By: E&P Staff Torstar Corp., publisher of Canada's biggest daily, The Toronto Star, reported a fourth-quarter loss on a big non-cash write-down and announced it was cutting its dividend in half.
Torstar also shook up its top management, naming a new CEO and a new chairman, who will take over at its annual meeting in May.
Former Toronto Star Publisher John Honderich will become the company's new chairman of the board. Honderich has been a Torstar director for 11 years. He replaces Frank Iacobucci, who has been chairman for five years.
CEO Robert Prichard also announced he was retiring at the annual meeting after seven years at the post. David Holland, who is now executive vice president, will become interim president and CEO, Torstar said.
Torstar reported a fourth quarter loss of $211 million, much of it on a large write-down on the value of its 20% stake in CTVglobemedia. That write-down and losses from other business accounted for $229.5 million in losses. Without those losses, Torstar had net income of $18.3 million in the quarter. (All results are in Canadian dollars. C$1 equals US$0.80)
Revenues were up $9.9 million to $412.8 million.
Torstar said its net debt grew by $7 million to $627.3 million in 2008 -- which might have been a factor in its decision to reduce its annual dividend by half to 37 cents a share from 74.
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