Postmedia Network Inc.- www.erweimamenpiao.com /d8a Fri, 17 May 2019 14:14:40 +0000 en-US hourly 1 https://wordpress.org/?v=4.9.1 National Post Launches New Weekly Podcast – Down to Business- www.erweimamenpiao.com /d8a/2019/04/24/national-post-launches-new-weekly-podcast-down-to-business/ Wed, 24 Apr 2019 15:26:02 +0000 /d8a/?p=5406 April 24, 2019 (Toronto, ON) — National Post is pleased to announce the launch of?Down to Business, a new podcast that tackles the hottest topics in?Canadian business. The 20-minute podcast will be released once a week on Wednesdays. It features interviews with primary sources who have the deep knowledge and insight to take listeners beyond the headlines.

“Down to Business engages listeners in a smart, in-depth conversation that answers the critical question ‘Why does this matter?’” said Nicole MacAdam, executive producer of the Financial Post, the National Post’s award-winning business site.

Every Wednesday, Financial Post reporter Emily Jackson will speak to key industry players to break down the latest developments in major stories — from cannabis to pipelines, real estate to international trade wars.

The weekly podcast launches Wednesday, April 24. The first guest is tech entrepreneur Michele Romanow.

Callaway Golf is the proud launch partner for Down to Business.

The initiative is being supported by an ad campaign produced in-house by Postmedia’s marketing team. The campaign includes social media, on-network print and digital and National Post Radio.

Down to Business launches online at financialpost.com/downtobusiness. The podcast is also available on Apple Podcast, Stitcher and Google Play.

For questions about the show, or to suggest topics, email downtobusiness@ LINK VÀO W88 www.erweimamenpiao.com.

For sponsorship and advertiser inquiries email jmurchison@ LINK VÀO W88 www.erweimamenpiao.com.

About National Post

National Post is a division of Postmedia Network Inc., a wholly owned subsidiary of Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B), a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88 www.erweimamenpiao.com.

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For more information:
Phyllise Gelfand
Vice President, Communications
Postmedia
(416) 442-2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

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Postmedia names Mary Anne Lavallee Executive Vice President and Chief Operating Officer- www.erweimamenpiao.com /d8a/2019/04/11/postmedia-names-mary-anne-lavallee-executive-vice-president-and-chief-operating-officer/ Thu, 11 Apr 2019 15:49:56 +0000 /d8a/?p=5359 April 11, 2019 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or the “Company”) is pleased to announce the appointment of Mary Anne Lavallee to the role of Executive Vice President and Chief Operating Officer.

“Since joining the Company in 2014, Mary Anne has been instrumental in driving our transformational strategy,” said Andrew MacLeod, President and Chief Executive Officer. “Mary Anne brings strong business acumen, rigor and discipline and most importantly is a player-coach who inspires her teams with a clear focus on our strategic objectives.”

In her new role, Ms. Lavallee will be primarily responsible for operational matters, particularly those focused on digital growth including product and technology, sales and marketing, commercial operations and subscriber acquisition and retention management.

“I look forward to continuing to work with Postmedia’s executive team to build on the success of our transformation strategy,” said Mary Anne Lavallee, Executive Vice President and Chief Operating Officer. “With our talented teams across the company, we will continue to accelerate our two pronged strategy – extending the legacy runway and developing and growing new revenue streams.”

Ms. Lavallee CPA, CA received her Honours Bachelor’s Degree in Accountancy Studies from the University of Waterloo. She is a member of the Chartered Professional Accountants of Canada (CPA Canada).

About Postmedia Network Canada Corp.
Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit www.postmedia.com.

Forward-Looking Information
This news release may include information that is “forward-looking information” under applicable Canadian securities laws. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include, but are not limited to, statements with respect to the structural transformation of the Company and new revenue growth initiatives, including digital revenue growth. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: competition from digital and other forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the failure to maintain current print and online newspaper readership and circulation levels; the realization of anticipated cost savings; possible damage to the reputation of the Company’s brands or trademarks; possible labour disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities. For a complete list of our risk factors please refer to the section entitled “Risk Factors” contained in our annual management’s discussion and analysis for the years ended August 31, 2018 and 2017. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.

