Business
FP Newspapers Inc. Reports Fourth Quarter 2019 Results
WINNIPEG, MB / ACCESSWIRE / May 15, 2020 / FP Newspapers Inc. (TSXV:FP) ("FPI") announces fi...
About this update from Fp Newspapers Inc.
[{"type":"text","content":"FP Newspapers Inc. Reports Fourth Quarter 2019 ResultsWINNIPEG, MB / ACCESSWIRE / May 15, 2020 / FP Newspapers Inc. (TSXV:FP) (\"FPI\") announces financial results for the quarter ended December 30, 2019. FPI owns securities entitling it to 49% of the distributable cash of FP Canadian Newspapers Limited Partnership (\"FPLP\").Fourth quarter operating results of FPIFPI reported net income of $0.7 million for the three months ended December 30, 2019, compared to net income of $0.6 million for the same period in 2018.Fourth quarter operating results of FPLPFPLP's revenue for the three months ended December 31, 2019 was $16.2 million, a decrease of $1.4 million or 8.1% from the same three months in the prior year. Print advertising revenues for the three months ended December 31, 2019 were $8.5 million, a 13.6% decrease compared to the same quarter last year. FPLP's largest print advertising revenue category, display advertising including colour, was $4.3 million, a decrease of $1.1 million or 20.5% from the same period in the prior year, primarily due to decreased spending in the local and national automotive, government, telecommunications and retail categories. Classified advertising revenues for the fourth quarter decreased by $0.1 million or 6.8% compared to the same period last year, primarily due to a decrease in the real estate, employment and obituary categories. Flyer distribution revenues for the fourth quarter decreased by $0.2 million or 5.0% compared to the same period last year, primarily due to decreased flyer volumes, partly offset by slightly higher average rates.Circulation revenues for the three months ended December 31, 2019 remained at relatively the same level compared to 2018 as a result of an increase in print subscription prices and increased digital subscription revenue, offset by decreases in print unit sales. Commercial services revenues remained at relatively the same level compared to 2018. Digital advertising revenues for the three months ended December 31, 2019 decreased by $0.1 million or 16.2%, primarily due to a decrease in internet web ad revenues. Other revenue remained at relatively the same level compared to 2018.Operating expenses for the three months ended December 31, 2019 were $14.7 million, a $1.2 million or 7.5% decrease from the same quarter last year. Employee compensation costs, exclu...