Torstar Corporation
TSX : TS.B

Torstar Corporation

February 27, 2008 16:00 ET

Torstar Corporation Reports Fourth Quarter and 2007 Full Year Results

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2008) - Torstar Corporation (TSX:TS.B) today reported financial results for the fourth quarter and full year ended December 31, 2007.

Highlights for the year:

- EBITDA (operating profit before restructuring provisions, interest, depreciation and amortization -- see "non-gaap measures") grew $23.3 million or 11.5% in the year from $202.1 million to $225.4 million.

- Revenue of $1,546.5 million, was up $18.2 million or 1.2% from $1,528.3 million. (Revenue was up $26.3 million or 1.7% excluding the impact of foreign exchange.)

- Net income was $101.4 million, an increase of $22.3 million or 28% from $79.1 million in 2006.

- Net income per share was $1.29 in 2007, up $0.28 from $1.01 in 2006.

- Net debt was $620.3 million at December 31, 2007, down $60.0 million from $680.3 million at December 31, 2006.

Highlights for the quarter:

- EBITDA grew $2.6 million or 3.8% from $68.4 million to $71.0 million.

- Net income was $47.2 million, an increase of $11.1 million or 31% from $36.1 million in the same period last year.

- Net income per share was $0.60 in 2007, up $0.14 from $0.46 in 2006.

"Torstar performed well throughout 2007," said Robert Prichard, Torstar's President and Chief Executive Officer. "We entered the year with an absolute determination to grow our earnings and made a number of structural and personnel changes to ensure we would. We delivered on our commitment. EBITDA grew 11% and net income grew 28%. Our three major businesses all grew, with Metroland Media Group's EBITDA up 10%, Harlequin's operating profit up 11% (excluding foreign exchange), and Star Media Group's EBITDA up 15%. We also grew our digital revenue by 46% in the year as we continued to invest in growing all of our digital initiatives. During the year we reduced our net debt to EBITDA ratio from 3.4 times to 2.8. Our strong financial performance was aided by favourable costs, particularly with respect to newsprint, and our net income was boosted by reductions in future statutory tax rates. We enter 2008 with a higher base of earnings and a strengthened balance sheet compared to a year ago. We expect to be well served by our diversified portfolio of market-leading media franchises. Notwithstanding the economic outlook and the absence of the particularly favourable cost savings realized in 2007, we still aim to grow EBITDA in 2008, albeit at a more modest pace. Early indications in 2008 are that the economy in Ontario may be having a negative impact on newspaper revenues."

The following chart provides a continuity of earnings per share from 2006 to 2007:



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Fourth Quarter Year to date
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Net income per share 2006 $0.46 $1.01
Changes
- Operations 0.01 0.24
- Restructuring provisions 0.04 0.12
- Non-cash foreign exchange (0.05)
- Income from associated businesses 0.04 0.05
- Interest on CTVgm investment (0.10)
- Change in statutory tax rates 0.05 0.02
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Net income per share 2007 $0.60 $1.29
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OPERATING RESULTS - YEAR ENDED DECEMBER 31, 2007
Overall Performance


Total revenue was $1,546.5 million in 2007, up $18.2 million from $1,528.3 million in 2006. Newspapers and Digital revenue grew $27.3 million to $1,083.8 million with strong growth in the digital operations and market expansions. Reported Book Publishing revenue was $462.7 million in 2007, down $9.1 million from $471.8 million in 2006 including an $8.1 million decline from the strengthening of the Canadian dollar during the year. Revenue improvements for North America Retail and Overseas were not sufficient to offset declines in North America Direct-To-Consumer.

Operating profit was $162.8 million in 2007, up $39.5 million from $123.3 million in 2006. The increase included $14.8 million of lower restructuring provisions in 2007. Newspapers and Digital Segment operating profit was $128.7 million in 2007, up $20.9 million from $107.8 million in 2006 including $13.7 million of savings from lower newsprint pricing and $4.5 million from the mid-2006 closure of Weekly Scoop. Continued investment in the digital operations offset growth in the other businesses. Book Publishing reported operating profit was $60.6 million in 2007, up $4.3 million or 7.6% from $56.3 million in 2006. Underlying operating profit was up $6.3 million or 11.2% in the year while the strengthening Canadian dollar decreased profits by $2.0 million. Underlying results were up in the North America Retail and Direct-To-Consumer divisions and down in Overseas. Corporate costs were $19.0 million in 2007, up $0.5 million from $18.5 million in 2006.

EBITDA, excluding restructuring provisions was $225.4 million in 2007, up $23.3 million from $202.1 million in 2006.



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2007 2006
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Newspapers and Digital $178,921 $157,112
Book Publishing 65,473 63,439
Corporate (18,973) (18,417)
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EBITDA, excluding restructuring provisions $225,421 $202,134
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Restructuring provisions of $7.5 million were recorded in 2007 compared with $22.3 million in 2006. In 2007, the Star Media Group offered the second voluntary severance program at the Vaughan Press Centre that had been agreed to in the 2006 contract negotiations and Metroland Media Group undertook further restructuring. Total annual savings from these restructuring activities are expected to be approximately $3.7 million.

The 2006 provisions for the Star Media Group included a voluntary severance program at the Vaughan Press Centre, the outsourcing of its circulation call centre and a fourth quarter restructuring for a total cost of $13.6 million. Restructuring provisions of $6.0 million were recorded by Metroland Media Group from restructuring of operations triggered by the combination of the CityMedia and Metroland operations. Harlequin reduced its global workforce by 4% in the third quarter of 2006 at a cost of $2.7 million.

Interest expense was $34.4 million in 2007, up $13.6 million from $20.8 million in 2006. The higher expense reflects a full year of the higher level of debt outstanding from the investment in CTVgm in the third quarter of 2006 and higher interest rates. The average net debt (long-term debt and bank overdraft net of cash and cash equivalents) was $660.7 million in 2007, up $214.5 million from $446.2 million in 2006. Torstar's effective interest rate was 5.2% in 2007 and 4.7% in 2006. Net debt was $620.3 million at December 31, 2007, down $60.0 million from $680.3 million at December 31, 2006.