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For more information:

Media Contact
Phyllise Gelfand
Vice President, Communications
(416) 442-2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

Investor Contact
Brian Bidulka
Executive Vice President and Chief Financial Officer
(416) 383-2325
bbidulka@ LINK VÀO W88 www.erweimamenpiao.com

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Postmedia Reports Second Quarter Results- www.erweimamenpiao.com /d8a/2019/04/11/postmedia-reports-second-quarter-results-4/ Thu, 11 Apr 2019 15:49:35 +0000 /d8a/?p=5354 April 11, 2019 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today released financial information for the three and six months ended February 28, 2019.

LINK VÀO W88Management’s Discussion and Analysis

Consolidated Financial Statements

Investor and Analyst Conference Call – Slide Presentation

Also announced today, Andrew MacLeod, Postmedia’s President and Chief Executive Officer has been appointed to the boards of both the Company and its subsidiary, Postmedia Network Inc.

Highlights from the Quarter

  • Continued digital growth – Ninth consecutive quarter of double digit digital advertising revenue –
    up 10.2%
  • Slowing legacy decline – Print advertising revenue down 14.2% and print circulation revenue down 5.4% versus 18.8% and 7.9% respectively in Q2 F2018
  • Business Transformation initiatives implemented in the quarter are expected to result in approximately $6 million of net annualized cost savings – an 8.1% reduction in operating costs1
  • Operating income before depreciation amortization and restructuring was $4.7 million in the quarter and excluding the Ontario Interactive Digital Media Tax Credit (“Tax Credit”) in Fiscal 2018 represents an increase of $0.6 million
  • Debt repayment in the quarter was $20.4 million and subsequent to quarter end a further debt repayment of $5.5 million was made
  • With these repayments, first-lien debt has been reduced by 56% by retiring $125.3 million of the original $225.0 million since October 2016 – bringing the total principal amount of first-lien notes outstanding to $99.7 million

Second Quarter Operating Results

Revenue for the quarter was $145.7 million as compared to $157.6 million in the same period in the prior year, a decrease of $11.9 million or 7.5%. The revenue decline was primarily due to decreases in print advertising revenue of $10.0 million or 14.2% and print circulation revenue of $2.9 million or 5.4%. Digital revenue increased by $1.8 million or 6.9% in the quarter with digital advertising revenue up 10.2%.

“Our two pronged strategy – extend our legacy runway and grow digital revenues – is working,” said Andrew MacLeod, President and Chief Executive Officer, Postmedia. “We continue to slow the declines in traditional revenues, deliver results on our business transformation initiatives and reduce our debt. Our success in extending the legacy runway is providing us the time to allow our digital transformation to continue demonstrating traction with its ninth consecutive quarter of double digit digital advertising growth”.

Excluding the impact of the Tax Credit in Fiscal 2018, total operating expenses excluding depreciation, amortization, impairment and restructuring decreased $12.4 million or 8.1% for the quarter, relative to the same period in the prior year. The decrease was as a result of lower newspaper circulation volumes as well as the implementation of various cost reduction initiatives.

Excluding the impact of the Tax Credit in Fiscal 2018, operating income before depreciation, amortization, impairment and restructuring of $4.7 million in the quarter represents an increase of $0.6 million or 13.6% relative to the same period in the prior year. The increase is due to increased digital revenue and operating expense decreases, partially offset by decreases in print advertising and circulation revenues.

Net loss in the quarter ended February 28, 2019 was $5.1 million, as compared to $1.3 million in the same period in the prior year. The change was primarily the result of an impairment charge in Q2 F2019 and the Tax Credit recovery in Q2 F2018 partially offset by a gain on disposal of property and equipment and assets held-for-sale in Q2 of Fiscal 2019.

