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

Wed Jul 27, 2016 7:21am EDT
 
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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   Continued...