Torstar reported a non-cash foreign exchange loss of $1.9 million in 2007. This loss arose from the translation of foreign-currency (primarily U.S. dollars) denominated assets and liabilities into Canadian dollars. The amount of the loss or gain in any year will vary depending on the movement in relative value of the Canadian dollar and on whether Torstar has a net asset or net liability position in the foreign currency. In 2006, a non-cash foreign exchange gain of $0.1 million was reported.

Income from associated businesses was $20.4 million in 2007 up from $16.0 million in 2006. CTVgm contributed $17.2 million in 2007 and $14.0 million in 2006. As Torstar's investment in CTVgm was made in September 2006, the 2007 income represents CTVgm's full year ended November 30, 2007 while the 2006 results were only the one quarter ended November 30, 2006. (As Torstar and CTVgm do not have coterminous quarter-ends, Torstar reflects CTVgm's operations with a one-month lag.) In both periods, CTVgm's results were adjusted for the impact of the accounting allocation of Torstar's purchase price to CTVgm's underlying assets and liabilities. In the fourth quarter of 2007, these adjustments included a positive $5.2 million earnings impact as future tax liabilities related to intangible assets were reduced to reflect the reduction in future Canadian federal income tax rates. Excluding this adjustment, CTVgm contributed $12.0 million in 2007. CTVgm realized operating profit growth in 2007 from their specialty television channels and the full year impact of the CHUM acquisition, which received final regulatory approval in June 2007. Offsetting this growth was higher interest expense due to higher levels of debt related to the CHUM acquisition and higher effective tax rates. CTVgm also recorded a write-down related to its 40% interest in TQS (a French-language conventional television broadcaster)which was only partially offset by adjustments related to Canadian Radio-television and Telecommunications Commission Part II fees.

Torstar's income from Black Press was $3.1 million in 2007 compared with $1.8 million in 2006. Black Press realized EBITDA growth in 2007 from the strong economy in Western Canada and from U.S. acquisitions made in mid 2006. Black Press' net income was negatively impacted during 2007 by higher interest expense related to the acquisitions.

Torstar's effective tax rate was 31.0% in 2007 compared with 33.3% in 2006. During 2006 and 2007, the Canadian federal government enacted corporate income tax decreases for future years. Under Canadian generally accepted accounting principles the impact of these changes on Torstar's future income tax assets and liabilities is to be recorded during the period the tax changes are substantially enacted. The impact was to reduce Torstar's tax expense by $5.9 million in 2007 and $4.6 million in 2006. Excluding this adjustment, Torstar's effective tax rate was 35.0% in 2007 and 37.2% in 2006. The effective tax rate was lower in 2007 due to changes in the mix of income.

Net income was $101.4 million in 2007, up $22.3 million from $79.1 million in 2006. Net income per share was $1.29 in 2007, up $0.28 from $1.01 in 2006. The average number of Class A and Class B non-voting shares outstanding was 78.6 million in 2007 up slightly from 78.3 million in 2006.

Segment Operating Results -- Newspapers and Digital

The following tables set out, in $000's, the results for the reporting units within the Newspapers and Digital Segment for the years ended December 31, 2007 and 2006.



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Operating
Operating Revenue Profit (Loss) Profit Margin
2007 2006 2007 2006 2007 2006
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Star Media $504,153 $496,518 $28,754 $20,474 5.7% 4.1%
Metroland
Media 577,425 558,156 109,996 99,911 19.0% 17.9%
Transit TV 2,250 1,788 (10,075) (12,536) n/a n/a

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Segment Total $1,083,828 $1,056,462 $128,675 $107,849 11.9% 10.2%
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Depreciation and
Amortization EBITDA EBITDA Margin
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2007 2006 2007 2006 2007 2006

Star Media $31,998 $32,297 $60,752 $52,771 12.1% 10.6%
Metroland
Media 14,717 13,624 124,713 113,535 21.6% 20.3%
Transit TV 3,531 3,342 (6,544) (9,194) n/a n/a
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Segment Total $50,246 $49,263 $178,921 $157,112 16.5% 14.9%
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Total revenue of the Newspapers and Digital Segment was $1,083.8 million in 2007, up $27.3 million from $1,056.5 million in 2006. Digital revenues grew 45.7% in 2007 and were 4.5% of the total Newspapers and Digital Revenue in 2007, up from 3.2% in 2006. EBITDA was up $21.8 million in the year including $13.7 million from lower newsprint pricing and $4.5 million from 2006 losses for Weekly Scoop. Excluding these savings, EBITDA was up $3.6 million or 2.3%. Operating profit was up $20.8 million in the year.

Star Media Group

The Star Media Group reported revenues of $504.2 million in 2007, an increase of $7.7 million from $496.5 million in 2006. Strong revenue growth at the digital properties, the Metro newspapers (including the new markets) and Sing Tao more than offset lower revenue at the Toronto Star. Star Media Group's EBITDA was $60.8 million in 2007, up $8.0 million from $52.8 million in 2006. $4.5 million of the improvement in EBITDA was from the elimination of losses incurred in 2006 related to Weekly Scoop prior to it ceasing publication in June 2006. The Star Media Group had an operating profit of $28.8 million in 2007, up $8.3 million from $20.5 million in 2006.

Star Media Group's digital revenues for thestar.com, toronto.com and the jointly owned Workopolis and Olive Canada Network were up a combined 52% in the year as advertising revenues grew on each of the sites and Olive Canada Network expanded its operations. Revenues for the jointly-owned Sing Tao and Metro newspapers were up 22% in the year as Sing Tao expanded its products and Metro continued to grow its revenues in the Toronto, Vancouver and Ottawa markets and expanded into Calgary and Edmonton.

Toronto Star advertising revenues were down 3.9% in the year as declines in ROP and insert revenues were only partially offset by increases in the special and zoned sections. Although the ROP revenue declines occurred throughout the year, the fourth quarter was relatively strong due to increased activity in the automotive and financial categories. Circulation revenues were down 1.9% in 2007.

Operating expenses in the digital operations were up in 2007 reflecting significant investments in promotional spending and increased staffing levels. Similarly Metro had higher operating expenses in 2007 reflecting the costs to build out the new markets. The Toronto Star realized savings from lower newsprint and labour costs in 2007 that were sufficient to offset the decline in revenues. Newsprint prices were 13% lower during the year and consumption was also lower due to reduced print runs and the benefits of converting to the smaller web-width in the second half of the year. Labour costs were lower in 2007 due to savings realized from the 2006 restructuring activities as well as lower pension expense.

