PNCA - Earnings Call Transcript Q3 2013 - Postmedia Network Canada Corp

Excerpt from the Earnings transcript:

CFO said "A summary of our financial highlights can be found on slide six. As Paul mentioned, we continue to experience significant revenue challenges in the most recent quarter with total revenue for the three months ended May 31, 2013 of a $192 million, a decrease of $20 million or 9.5% relative to the same period in the prior year.

The decrease in the current quarter was primarily due to a decrease in print advertising revenue down approximately 18 million or 13.5%. Although we experienced print advertising declines the cost across all major categories the largest decline occurred in classified down 18% and national category down 16%. Relative to last year, print circulation revenue decreased 3 million, or 5.9%, and digital revenue increased to 0.5 million, or 2.2%. Our ongoing cost reduction efforts helped to partially offset the impact of these revenue declines. 

Operating expenses excluding depreciation and amortization and impairment and restructuring decreased to 16.9 million or 9.6%. Partially offsetting these reduction was a 1.6 million increase in non-cash share-based and other long-term incentive plan expenses. Excluding these non-cash expenses, the expense reduction was 18.5 million, or 10.4%."

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