By: (AP) Newspaper publisher Hollinger International Inc. said May 20 it swung to a profit in its first quarter due to increases in advertising revenue at its U.S. papers, of which the
Chicago Sun-Times is the largest, as well as favorable currency exchange rates.
In the quarter ended March 31, the company said it earned $2.3 million or 3 cents a share, on revenue of $260.3 million. It lost $104.0 million, or $1.08 a share, on revenue of $247 million a year earlier.
The 2002 quarter has been restated to include a $700,000 after-tax increase in amortization expense relating to the reclassification of goodwill, and to reflect a $20.1 million after-tax writedown of goodwill at the
Jerusalem Post.
The Chicago-based newspaper company, which owns more than 380 newspapers in Canada, Israel, and Britain, also noted the favorable impact on revenue by the strengthening of the British pound and the Canadian dollar against the U.S. dollar. However, revenue declined at the U.K. Newspaper Group, which includes
The Daily Telegraph, as measured in British pounds.
First-quarter revenue for its U.S. papers was $106 million, compared with $104.7 million last year.
Hollinger shares closed Tuesday at $10.32, down 9 cents, or 1%, on the New York Stock Exchange.
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