The Star Media Group EBITDA was up $3.5 million in 2007 excluding the impact of the 2006 Weekly Scoop losses, with improved EBITDA at the Toronto Star and the jointly-owned Sing Tao and Metro businesses more than offsetting the increased investment in EBITDA losses at the digital operations.

Metroland Media Group

Metroland Media Group revenues were $577.4 million in 2007, up $19.2 million from $558.2 million in 2006, including $1.2 million from acquisitions. Advertising and distribution revenues were up at both the community and daily newspapers and the Gold Book directories expanded the number of books published during the year. EBITDA was $124.7 million in 2007, up $11.2 million from $113.5 million in 2006. Operating profit was $110.0 million in the year, up $10.1 million from $99.9 million in 2006.

ROP advertising revenues were up 1.1% at the community newspapers including acquisitions. Distribution revenues were up 7.7%. At the daily newspapers, ROP advertising revenue was up 0.8% and distribution revenues were up 3.7%. Gold Book revenues were up 73% in the year with the number of directories published increasing from 9 in 2006 to 25 in 2007. Revenue from Metroland Media Group's various Internet properties, including Gold Book, increased by $0.7 million in the year.

Metroland Media Group benefited from lower newsprint pricing in 2007 along with lower labour costs at the daily newspapers as a result of the restructuring undertaken in the fourth quarter of 2006 and lower pension costs.

Metroland Media Group's EBITDA was up $11.2 million in the year as the growth at the community and daily newspapers more than offset the investment spending for the Gold Book directories.

Transit TV

Transit TV 2007 revenues of $2.3 million were up $0.5 million from $1.8 million in 2006. EBITDA losses were $6.5 million in 2007 down $2.7 million from $9.2 million in 2006. Transit TV's operating loss was $10.1 million in 2007, down $2.4 million from $12.5 million in 2006.

In 2007, Torstar undertook a strategic review of Transit TV. In early 2008 Torstar announced a sales relationship with IdeaCast, Inc. (a U.S. provider of custom television content and advertising to health clubs) and a letter of intent giving IdeaCast an option to acquire Transit TV in the second quarter of 2008. If the option is exercised, the consideration for the acquisition would be IdeaCast shares. Torstar's carrying value in Transit TV's net assets at December 31, 2007 was approximately $19.0 million.

Segment Operating Results - Book Publishing

The following tables set out, in $000's, a summary of operating results for the Book Publishing Segment and a continuity of revenue and operating profit, including the impact of foreign currency movements, for the years ended December 31, 2007 and 2006.



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2007 2006
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Revenue $462,709 $471,808

EBITDA $65,473 $63,439
Depreciation & amortization 4,833 7,162
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Operating profit $60,640 $56,277
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EBITDA margin 14.1% 13.4%
Operating profit margin 13.1% 11.9%
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Reported revenue, prior year $471,808
Impact of currency movements and foreign exchange
contracts (8,140)
Change in underlying revenue (959)
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Reported revenue, current year $462,709
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Reported operating profit, prior year $56,277
Impact of currency movements and foreign exchange
contracts (1,970)
Change in underlying operating profit 6,333
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Reported operating profit, current year $60,640
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Book Publishing revenues were down $1.0 million in 2007 excluding the impact of foreign exchange. North America Retail was up $3.6 million, North America Direct-To-Consumer was down $5.0 million and Overseas was up $0.4 million.

Book Publishing operating profits were up $6.3 million in 2007 excluding the impact of foreign exchange. North America Retail was up $5.8 million, North America Direct-To-Consumer was up $2.2 million and Overseas was down $1.7 million.

North America Retail operating profits were up $5.8 million in 2007 from a combination of the positive impact from the mid-year price increase on series books, a more profitable mix of titles, reduced overhead and promotion costs and lower amortization expense. Overheads were lower due to savings realized from the restructuring undertaken in late 2006. North America Retail had been recognizing $2.1 million of amortization expense each year related to the cost of a distribution agreement. This cost was fully amortized by the end of 2006. The number of books sold was stable for both series and single title product in 2007.

North America Direct-To-Consumer operating profits were up $2.2 million in 2007 with improved performance from the 2007 promotional programs. A portion of this year over year improvement was related to the shipping disruptions associated with the bankruptcy of a key supplier in 2006 which negatively affected last year's results. North America Direct-To-Consumer benefited in 2007 from higher sales via the Internet, lower promotional spending and the positive impact of the mid-year price increase on series books which helped to offset underlying volume declines.

Overseas results were down $1.7 million in 2007 with growth in the Nordic group more than offset by lower results in the United Kingdom, Japan and Holland. The Nordic group had another successful year with growth in the series and single title businesses in both their retail and direct-to-consumer markets. The United Kingdom had lower results in 2007 as lower year over year positive adjustments to returns provisions and declining volumes in their direct-to-consumer market more than offset improvements in retail series book sales. Japan experienced success with their Manga line (series based comics) and digital downloads in 2007, but these improvements were not sufficient to offset declines in the core series book sales. Holland's results were down due to lower sales volumes during the last half of the year. Decreased losses from the Brazilian joint venture operations (launched in 2005) were offset by investment spending in India.

LIQUIDITY AND CAPITAL RESOURCES

Overview

Funds are generally used for capital expenditures, debt repayment and distributions to shareholders. Long-term debt is used to supplement funds from operations and as required for acquisitions. It is expected that future cash flows from operating activities, combined with the credit facilities available will be adequate to cover forecasted financing requirements.

In 2007, $136.2 million of cash was generated by operations, $41.2 million was used for investing activities and $105.5 million was used for financing activities. Cash and cash equivalents net of bank overdraft decreased by $13.4 million in the year from $43.9 million to $30.5 million.

Operating activities

Operating activities provided cash of $136.2 million in 2007, up $24.6 million from $111.6 million in 2006. The higher level of cash provided in 2007 reflected the improved operating profits and a decrease in non-cash working capital.

