Torstar Looks Beyond Ad Revenue

Article Excerpt

TORSTAR $22.63 (Toronto symbol TS.NV.B; SI Rating: Above average) owns The Toronto Star, Canada’s largest daily newspaper. Through CityMedia Group, it publishes daily and community newspapers in Southwestern Ontario; and through Metroland Printing, Publishing & Distributing, it publishes more than 90 community newspapers in Southern Ontario. Harlequin Enterprises, a wholly owned subsidiary, is the world’s leading publisher of romance fiction novels. Newspapers account for two-thirds of Torstar’s total revenue, and about 55% of its profit. Torstar reported 3.8% higher revenues in the three months ended September 30, 2005, to $380.6 million from $366.5 million a year earlier. Earnings more than doubled, to $23.7 million or $0.30 a share, from $11.3 million or $0.14 a share. The most recent quarter included a $0.10 a share gain on the sale of excess land in Toronto. The year-earlier quarter included $0.11 a share in nonrecurring restructuring charges and writedowns. Torstar’s Harlequin book publishing division reported higher sales and profits. Harlequin’s focus on higher-quality books and authors…

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