September 8, 2010 / 3:55 PM / in 7 years

UPDATE 1-Canada's Transcontinental Q3 profit rises

* Q3 EPS C$0.35 vs C$0.31 last year

* Adj EPS C$0.43

* Shares up 1 pct

Sept 8 (Reuters) - Transcontinental Inc (TCLa.TO), Canada’s biggest commercial printer, posted a higher quarterly profit, helped by the performance of its digital and print platforms, and said it was optimistic about the coming quarters.

In the May-July quarter, the company, which has been winding up major investments in print infrastructure, redesigned the shopping site Publisac.ca and introduced Dealstreet.ca, its English counterpart.

The thn.mobi version for The Hockey News recently topped one million users, the company said.

For the quarter, the company reported net income of C$28.9 million, or 35 Canadian cents a share, up from C$25.3 million, or 31 Canadian cents a share, a year earlier.

Excluding items, Transcontinental, which also publishes consumer magazines, community newspapers and French educational resources, said its adjusted net income was 43 Canadian cents a share.

Analysts on average had forecast the company to earn 39 Canadian cents a share, according to Thomson Reuters I/B/E/S.

Revenue fell to C$500.3 million from C$504.4 million last year.

Chief Executive Francois Olivier said the company’s financial position should improve given the dual impact of higher operating income and a decrease in capital expenditures.

“We will thus be in an excellent position to make targeted strategic acquisitions in new media and digital technology,” Oliver said in a statement.

Class A shares of the company, which have gained 7 percent in value over the past three months, were slighlty up at C$13.18 during morning trade Wednesday on the Toronto Stock Exchange. They earlier touched a high of C$13.45. (Reporting by Isheeta Sanghi in Bangalore; Editing by Don Sebastian) ((isheeta.sanghi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: isheeta.sanghi.thomsonreuters.com@reuters.net))

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