Other adjustments to operating cash flows were uses of cash of $10.3 million in 2007 and $2.4 million in 2006. A significant portion of this item is to adjust the pension expense recorded in operating profit to Torstar's cash funding of the pension plans. The combination of a lower pension expense in 2007 and slightly higher funding resulted in a $15.7 million adjustment in 2007 compared with $5.1 million in 2006. The balance of the adjustment was primarily for the non-cash foreign exchange loss and stock-based compensation.

Non-cash working capital investments decreased $9.5 million in 2007. The most significant source of this change was a decrease of $19.5 million in net current taxes due to the timing of tax payments. Excluding the impact of foreign exchange, the other working capital balances changed consistent with the underlying operating results. The decrease in payables included $6.3 million related to a net reduction in restructuring provisions. In 2006, non-cash working capital increased $8.4 million from increases in receivables and prepaid and recoverable income taxes that were partially offset by increases in payables including $12.7 million related to restructuring provisions.

Investing activities

During 2007, $41.2 million was used for investments, down from $449.4 million in 2006 which included the investment in CTVgm.

Additions to property, plant and equipment were $38.1 million in 2007, down slightly from $38.3 million in 2006. The 2007 additions included general capital replacement across all the operations, $10.2 million for inserting machines at Metroland Media Group and $8.3 million for the web-width reduction at the Toronto Star.

In 2007, $4.7 million was used for the acquisition of several community newspapers and publications and Insurance Hotline. In 2006, $378.0 million was used for the initial purchase of 20% of CTVgm and the additional investment related to CTVgm's acquisition of CHUM, $28.8 million for an additional 10% of Workopolis, $4.7 million for the acquisition of community newspapers and magazines and $1.1 million for an additional investment in Vocel, Inc.

Financing activities

Cash of $105.5 million was used in financing activities during 2007, compared with $338.0 million that was generated in 2006.

Torstar repaid $51.8 million of long-term debt during 2007. In 2006, Torstar increased its long-term debt by $390.2 million primarily to fund its investment in CTVgm. The increase included the issuance of $618.8 million of bankers' acceptances under a new banking facility net of the repayment of $228.6 million of commercial paper.

Cash dividends paid to shareholders were $57.7 million in 2007, up $0.5 million from $57.2 million in 2006. $2.6 million of cash was received from the exercise of stock options in 2007, down from $3.1 million received in 2006.

Net Debt

Net debt was $620.3 million at December 31, 2007, down $60.0 million from $680.3 million at December 31, 2006.

OPERATING RESULTS - THREE MONTHS ENDED DECEMBER 31, 2007

Overall Performance

Total revenue was $402.9 million in the fourth quarter, down $11.7 million from $414.6 million in the fourth quarter of 2006. Newspapers and Digital revenue was up $1.7 million to $296.3 million despite lower revenue from fewer publishing days for the Metroland Media Group community newspapers. (This is the reversal of the benefit reported in the first quarter of 2007.) Reported Book Publishing revenues were $106.6 million in the fourth quarter of 2007, down $13.4 million from $120.0 million in the same period last year. Excluding the decline of $10.3 million from the impact of the strengthening Canadian dollar, underlying revenues were down $3.1 million in the quarter with declines in North America Retail and Overseas.

Operating profit was $50.2 million in the fourth quarter, up $7.5 million from $42.7 million in the fourth quarter of 2006 including $4.2 million of lower restructuring provisions. Restructuring provisions were $7.5 million in 2007 and $11.7 million in 2006. Newspapers and Digital Segment operating profit was $49.9 million in 2007, up $7.4 million from $42.5 million in 2006, including $5.5 million in savings from lower newsprint pricing. Book Publishing reported operating profits were $12.8 million in the fourth quarter, down $3.8 million from $16.6 million in the same period last year. Excluding the decline of $2.1 million from the impact of the strengthening Canadian dollar, underlying operating profits were down $1.7 million in the fourth quarter with decreases in the North America Retail and Overseas divisions more than offsetting an increase in North America Direct-To-Consumer. Corporate costs were $4.9 million in the fourth quarter of 2007, up $0.2 million from $4.7 million in 2006.

EBITDA, excluding restructuring provisions, was $71.0 million in the fourth quarter, up $2.6 million from $68.4 million in the same period last year.



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Fourth Fourth
Quarter Quarter
2007 2006
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Newspapers and Digital $61,924 $54,657
Book Publishing 13,951 18,423
Corporate (4,905) (4,686)
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EBITDA, excluding restructuring provisions $70,970 $68,394
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Restructuring provisions of $7.5 million were recorded in the fourth quarter of 2007 down from $11.7 million in 2006. In 2007, the Star Media Group offered the second voluntary severance program at the Vaughan Press Centre that had been agreed to in the 2006 contract negotiations and Metroland Media Group undertook further restructuring. Total annual savings from these restructuring activities are expected to be approximately $3.7 million. Fourth quarter 2006 restructuring provisions included restructurings at both the Star Media Group and Metroland Media Group.

Interest expense was $8.3 million in the fourth quarter of 2007, down $0.5 million from $8.8 million in the fourth quarter of 2006. This decrease was from a lower level of debt outstanding during the fourth quarter of 2007. The average net debt (long-term debt and bank overdraft net of cash and cash equivalents) was $627.4 million in the fourth quarter of 2007, down $40.0 million from $667.4 million in 2006. Torstar's effective interest rate was 5.3% in the fourth quarter of both 2007 and 2006.

Income from associated businesses was $17.6 million in the fourth quarter of 2007 compared with $14.8 million in 2006. CTVgm contributed $17.1 million in 2007 and $14.0 million in 2006 from its quarter ended November 30, 2007. (As Torstar and CTVgm do not have coterminous quarter-ends, Torstar reflects CTVgm's operations with a one-month lag.) In both periods, CTVgm's results were adjusted for the impact of the accounting allocation of Torstar's purchase price to CTVgm's underlying assets and liabilities. In the fourth quarter of 2007, these adjustments included a positive $5.2 million earnings impact as future tax liabilities related to intangible assets were reduced to reflect the reduction in future Canadian federal income tax rates. Excluding this adjustment, CTVgm contributed $11.9 million in the fourth quarter of 2007. CTVgm realized operating profit growth in the fourth quarter of 2007 that was offset by higher interest expense and higher effective tax rates. CTVgm also recorded a write-down related to its 40% interest TQS (a French-language conventional television broadcaster) which was offset by adjustments related to Canadian Radio-television and Telecommunications Commission Part II fees.

