July 27, 2016 / 11:22 AM / a year ago

BRIEF-Torstar Corp Q2 adjusted loss per share C$0.13

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July 27 (Reuters) - Torstar Corp

* Board of directors announced that it intends to reduce dividend to 10 cents per share annually effective Q3 of 2016

* Qtrly operating revenue $177.9 million versus $206.3 million

* Restructuring charges through end of Q2 reflect reduction of about 425 positions, expected to result in annualized net savings of $22.8 million

* Subscriber revenues declined moderately in first six months of 2016 and trend is expected to continue in balance of year

* Torstar corporation reports second quarter results

* Q2 adjusted loss per share C$0.13

* Q2 loss per share C$0.30 from continuing operations

* Intends to reduce dividend to 10 cents per share annually effective Q3 of 2016

* Q2 earnings per share view C$-0.20, revenue view C$192.0 million -- Thomson Reuters I/B/E/S

* Torstar corp qtrly operating revenue $177.9 million versus $206.3 million

* Net savings related to restructuring initiatives undertaken through end of Q2 of 2016 are expected to be $16.5 million in balance of 2016

* Currently expect that flyer distribution revenues will experience moderate declines in balance of 2016

* Excluding impact of closure of olive media, metroland media group and star media group digital revenue expected to grow in balance of 2016

* Net savings related to restructuring initiatives undertaken through end of Q2 of 2016 are expected to be $16.5 million in balance of 2016 Source text for Eikon: Further company coverage:

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