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Harlequin posts 1st quarter gains May 8, 2009

Posted by Diana McCabe in News.
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Romance is alive and well — even during this recession. Parent company Torstar Corp. said its Harlequin division showed 60thgrowth — while their newspaper business didn’t fare as well. (Its businesses include the Star Media Group led by the Toronto Star, Canada’s largest daily newspaper.) Book Publishing revenue was $124.5 million (Canadian) in the first quarter of 2009, up $14.8 million from $109.7 million in the first quarter of 2008

Here’s what their CEO said:

“The first quarter was a tale of two solitudes: Harlequin delivered an excellent quarter of growth while our newspaper businesses confronted lower advertising revenues as a result of the recession,” said Robert Prichard, President and CEO of Torstar Corporation. “Harlequin has made a strong start and is on course for another solid year. Despite the global recession, Harlequin’s overall performance remains strong with digital revenue growth offsetting some print declines in Japan and the U.K. Revenue in the newspapers and digital segment was down 11 percent as the recession has hurt numerous advertising categories led by employment, real estate and automotive. While aggressive cost management across our newspaper businesses mitigated the impact of the revenue reduction, it has been insufficient to prevent a sharp drop in profitability. The newspapers also faced higher pension costs and newsprint pricing in the quarter which accentuated the reduction in profitability.”
To read the entire release CLICK HERE.

Coming up: Look for more author interviews and news this weekend.

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