Torstar's income from Black Press was $0.6 million in the fourth quarter of 2007 compared with $0.8 million in 2006. Black Press benefited in the quarter from the strong economy in Western Canada but was negatively impacted by non-cash mark-to-market losses on foreign exchange and interest rate derivatives.

Torstar's effective tax rate was 21.3% in the fourth quarter of 2007, down from 27.5% in the same period in 2006. During 2006 and 2007, the Canadian federal government enacted corporate income tax decreases for future years. Under Canadian generally accepted accounting principles the impact of these changes on Torstar's future income tax assets and liabilities is to be recorded during the period the tax changes are substantially enacted. The impact was to reduce Torstar's tax expense by $5.5 million in the fourth quarter of 2007 and $1.3 million in 2006. Excluding this adjustment, Torstar's effective tax rate in the quarter was 30.5% in 2007 and 30.2% in 2006.

Net income was $47.2 million in the fourth quarter of 2007, up $11.1 million from $36.1 million in the fourth quarter of 2006. Net income per share was $0.60 in 2007, up $0.14 from $0.46 in 2006. The average number of Class A and Class B non-voting shares outstanding in the fourth quarter of 2007 was 78.7 million, up slightly from 78.4 million in 2006.

Segment Results - Newspapers and Digital

The following tables set out, in $000's, the results for the reporting units within the Newspapers and Digital Segment for the fourth quarters ended December 31, 2007 and 2006.



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Operating Revenue Operating Profit
Profit (Loss) Margin
2007 2006 2007 2006 2007 2006
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Star Media $139,406 $135,858 $16,519 $12,984 11.8% 9.6%
Metroland Media 156,464 158,154 35,366 32,710 22.6% 20.7%
Transit TV 462 564 (2,024) (3,203) n/a n/a

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Segment Total $296,332 $294,576 $49,861 $42,491 16.8% 14.4%
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Depreciation and
Amortization EBITDA EBITDA Margin
2007 2006 2007 2006 2007 2006
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Star Media $8,014 $7,867 $24,533 $20,851 17.6% 15.3%
Metroland Media 3,270 3,328 38,636 36,038 24.7% 22.8%
Transit TV 779 971 (1,245) (2,232) n/a n/a

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Segment Total $12,063 $12,166 $61,924 $54,657 20.9% 18.6%
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Newspapers and Digital revenues were up $1.7 million in the fourth quarter of 2007. The impact of acquisitions was insignificant in the quarter. Digital revenues were 4.7% of the total in the fourth quarter of 2007, up from 3.4% in the fourth quarter of 2006.

Star Media Group revenues were up $3.5 million in the fourth quarter with higher revenues at the digital operations and Metro more than offsetting modest declines at the Toronto Star. Star Media Group's digital revenues for thestar.com, toronto.com and the jointly owned Workopolis and Olive Canada Network were up a combined 42% in the quarter as revenues grew in each of the operations. Toronto Star advertising revenues were down 1.2% in the quarter as declines in ROP and insert revenues were almost offset by increases in the special and zoned sections. Advertising revenue was stronger in the fourth quarter due to increased activity in the automotive and financial categories. Circulation revenues were down 3.0% in the quarter.

Metroland Media Group's revenues were down $1.7 million in the fourth quarter as lower revenues at the community newspapers (affected by the calendar - as referred to below) more than offset growth at the daily newspapers and Gold Book.

As was noted in the first quarter 2007 MD&A, the comparison of Metroland Media Group's 2007 quarterly results to the prior year was impacted by the calendar. During the first quarter the daily newspapers had an extra Saturday and the community newspapers had six extra calendar days which provided at least one additional publication day for most of the weekly publications. The impact of the extra Saturday for the dailies reversed in the second quarter and the impact of the extra publishing days for the community newspapers reversed in the fourth quarter.

ROP advertising revenues were down 7.8% for the community newspapers in the fourth quarter, reflecting the impact of the loss of the calendar days and advertising in the fourth quarter of 2006 from the municipal elections. Distribution revenue was up 0.8% in the quarter. The daily newspapers had advertising revenue growth of 4.5% in the fourth quarter with improvements in both ROP and insert revenues.

Newspapers and Digital EBITDA was up $7.3 million in the quarter, including $5.5 million from lower newsprint pricing and $1.0 million from lower losses at Transit TV. Excluding these savings, EBITDA was up $0.8 million as reduced losses at Star Media Group's digital operations were offset by the fewer publishing days at Metroland Media Group's community newspapers. The loss of publishing days was estimated to reduce fourth quarter EBITDA by $1.5 million. The Newspapers and Digital Operating profit was up $7.4 million in the quarter.

Segment Results - Book Publishing

The following tables set out, in $000's, a summary of operating results for the Book Publishing Segment and a continuity of revenue and operating profit, including the impact of foreign currency movements, for the three months ended December 31, 2007 and 2006.



---------------------------------------------------------------------------
---------------------------------------------------------------------------
Fourth Quarter
-----------------------
-----------------------
2007 2006
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Revenue $106,598 $120,034

EBITDA $13,951 $18,423
Depreciation & amortization 1,189 1,848
-----------------------
-----------------------
Operating profit $12,762 $16,575
-----------------------
-----------------------
EBITDA margin 13.1% 15.3%
Operating profit margin 12.0% 13.8%
---------------------------------------------------------------------------
---------------------------------------------------------------------------

---------------------------------------------------------------------------
---------------------------------------------------------------------------
Fourth
Quarter
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Reported revenue, prior year $120,034
Impact of currency movements and foreign exchange
contracts (10,341)
Change in underlying revenue (3,095)
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Reported revenue, current year $106,598
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Reported operating profit, prior year $16,575
Impact of currency movements and foreign exchange
contracts (2,139)
Change in underlying operating profit (1,674)
---------------------------------------------------------------------------
Reported operating profit, current year $12,762
---------------------------------------------------------------------------
---------------------------------------------------------------------------


Book Publishing revenues were down $3.1 million in the fourth quarter of 2007 excluding the impact of foreign exchange. North America Retail was down $1.3 million, North America Direct-To-Consumer was down $0.1 million and Overseas was down $1.7 million.