Year-to-Date Operating Results

Revenue for the six months ended February 28, 2019 was $317.0 million as compared to $346.6 million in the same period in the prior year, a decrease of $29.6 million or 8.5%. The revenue decline was primarily due to decreases in print advertising revenue of $24.0 million or 14.9% and decreases in print circulation revenue of $7.5 million or 6.7%. Digital revenue increased by $3.3 million or 5.7% year to date with digital advertising revenue up 8.1%.

Notably, adjusted for the impact of the publications acquired and sold in the Company’s first quarter of Fiscal 2018, revenue for the six months ended February 28, 2019 decreased 6.3% relative to the same period in the prior year including decreases in print advertising revenue of 14.5%, print circulation revenue of 5.1% and an increase in digital revenue of 7.4% which includes an increase in digital advertising revenue of 10.1%.

Excluding the impact of the Tax Credit in Fiscal 2018, total operating expenses excluding depreciation, amortization, impairment and restructuring decreased $28.0 million or 8.8% for the six months ended February 28, 2019, relative to the same period in the prior year. The decrease was as a result of lower newspaper circulation volumes as well as the implementation of various cost reduction initiatives.

Excluding the impact of the Tax Credit in Fiscal 2018, operating income before depreciation, amortization, impairment and restructuring of $26.4 million in the six months ended February 28, 2019 represents a decrease of $1.6 million relative to the same period in the prior year. The decrease is due to decreases in print advertising and circulation revenues partially offset by an increase in digital revenue and operating expense decreases.

Net loss in the six months ended February 28, 2019 was $6.5 million, as compared to net earnings of $4.5 million in the same period in the prior year. The change was primarily the result of an impairment charge in Fiscal 2019 as well as the Tax Credit recovery and a gain on disposal of operations in Fiscal 2018 partially offset by an increase in gain on disposal of property and equipment and assets held-for-sale.

Business Transformation Initiatives

During the three months ended February 28, 2019, the Company implemented initiatives – including compensation expense reductions, real estate rationalization, production efficiencies and other transformation programs – which are expected to result in approximately $6 million of net annualized cost savings.

The Company intends to continue to identify and undertake ongoing cost reduction initiatives in an effort to address revenue declination in the legacy print business.

Debt Repayment

During the three months ended February 28, 2019, the Company sold the Ottawa Citizen facility and the net proceeds from the sale were included in a redemption of $20.4 million first-lien notes at par in accordance with the terms and conditions of the amended and restated first-lien notes indenture. Subsequent to quarter end, the Company made an additional redemption of $5.5 million first-lien notes bringing the total principal amount of first-lien notes outstanding to $99.7 million and the total repayments made, since October 2016, to $125.3 million.

CAAT Pension Plan

On January 29, 2019, Postmedia entered into an agreement with the Colleges of Applied Arts & Technology Pension Plan (the “CAAT Pension Plan”) to merge Postmedia’s defined benefit pension plans (the “Postmedia Plans”), with the CAAT Pension Plan effective July 1, 2019. The merger is subject to customary closing conditions including approval from both Postmedia Plan members and the Financial Services Commission of Ontario, or its successor (collectively, “FSCO”). Assuming all approvals are obtained, Postmedia will become a participating employer under the CAAT Pension Plan and all members of the Postmedia Plans, as well as members of the defined contribution pension plan will become members of the CAAT Pension Plan and will begin accruing benefits under the DBplus provisions of the CAAT Pension Plan beginning July 1, 2019. DBplus is a defined benefit pension plan with a fixed contribution rate for members, matched dollar for dollar by employers. The CAAT Pension Plan will assume defined benefit obligations accrued prior to July 1, 2019 contingent on the approval by FSCO of the transfer of assets from the Postmedia Plans.

Additional Information

Additional information, including financial statements and management’s discussion and analysis can be found on the Company’s website at www.postmedia.com/investors/financial-reports or on SEDAR at www.sedar.com.

Note: All dollar amounts are expressed in Canadian dollars unless otherwise specified.

