Transcontinental Posts Income Declines on Revenues Increase

Net income applicable to participating shares decreased from $32.7 million to a loss of $106.2 million. This decrease is mainly due to an impairment of assets of $180.0 million, in the newspaper and magazine activities of the Media sector, which is non-cash and non-operational. Excluding unusual items and discontinued operations, adjusted net income applicable to participating shares decreased 9 percent, from $39.1 million to $35.4 million.