Book Publishing operating profits were down $1.7 million in the fourth quarter of 2007 excluding the impact of foreign exchange. North America Retail was down $1.0 million, North America Direct-To-Consumer was up $1.0 million and Overseas was down $1.7 million.

North America Retail sales volumes were relatively flat in the fourth quarter with revenues down slightly. The decrease in operating profit in the fourth quarter was driven by higher expenses. North America Direct-To-Consumer results were up in the fourth quarter due primarily to lower promotional spending. Slightly lower sales volumes were offset by the positive impact of the mid-year price increase.

Overseas results were down in the fourth quarter. Higher results in the Nordic group and Japan were more than offset by lower results in the United Kingdom and Holland and increased investment spending in India. The Nordic group continued its growth trend during the quarter and Japan realized some cost savings. The lower United Kingdom results were due to lower year over year positive adjustments to returns provisions. Holland's results were down as it continued to be impacted by lower sales volumes during the summer and fall.

Liquidity

In the fourth quarter of 2007, $41.3 million of cash was generated by operations, $13.8 million was used for investing activities and $36.7 million was used for financing activities. Cash and cash equivalents net of bank overdraft decreased by $8.5 million in the quarter from $39.0 million to $30.5 million.

Operating activities provided $41.3 million of cash in the quarter, up $12.5 million from $28.8 million in 2006. The higher level of cash provided in the fourth quarter of 2007 was from a $6.6 million decrease in non-cash working capital. Working capital decreased in the fourth quarter of 2007 as increases in payables and taxes payable more than offset the traditionally higher receivables (due to higher fourth quarter revenues). In the fourth quarter of 2006 working capital increased $7.7 million.

During the fourth quarter of 2007, $13.8 million was used for fixed asset additions including payments for inserting machines at Metroland Media Group and the web-width reduction at the Toronto Star. $1.5 million was used for acquisitions of several community newspapers and publications during the fourth quarter of 2007. In 2006, $30.5 million was used for acquisitions, primarily for the purchase of an additional 10% of Workopolis.

Torstar repaid $22.7 million of bankers' acceptances during the fourth quarter of 2007 and paid dividends of $14.4 million. In the fourth quarter of 2006, Torstar issued $19.2 million of bankers' acceptances and paid dividends of $14.1 million.

2008 OUTLOOK

Uncertainty in the economic outlook for both Canada and the U.S. may affect Torstar's businesses in 2008. Newspapers have traditionally experienced lower revenues and results in difficult economic conditions. Early indications in 2008 are that the economy may be having a negative impact on newspaper revenues. While the book publishing industry has traditionally not been as cyclical, the current economic uncertainty in the U.S. could have a negative impact on Harlequin's U.S. sales if discretionary consumer spending falls.

After delivering almost 10% EBITDA growth in 2007, Metroland Media Group is expected to continue to grow in 2008. The community newspaper business remains a good business with strong connections to their communities and an ability to react quickly to changing market conditions. Metroland Media Group will also continue to invest in new products and market expansions in 2008.

Within the Star Media Group, the Toronto Star is expected to continue to face the same declining revenue trends that are being experienced by large daily urban newspapers across North America. In order to provide some offset to the potential revenue declines, the Toronto Star announced in February 2008, a substantial voluntary separation program for employees which will reduce the size of the workforce. This program, along with other initiatives, should provide for operating cost relief.

Torstar expects revenue and profit improvements from its existing digital operations in 2008. Torstar Digital will continue to develop new products for the digital space as well as exploring acquisitions and partnership opportunities. The costs related to this start-up activity could offset some of the profit improvement from the existing businesses.

Harlequin's underlying business is expected to be stable in 2008 but with some variances in the quarters compared to 2007. Changes in the publishing schedule are expected to cause the first quarter of 2008 to be lower than the strong first quarter of 2007. The strength of the Canadian dollar will continue to have an impact on Harlequin's results during 2008. In 2007, including the impact of the U.S. dollar contracts, Harlequin's U.S. dollar earnings were translated at a rate of approximately $1.11. For 2008, Torstar has U.S. dollar contracts for $29.9 million U.S. at an average exchange rate of $1.06. The balance of Harlequin's U.S. earnings in 2008 will be translated at the average exchange rates realized during the year.

The Writers Guild of America strike is expected to have some negative impact on CTVgm's 2008 results with the most significant impact anticipated for Torstar's first quarter.

RECENT DEVELOPMENTS

In January 2008, the Toronto Star reached four new collective agreements covering approximately 820 employees. These agreements provide for basic wage increases of 2% each year as well as for increased flexibility in the assignment of staff and the removal of barriers to inefficient workflow. Two of these agreements will expire at the end of 2010, one at the end of 2011 and one, covering approximately 40 employees, will expire at the end of 2008.

In January 2008, Workopolis purchased the specialist online employment board business of Brainhunter Inc. in Canada and the U.S. for approximately $10 million.

In February 2008, Metro announced the launch of a Halifax edition. Torstar will own approximately one-third of Metro Halifax in a joint venture with Metro International S.A. and Transcontinental Media G.P.

OTHER

On February 27, 2008, Torstar declared a quarterly dividend of 18.5 cents per share on its Class A share and Class B non-voting shares, payable on March 31, 2008, to shareholders of record at the close of business on March 13, 2008. Torstar advises that, for the purposes of the Income Tax Act, Canada and for any relevant provincial tax legislation, this dividend is designated as an eligible dividend.

ADDITIONAL INFORMATION

For additional information, please refer to Torstar's audited consolidated financial statements for the year ended December 31, 2007 and the 2007 Management's Discussion and Analysis. Both documents were filed today with Sedar and are available on Torstar's corporate website www.torstar.com.

