Acquisitions Boost Transcontinental’s Revenues; Agreement with Hearst Renegotiated

Adjusted net income applicable to participating shares, which excludes unusual items and discontinued operations, rose 13.6 percent, from $54.5 million to $61.9 million, or $0.77 per share.

Net income applicable to participating shares declined, from $30.8 million to a loss of $51.9 million. This decrease stems mainly from a $57.2 million impairment charge of the carrying value of our U.S. deferred tax asset related to a decrease of activities in this country.