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88LINK VÀO W88 www.erweimamenpiao.com.

Forward-Looking Information

This news release may include information that is “forward-looking information” under applicable Canadian securities laws. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include statements with respect to the implementation and results of the Company’s transformation initiatives, the realization of anticipated cost savings, the identification and undertaking of ongoing cost savings initiatives and the proposed pension plan merger. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: competition from digital and other forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the failure to maintain current print and online newspaper readership and circulation levels; the realization of anticipated cost savings; possible damage to the reputation of the Company’s brands or trademarks; possible labour disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities. For a complete list of our risk factors please refer to the section entitled “Risk Factors” contained in our annual management’s discussion and analysis for the years ended August 31, 2018 and 2017. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.

?

For more information:
Media Contact
Phyllise Gelfand
Vice President, Communications
(416) 442-2936
LINK VÀO W88pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

?

Investor Contact
Brian Bidulka
Executive Vice President and Chief Financial Officer
(416) 383-2325
bbidulka@ LINK VÀO W88 www.erweimamenpiao.com

 

1 Operating expenses excluding depreciation, amortization, impairment and restructuring as adjusted for the impact of a compensation expense recovery totaling $17.0 million related to the Ontario Interactive Digital Media Tax Credit in the second quarter of Fiscal 2018.

 

Consolidated Statements of Operations

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Postmedia Network Canada Corp. Notice of Investors’ Teleconference- www.erweimamenpiao.com /d8a/2019/03/14/postmedia-network-canada-corp-notice-of-investors-teleconference-20/ Thu, 14 Mar 2019 16:17:54 +0000 /d8a/?p=5286 March 14, 2019 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or “the Company”) will host a conference call on Thursday, April 11, 2019 at 2:00 p.m. Eastern Time to discuss its financial results for the quarter ended February 28, 2019.

Earlier in the day on April 11, 2019, the Company will issue a news release disclosing these results and related financial information. Materials will also be posted on the Company’s website, LINK VÀO W88 www.erweimamenpiao.com.

Investors and analysts may participate in the call at 1-800-698-2335.

Media and other interested persons are invited to participate in the call on a listen-only basis at 1-800-705-5308.

For those unable to participate in the live call, a recorded version will be available approximately one hour after the call until April 18, 2019 and can be accessed at 416-626-4100 or 1-800-558-5253 using the passcode 21919042. A recording of the call will also be posted on the Company’s website.

About Postmedia Network Canada Corp.
Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88 www.erweimamenpiao.com.

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For more information:
Phyllise Gelfand
Vice President, Communications
(416) 442 2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

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Postmedia Network Canada Corp. Confirms No Material Change- www.erweimamenpiao.com /d8a/2019/02/28/postmedia-network-canada-corp-confirms-no-material-change/ Thu, 28 Feb 2019 16:55:47 +0000 /d8a/?p=5266 February 28, 2019 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or “the Company”) announces, at the request of IIROC on behalf of the Toronto Stock Exchange, that Postmedia’s management is unaware of any material change in Postmedia’s operations that would account for the recent increase in market activity.

 

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88 www.erweimamenpiao.com.

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?

For more information:
Phyllise Gelfand
Vice President, Communications
(416) 442 2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

Investor Contact
Brian Bidulka
Executive Vice President and Chief Financial Officer
(416) 383-2325
bbidulka@ LINK VÀO W88 www.erweimamenpiao.com

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Postmedia Signs Agreement with CAAT Pension Plan- www.erweimamenpiao.com /d8a/2019/01/30/postmedia-signs-agreement-with-caat-pension-plan/ Wed, 30 Jan 2019 13:36:42 +0000 /d8a/?p=5261 January 30, 2019 (TORONTO) – Postmedia Network Canada Corp. today announced that its subsidiary, Postmedia Network Inc., (“Postmedia” or the “Company”) has entered into an agreement with the Colleges of Applied Arts & Technology Pension Plan (the “CAAT Plan”) to merge Postmedia’s six defined benefit pension plans, with assets of over $500 million (the “Postmedia Plans”), with the CAAT Plan effective July 1, 2019 (the “Effective Date”).