CONFERENCE CALL

Torstar has scheduled a conference call for February 27, 2007 at 5:00 p.m. to discuss its fourth quarter results. The dial-in number is 1-888-633-8407. A live broadcast of the conference call will be available over the Internet on the Investor Relations (Conference Calls) page on Torstar's website www.torstar.com. A recording of the conference call will be available for 9 days by calling 416-626-4100 or 1-800-558-5253 and entering reservation number 21374315. An online archive of the broadcast will be available within one hour of the completion of the call and will be accessible by visiting the Investor Relations (Conference Calls) page on Torstar's website www.torstar.com.

About Torstar Corporation

Torstar Corporation is a broadly based media company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Star Media Group led by the Toronto Star, Canada's largest daily newspaper and digital properties including thestar.com, toronto.com, LiveDeal.ca, Workopolis, and Olive Canada Network; Metroland Media Group, publishers of community and daily newspapers in Ontario; and Harlequin Enterprises, a leading global publisher of books for women.

Non-GAAP Measures

Management uses both operating profit, as presented in the consolidated statements of income, and EBITDA as measures to assess the performance of the reporting units and business segments. EBITDA is a measure that is also used by many of Torstar's shareholders, creditors, other stakeholders and analysts as a proxy for the amount of cash generated by the reporting unit or segment. EBITDA is not the actual cash provided by operating activities and is not a recognized measure of financial performance under GAAP. Torstar calculates EBITDA as the reporting unit or segment's operating profit before restructuring provisions, interest, unusual items, taxes, depreciation and amortization of intangible assets. Torstar's method of calculating EBITDA may differ from other companies and accordingly, may not be comparable to measures used by other companies.

Forward-looking statements

Certain statements in this press release and in the Company's oral and written public communications may constitute forward-looking statements that reflect management's expectations regarding the Company's future growth, results of operations, performance and business prospects and opportunities as of the date of this press release. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "intend", "would", "could", "if", "may" and similar expressions. All such statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. These statements reflect current expectations of management regarding future events and operating performance, and speak only as of the date of this press release. The Company does not intend, and disclaims any obligation to, update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise.

By their very nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management's assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements. We caution readers to not place undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements. In addition, forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

These factors include, but are not limited to: general economic conditions in the principal markets in which the Company operates, the Company's ability to operate in highly competitive industries, the Company's ability to compete with other forms of media, the Company's ability to attract advertisers, cyclical and seasonal variations in the Company's revenues, newsprint costs, labour disruptions, foreign exchange fluctuations, restrictions imposed on existing credit facilities, litigation, and uncertainties associated with critical accounting estimates.

We caution that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results. For more information, please see the discussion of risks affecting Torstar and its businesses in Torstar's 2007 Management's Discussion & Analysis as well as the discussion in the Company's current Annual Information Form. Copies of both documents are available at www.sedar.com and on Torstar's corporate website www.torstar.com.

In addition, a number of assumptions, including those assumptions specifically identified throughout this press release, were applied in making the forward-looking statements set forth in this press release. Some of the key assumptions include, without limitation, assumptions regarding the performance of the North American economy; tax laws in the countries in which we operate; continued availability of printing operations; continued availability of financing on appropriate terms; exchange rates; market competition; and successful development of new products. There is a risk that some or all of these assumptions may prove to be incorrect.

Torstar's new releases are available on the Internet at www.torstar.com.



---------------------------------------------------------------------------
Torstar Corporation
Consolidated Balance Sheets
(Dollars in Thousands)
(Audited)

December 31 December 31
2007 2006
---------------------------------------------------------------------------

Assets
Current:
Cash and cash equivalents $34,096 $46,037
Receivables 263,779 269,977
Inventories 31,807 38,208
Prepaid expenses 61,325 72,665
Prepaid and recoverable income taxes 3,097 16,665
Future income tax assets 19,010 23,002
---------------------------------------------------------------------------

Total current assets 413,114 466,554
---------------------------------------------------------------------------

Property, plant and equipment (net) 330,391 349,842
---------------------------------------------------------------------------
Investment in associated businesses 434,294 416,320
---------------------------------------------------------------------------
Goodwill (net) 555,643 552,928
---------------------------------------------------------------------------
Other assets 189,425 171,547
---------------------------------------------------------------------------
Future income tax assets 37,970 44,282
---------------------------------------------------------------------------

Total assets $1,960,837 $2,001,473
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Liabilities and Shareholders' Equity
Current:
Bank overdraft $3,616 $2,173
Accounts payable and accrued liabilities 208,217 227,001
Income taxes payable 17,065 14,174
---------------------------------------------------------------------------

Total current liabilities 228,898 243,348
---------------------------------------------------------------------------

Long-term debt 650,798 724,193
---------------------------------------------------------------------------
Other liabilities 89,678 88,313
---------------------------------------------------------------------------
Future income tax liabilities 73,702 72,873
---------------------------------------------------------------------------

Shareholders' equity:
Share capital 388,036 382,397
Contributed surplus 9,929 7,466
Retained earnings 535,242 491,999
Accumulated other comprehensive loss (15,446) (9,116)
---------------------------------------------------------------------------
Total shareholders' equity 917,761 872,746
---------------------------------------------------------------------------

Total liabilities and shareholders' equity $1,960,837 $2,001,473
---------------------------------------------------------------------------
---------------------------------------------------------------------------


---------------------------------------------------------------------------
Torstar Corporation
Consolidated Statements of Income
(Dollars in Thousands)

(Unaudited) (Audited)
Three months ended Twelve months ended
December 31 December 31
2007 2006 2007 2006
---------------------------------------------------------------------------
Operating revenue
Newspapers and digital $296,332 $294,576 $1,083,828 $1,056,462
Book publishing 106,598 120,034 462,709 471,808
---------------------------------------------------------------------------
$402,930 $414,610 $1,546,537 $1,528,270
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Operating profit
Newspapers and digital $49,861 $42,491 $128,675 $107,849
Book publishing 12,762 16,575 60,640 56,277
Corporate (4,917) (4,697) (19,028) (18,475)
Restructuring
provisions (7,507) (11,652) (7,507) (22,319)
---------------------------------------------------------------------------
50,199 42,717 162,780 123,332
Interest (8,341) (8,810) (34,432) (20,761)
Foreign exchange 478 1,050 (1,873) 70
Income of associated
businesses 17,646 14,811 20,416 16,000
---------------------------------------------------------------------------
Income before taxes 59,982 49,768 146,891 118,641
Income and other taxes (12,800) (13,700) (45,500) (39,500)
---------------------------------------------------------------------------
Net income $47,182 $36,068 $101,391 $79,141
---------------------------------------------------------------------------
---------------------------------------------------------------------------

