Transcontinental's fourth-quarter profit drops 82% on goodwill chargeTibor Kolley/The Globe and Mail
Canadian media company and publisher Transcontinental Inc. saw its fourth-quarter profit drop 82 per cent to $8-million due to a goodwill charge related to discontinued operations.
That compares to a profit of $44.5 million in the same quarter in 2010, the company said Thursday.
Montreal-based Transcontinental booked a goodwill charge of $52.2-million related to such things as discontinued operations in the United States and Mexico.
Earnings per share were 10 cents compared with 55 cents in the same quarter last year.
Adjusted net income was down 4r per cent to $60.2-million, or 74 cents per share, from $62.7-million, or 78 cents per share a year ago.
Transcontinental is the largest printer in Canada and Mexico, and fourth-largest in North America. It is the leading publisher of consumer magazines and French-language educational resources and community newspapers in Quebec and the Atlantic provinces.
It has 10,500 employees in Canada, the United States and Mexico.