The agreement remains subject to approval by the CAAT Plan Board of Trustees and Sponsors’ Committee. The merger is also subject to customary closing conditions including approval from both Postmedia Plan members and the Financial Services Commission of Ontario, or its successor (collectively, “FSCO”), following the submission of a prescribed application requesting consent to the merger.

Assuming all approvals are obtained, Postmedia will become a participating employer under the CAAT Plan on the Effective Date. All members of the Postmedia Plans, as well as members of Postmedia’s defined contribution pension plan will become members of the CAAT Plan on the Effective Date.

“We look forward to joining the CAAT Plan group of employers to provide Postmedia employees with sustainable defined benefit pensions while enabling the Company to manage costs through fixed and predictable pension funding,” said Brian Bidulka, Executive Vice President and Chief Financial Officer, Postmedia.

The CAAT Plan was established in 1967 and became a jointly sponsored pension plan in 1995. The CAAT Plan is registered under the Ontario Pension Benefits Act. It currently has more than 50,000 members from 50 participating employers and has $11 billion under management. The CAAT Plan is 118% funded on a going-concern basis, with a funding reserve of $2.3 billion, based on its latest filed actuarial valuation as of January 1, 2018.

If approved by Postmedia Plan members, all members of the Postmedia Plans and Postmedia’s defined contribution pension plan will begin accruing benefits under the DBplus provisions of the CAAT Plan beginning July 1, 2019. DBplus is a defined benefit pension plan with a fixed contribution rate for members, matched dollar for dollar by employers.

The CAAT Plan will assume defined benefit obligations accrued prior to July 1, 2019 contingent on the approval by FSCO of the transfer of over $500 million of assets of the Postmedia Plans. Once this transfer is completed, cash funding obligations related to the transferred Postmedia Plans deficits will be payable over a term of ten years which is comparable to the Company’s current funding expectations over that time period.

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88 www.erweimamenpiao.com.

Forward-Looking Information

This news release may include information that is “forward-looking information” under applicable Canadian securities laws. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include, but are not limited to, statements with respect to with respect to: the approval by the CAAT Plan Board of Trustees and Sponsors’ Committee of the agreement and implementation, completion and timing of the merger of the Postmedia Plans with the CAAT Plan. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: the risk that the merger of the Postmedia Plans with the CAAT Plan may not obtain the required regulatory approvals, approval by Postmedia Plan members or be completed on the terms or on the timeline described in this press release or at all. For a complete list of risk factors related to Postmedia’s business, please refer to the section entitled “Risk Factors” contained in our annual management’s discussion and analysis for the years ended August 31, 2018 and 2017. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.

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For more information:
?
Media Contact
Phyllise Gelfand
Vice President, Communications
(416) 442-2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

Investor Contact
Brian Bidulka
Executive Vice President and Chief Financial Officer
(416) 383-2325
bbidulka@ LINK VÀO W88 www.erweimamenpiao.com

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Postmedia Network Announces Election of Directors- www.erweimamenpiao.com /d8a/2019/01/11/postmedia-network-announces-election-of-directors-7/ Fri, 11 Jan 2019 21:48:00 +0000 /d8a/?p=5256 January 11, 2019 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or the “Company”) is pleased to report that at its annual meeting of shareholders, held in Toronto on January 10, 2019, each of the directors listed as nominees in the management proxy circular dated November 27, 2018 were elected as directors of the Corporation. Directors have been appointed to serve until the close of the next annual meeting of shareholders.

Election of Directors – Elected

Nominee Outcome Votes For*

Votes

Withheld*

Broker

Non-Votes

Paul Godfrey Approved 13,942 2 74
John Bode Approved 13,942 2 74
Janet Ecker Approved 13,942 2 74
Wendy Henkelman Approved 13,942 2 74
Mary Junck Approved 13,942 2 74
Daniel Rotstein Approved 13,942 2 74
Graham Savage Approved 13,942 2 74
Peter Sharpe Approved 13,942 2 74

*The vote for this motion was taken by a show of hands so the number of votes disclosed reflects only those proxies received by management in advance of the meeting.

