Acquisitions Drive Transcontinental’s Revenue Gains for the Quarter

Adjusted operating income was down 11 percent, from $166.6 million to $148.8 million, primarily due to the above-noted reasons, and to margin erosion stemming from competitive pressures in the local solutions market. Net income applicable to participating shares decreased, from $89.9 million to a loss of $131.4 million. This decrease is mainly due to an impairment of assets of $180.8 million, which is non-cash and non-operational.