 2017.Fourth quarter operating results of FPLPFPLP's revenue for the three months ended December 31, 2018 was $17.7 million, a decrease of $0.4 million or 2.2% from the same three months in the prior year. Print advertising revenues for the three months ended December 31, 2018 were $9.9 million, a 4.2% decrease compared to the same quarter last year. FPLP's largest print advertising revenue category, display advertising including colour, was $5.4 million, a decrease of $0.4 million or 6.8% from the same period in the prior year, primarily due to decreased spending in the local and national automotive and retail categories. Classified advertising revenues for the fourth quarter decreased by $0.1 million or 4.8% compared to the same period last year, primarily due to a decrease in the real estate and employment categories, partially offset by an increase in obituary revenues. Flyer distribution revenues for the fourth quarter were slightly higher by 1.1% compared to the same period last year, primarily due to slightly higher average rates, partly offset by a small decrease in flyer volumes.Circulation revenues for the fourth quarter increased by $0.2 million or 3.3%, from the same period last year, due to increased revenue from higher print subscription rates and new digital subscription revenues from the Winnipeg Free Press digital offerings, offsetting lower print unit sales. Commercial services revenues decreased by $0.2 million, primarily attributable to the loss of the Metro printing contract in November of 2017. Digital advertising revenues for the fourth quarter increased by $0.1 million or 15.8% compared to the same period last year, primarily due to an increase in on-line web ad revenues and mobile ad revenues. Operating expenses fo...