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88 www.erweimamenpiao.com.

 

For more information:
Media Contact
Phyllise Gelfand
Vice President, Communications
(416) 442-2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

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Andrew MacLeod named Postmedia President and Chief Executive Officer; Paul Godfrey, Executive Chair- www.erweimamenpiao.com /d8a/2019/01/10/andrew-macleod-named-postmedia-president-and-chief-executive-officer-paul-godfrey-executive-chair/ Thu, 10 Jan 2019 17:43:57 +0000 /d8a/?p=5225 January 10, 2019 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or the “Company”) is pleased to announce the appointment of Andrew MacLeod to the role of President and Chief Executive Officer. It is expected that Mr. MacLeod will be appointed to the Board of Directors in the near term.

“It is with tremendous confidence that I recommended to the Board of Directors that the timing is right for Andrew MacLeod to take on the Chief Executive Officer position at Postmedia continuing the succession plan that included his appointment to President and Chief Operating Officer in October, 2017,” said Paul Godfrey, Executive Chair. “Over the past fifteen months, since taking on the role of President, Andrew has championed a strategy that has delivered continued growth in new revenues and successful structural transformation that will continue to put Postmedia on a strong footing at a critical time for the industry.”

As Executive Chair, Mr. Godfrey will serve as a member of the senior management team and advisor to the President and CEO and continue to provide leadership for the Board of Directors.

As President and CEO, Mr. MacLeod will have direct responsibility for all aspects of Postmedia’s operations including more than 140 brands across multiple media platforms.

“Postmedia’s Board of Directors is confident in the traction and direction of the Company’s strategy and unanimously supports Andrew MacLeod’s appointment as the new President and Chief Executive Officer,” said Peter Sharpe, Lead Director.

“I am grateful to Paul Godfrey and Postmedia’s Board of Directors for their confidence and ongoing support,” said Andrew MacLeod, President and Chief Executive Officer. “Paul has led this company since its inception through tremendous change and important strategic initiatives and Postmedia will continue to benefit from his industry insight as we move forward. Looking ahead, we remain committed to accelerating our two-pronged strategy – to extend the legacy runway and grow new digital revenue as we continue to face a disrupted media ecosystem head on. We have exceptional teams in place, dedicated to the future of Postmedia and I am proud to work alongside them to deliver on our aggressive targets, together.”

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88 www.erweimamenpiao.com.

Forward-Looking Information

This news release may include information that is “forward-looking information” under applicable Canadian securities laws. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include, but are not limited to, statements with respect to the structural transformation of the Company and new revenue growth initiatives, including digital revenue growth. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: competition from digital and other forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the failure to maintain current print and online newspaper readership and circulation levels; the realization of anticipated cost savings; possible damage to the reputation of the Company’s brands or trademarks; possible labour disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities. For a complete list of our risk factors please refer to the section entitled “Risk Factors” contained in our annual management’s discussion and analysis for the years ended August 31, 2018 and 2017. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.

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For more information:
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Media Contact
Phyllise Gelfand
Vice President, Communications
(416) 442-2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

Investor Contact
Brian Bidulka
Executive Vice President and Chief Financial Officer
(416) 383-2325
bbidulka@ LINK VÀO W88 www.erweimamenpiao.com

 

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Postmedia Reports First Quarter Results- www.erweimamenpiao.com /d8a/2019/01/10/postmedia-reports-first-quarter-results-4/ Thu, 10 Jan 2019 17:41:01 +0000 /d8a/?p=5221 January 10, 2019 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or the “Company”) today released financial information for the three months ended November 30, 2018.

