Postmedia Network Canada Corp. reported unaudited consolidated earnings results for the first quarter ended November 30, 2014. For the quarter, the company reported total revenues of CAD 169,514,000 compared to CAD 193,978,000 a year ago. This decrease was primarily due to a decline in print advertising revenue of CAD 23.5 million (20.1%) with the declines occurring across all categories, including national, local and insert advertising. Operating income before depreciation, amortization, impairment and restructuring was CAD 45,622,000 compared to CAD 46,011,000 a year ago. The decrease was the result of revenue declines of CAD 24.5 million, offset by decreases in operating expenses of CAD 24.1 million. Operating income was CAD 17,988,000 compared to CAD 2,259,000 a year ago. Loss before income taxes was CAD 10,255,000 compared to CAD 11,805,000 a year ago. Net loss attributable to equity holders of the company was CAD 10,255,000 compared to CAD 11,805,000 a year ago. Basic and diluted loss per share attributable to equity holders of the company was CAD 0.26 compared to CAD 0.29 a year ago. Cash flows from operating activities was CAD 2,640,000 compared to CAD 4,223,000 a year ago. Purchases of property and equipment were CAD 1,824,000 compared to CAD 2,988,000 a year ago. Purchases of intangible assets were CAD 134,000 compared to CAD 698,000 a year ago.

The company reported impairment charge for the first quarter ended November 30, 2014. For the quarter, the company reported impairment charge of CAD 1,843,000.