Torstar Corporation announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter the company announced operating revenue of CAD 128,972,000 compared to CAD 138,676,000 a year ago. Operating loss was CAD 15,910,000 compared to CAD 19,105,000 a year ago. Net loss from continuing operations was CAD 20,860,000 compared to CAD 24,397,000 a year ago. Net loss attributable to shareholders was CAD 14,502,000 compared to CAD 24,278,000 a year ago. Basic and diluted net loss attributable to equity shareholders per Class A (voting) and Class B (non-voting) share was CAD 0.18 compared to CAD 0.30 a year ago. Basic and diluted net loss attributable to equity shareholders per Class A (voting) and Class B (non-voting) share from continuing operations was CAD 0.26 compared to CAD 0.30 a year ago. Cash used in operating activities was CAD 14,520,000 compared to CAD 11,674,000 a year ago. Additions to property, plant and equipment and intangible assets were CAD 3,511,000 compared to CAD 2,232,000 a year ago. Adjusted loss per share was CAD 0.20 in the first quarter of 2018, an improvement of CAD 0.02 per share relative to the first quarter of 2017. Adjusted LBITDA was CAD 5,226,000 compared to CAD 4,557,000 a year ago. Adjusted loss per share attributable to equity shareholders was CAD 0.20.

The company continues to anticipate that capital expenditures for the full year 2018 will be in the range of CAD 15 million, including approximately CAD 5 million of capital spending related to technology platforms in connection with transformation activities. The company expects an improvement in operating earnings in the range of CAD 5 million to CAD 7 million, of which, CAD 2.1 million experienced in the first quarter The company expects the new operating expense related to transformation efforts will be in the range of CAD 11 million to CAD 13 million for the full year 2018, CAD 1.4 million of which was spent in the first quarter. As a point of reference related to revenue, estimate that the full year impact of properties that acquired and sold would have resulted in a net reduction in revenue in 2017 of proximately CAD 14 million overall, with CAD 22 million lower revenue in the Community Brands, partially offset by CAD 8 million higher revenue in the Daily Brands segment.