Management’s Discussion and Analysis

Consolidated Financial Statements

Investor and Analyst Conference Call – Slide Presentation

Highlights from the Quarter

  • Continued digital growth – Digital advertising revenue up 10.1%– the eighth consecutive quarter of double-digit growth in this area1
  • Slowing legacy decline – Print advertising revenue down 13.9% and print circulation revenue down 4.8% versus 17.6% and 5.5% respectively in Q1 F20181
  • Operating income before depreciation amortization and restructuring was $21.7 million in the quarter down $2.2 million from prior year reflecting the above noted revenue changes as well as transformation initiatives which resulted in a 9.4% reduction in operating costs
  • Debt repayment in the quarter was $8.7 million and subsequent to quarter end, a real estate sale will result in further debt repayment of $20.4 million.
  • After this repayment, first-lien debt will be reduced by 53% by retiring $119.7 million of the original $225.0 million since October 2016.

First Quarter Operating Results

Revenue for the quarter was $171.3 million as compared to $189.0 million in the same period in the prior year, a decrease of $17.7 million or 9.4%. The revenue decline was primarily due to decreases in print advertising revenue of $14.0 million or 15.4% and print circulation revenue of $4.6 million or 7.9%. Digital revenue increased by $1.5 million or 4.7% in the quarter with digital advertising revenue up 6.3%.

Notably, adjusted for the impact of the publications acquired and sold in the Company’s first quarter of Fiscal 2018, revenue for the quarter decreased 6.9% relative to the same period in the prior year including decreases in print advertising revenue of 13.9%, print circulation revenue of 4.8% and an increase in digital revenue of 7.9% which includes an increase in digital advertising revenue of 10.1%.

”We are pleased to report ongoing traction on the key elements of our strategy including digital revenue growth,” said Paul Godfrey, Executive Chairman and Chief Executive Officer, Postmedia. “Our teams are focused on continuing to promote the great value of Postmedia’s brands among audiences and marketers and working together to transform our Company amid a shifting landscape.”

Total operating expenses excluding depreciation, amortization and restructuring decreased $15.5 million or 9.4% for the quarter, relative to the same period in the prior year. The decrease was as a result of various cost reduction initiatives.

Operating income before depreciation, amortization and restructuring of $21.7 million in the quarter represents a decrease of $2.2 million or 9.2% relative to the same period in the prior year. The decrease is due to decreases in print advertising and circulation revenues only partially offset by increased digital revenue and operating expense decreases.

Net loss in the quarter ended November 30, 2018 was $1.4 million, as compared to net earnings of $5.8 million in the same period in the prior year. The change was primarily the result of a gain on disposal of operations in Q1 of Fiscal 2018, losses on derivative financial instruments and the disposal of property and equipment in Q1 of Fiscal 2019, partially offset by a decrease in restructuring expense.

Business Transformation Initiatives

During the three months ended November 30, 2018, the Company implemented initiatives – including compensation expense reductions, real estate rationalization, production efficiencies and other transformation programs – which are expected to result in approximately $4 million of net annualized cost savings.

The Company intends to continue to identify and undertake ongoing cost reduction initiatives in an effort to address revenue declination in the legacy print business.

Debt Repayment

During the three months ended November 30, 2018 the Company made a mandatory debt repayment of $8.7 million bringing the total principal amount of first-lien notes outstanding to $125.6 million.

Subsequent to the end of the quarter, the company sold the Ottawa Citizen facility. Net proceeds from the sale will be used as part of a redemption of $20.4 million first-lien notes at par in accordance with the terms and conditions of the amended and restated first-lien notes indenture. After this redemption the Company will have $105.3 million of first-lien debt outstanding – bringing the total repayments made, since October 2016, to $119.7 million.

Additional Information

Additional information, including financial statements and management’s discussion and analysis can be found on the Company’s website at www.postmedia.com/investors/financial-reports or on SEDAR at www.sedar.com.

Note: All dollar amounts are expressed in Canadian dollars unless otherwise specified.

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88 www.erweimamenpiao.com.