Earnings per Class A
and Class B share:
Net income - Basic $0.60 $0.46 $1.29 $1.01
Net income - Diluted $0.60 $0.46 $1.29 $1.01
---------------------------------------------------------------------------
---------------------------------------------------------------------------


---------------------------------------------------------------------------
Torstar Corporation
Consolidated Statements of Comprehensive Income
(Dollars in Thousands)

(Unaudited) (Audited)
Three months ended Twelve months ended
December 31 December 31
2007 2006 2007 2006
---------------------------------------------------------------------------
Net income $47,182 $36,068 $101,391 $79,141
---------------------------------------------------------------------------
Other comprehensive income
(loss), net of tax:
Unrealized foreign currency
translation adjustment (575) 4,330 (7,980) 1,823
Unrealized gain on
available-for-sale
financial assets 898
Unrealized change in fair
value of cash flow hedges (1,596) 3,869
Realized gain on cash flow
hedges transferred
to net income (649) (693)
---------------------------------------------------------------------------
Other comprehensive
income (loss) (1,922) 4,330 (4,804) 1,823
---------------------------------------------------------------------------

Comprehensive income $45,260 $40,398 $96,587 $80,964
---------------------------------------------------------------------------
---------------------------------------------------------------------------



Torstar Corporation
Consolidated Statements Of Changes In
Shareholders' Equity
(Dollars in Thousands)

(Unaudited) (Audited)
Three months ended Twelve months ended
December 31 December 31
2007 2006 2007 2006

Share capital $388,036 $382,397 $388,036 $382,397
--------------------------------------------------------------------------

Contributed surplus:
Balance, beginning of period $9,283 $6,773 $7,466 $4,883
Stock-based compensation expense 646 693 2,464 2,600
Transfer to share capital for
stock options exercised (1) (17)
--------------------------------------------------------------------------
Balance, end of period $9,929 $7,466 $9,929 $7,466
--------------------------------------------------------------------------

Retained earnings:
Balance, beginning of period $502,610 $470,422 $491,999 $470,783
Net income 47,182 36,068 101,391 79,141
Dividends (14,550) (14,491) (58,148) (57,925)
--------------------------------------------------------------------------
Balance, end of period $535,242 $491,999 $535,242 $491,999
--------------------------------------------------------------------------

Accumulated other comprehensive
loss:
Balance, beginning of period as
previously reported ($13,524)
Unrealized foreign currency
translation adjustment losses ($13,446) ($9,116) ($10,939)
Cumulative impact of accounting
changes relating to
financial instruments (1,526)
--------------------------------------------------------------------------
Adjusted balance, beginning of
period (13,524) (13,446) (10,642) (10,939)
Other comprehensive income (loss) (1,922) 4,330 (4,804) 1,823
--------------------------------------------------------------------------
Balance, end of period ($15,446) ($9,116) ($15,446) ($9,116)
--------------------------------------------------------------------------


Total shareholders' equity $917,761 $872,746 $917,761 $872,746
--------------------------------------------------------------------------
--------------------------------------------------------------------------


Torstar Corporation
Consolidated Statements of Cash Flows
(Dollars in Thousands)

(Unaudited) (Audited)
Three months ended Twelve months ended
December 31 December 31
2007 2006 2007 2006
--------------------------------------------------------------------------
Cash was provided by (used in)
Operating activities $41,304 $28,830 $136,152 $111,591
Investing activities (13,820) (39,360) (41,225) (449,394)
Financing activities (36,677) 6,592 (105,464) 337,997
--------------------------------------------------------------------------
Increase (decrease) in cash (9,193) (3,938) (10,537) 194
Effect of exchange rate
changes 632 2,777 (2,847) 2,625
Cash, beginning of period 39,041 45,025 43,864 41,045
--------------------------------------------------------------------------
Cash, end of period $30,480 $43,864 $30,480 $43,864
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Operating activities:
Net income $47,182 $36,068 $101,391 $79,141
Depreciation 12,948 13,181 53,722 53,496
Amortization 317 843 1,412 2,987
Future income taxes (2,786) 4,552 885 2,752
Income of associated
businesses (17,646) (14,811) (20,416) (16,000)
Other (5,342) (3,265) (10,331) (2,354)
--------------------------------------------------------------------------
34,673 36,568 126,663 120,022
Decrease (increase) in
non-cash working capital 6,631 (7,738) 9,489 (8,431)
--------------------------------------------------------------------------
Cash provided by operating
activities $41,304 $28,830 $136,152 $111,591
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Investing activities:
Additions to property, plant
and equipment ($13,768) ($9,041) ($38,139) ($38,317)
Investment in associated
business (203) (377,982)
Acquisitions and investments (1,545) (30,480) (4,693) (34,647)
Other 1,493 364 1,607 1,552
--------------------------------------------------------------------------
Cash used in investing
activities ($13,820) ($39,360) ($41,225) ($449,394)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Financing activities:
Issuance of bankers'
acceptance $19,169 $13,541 $618,763
Repayment of bankers'
acceptance ($22,720) (65,350)
Repayment of commercial
paper (255,114)
Issuance of commercial paper 26,519
Dividends paid (14,437) (14,141) (57,658) (57,237)
Exercise of stock options 914 2,586 3,054
Other 480 650 1,417 2,012
--------------------------------------------------------------------------
Cash (used in) provided by
financing activities ($36,677) $6,592 ($105,464) $337,997
--------------------------------------------------------------------------
--------------------------------------------------------------------------

Cash represented by:
Cash and cash equivalents $34,096 $46,037 $34,096 $46,037
Bank overdraft (3,616) (2,173) (3,616) (2,173)
--------------------------------------------------------------------------
$30,480 $43,864 $30,480 $43,864
--------------------------------------------------------------------------
--------------------------------------------------------------------------


Contact Information

  • Torstar Corporation
    D. Holland
    Executive Vice-President and Chief Financial Officer
    (416) 869-4031
    Website: www.torstar.com