Forward-Looking Information

This news release may include information that is “forward-looking information” under applicable Canadian securities laws. The Company has tried, where possible, to identify such information and statements by using words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “may,” “will,” “could,” “would,” “should” and similar expressions and derivations thereof in connection with any discussion of future events, trends or prospects or future operating or financial performance. Forward-looking statements in this news release include statements with respect to the implementation and results of the Company’s transformation initiatives, the realization of anticipated cost savings and the identification and undertaking of ongoing cost savings initiatives. By their nature, forward-looking information and statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, among others: competition from digital and other forms of media; the effect of economic conditions on advertising revenue; the ability of the Company to build out its digital media and online businesses; the failure to maintain current print and online newspaper readership and circulation levels; the realization of anticipated cost savings; possible damage to the reputation of the Company’s brands or trademarks; possible labour disruptions; possible environmental liabilities, litigation and pension plan obligations; fluctuations in foreign exchange rates and the prices of newsprint and other commodities. For a complete list of our risk factors please refer to the section entitled “Risk Factors” contained in our annual management’s discussion and analysis for the years ended August 31, 2018 and 2017. Although the Company bases such information and statements on assumptions believed to be reasonable when made, they are not guarantees of future performance and actual results of operations, financial condition and liquidity, and developments in the industry in which the Company operates, may differ materially from any such information and statements in this press release. Given these risks and uncertainties, undue reliance should not be placed on any forward-looking information or forward-looking statements, which speak only as of the date of such information or statements. Other than as required by law, the Company does not undertake, and specifically declines, any obligation to update such information or statements or to publicly announce the results of any revisions to any such information or statements.

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For more information:
Media Contact
Phyllise Gelfand
Vice President, Communications
(416) 442-2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

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Investor Contact
Brian Bidulka
Executive Vice President and Chief Financial Officer
(416) 383-2325
bbidulka@ LINK VÀO W88 www.erweimamenpiao.com

1Adjusted for the impact of the publications acquired and sold in the Company’s first quarter of Fiscal 2018.

Consolidated Statements of Operations

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Postmedia Network Canada Corp. Notice of Investors’ Teleconference- www.erweimamenpiao.com /d8a/2018/12/13/postmedia-network-canada-corp-notice-of-investors-teleconference-19/ Thu, 13 Dec 2018 15:57:01 +0000 /d8a/?p=5209 December 13, 2018 (TORONTO) – Postmedia Network Canada Corp. (“Postmedia” or “the Company”) will host a conference call on Thursday, January 10, 2019 at 3:00 p.m. Eastern Time to discuss its financial results for the quarter ended November 30, 2018.

Paul Godfrey, Executive Chairman and CEO, and Andrew MacLeod, President and COO will host the call. Earlier in the day on January 10, 2019, the Company will issue a news release disclosing these results and related financial information. Materials will also be posted on the Company’s website, LINK VÀO W88 www.erweimamenpiao.com.

Investors and analysts may participate in the call at 1-800-676-3901.

Media and other interested persons are invited to participate in the call on a listen-only basis at 1-888-223-6764.

For those unable to participate in the live call, a recorded version will be available approximately one hour after the call until January 17, 2019 and can be accessed at 416-626-4100 or 1-800-558-5253 using the passcode 21911435. A recording of the call will also be posted on the Company’s website.

About Postmedia Network Canada Corp.

Postmedia Network Canada Corp. (TSX:PNC.A, PNC.B) is the holding company that owns Postmedia Network Inc., a Canadian newsmedia company representing more than 140 brands across multiple print, online, and mobile platforms. Award-winning journalists and innovative product development teams bring engaging content to millions of people every week whenever and wherever they want it. This exceptional content, reach and scope offers advertisers and marketers compelling solutions to effectively reach target audiences. For more information, visit LINK VÀO W88.

– 30 –

For more information:
Phyllise Gelfand
Vice President, Communications
(416) 442 2936
pgelfand@ LINK VÀO W88 www.erweimamenpiao.com

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