McGraw-Hill Ryerson Reports First Quarter Results
(firmenpresse) - WHITBY, ONTARIO -- (Marketwired) -- 04/26/13 -- McGraw-Hill Ryerson (TSX: MHR) -
Attention: Business/Financial Editors
Summary
The first quarter is historically the quarter with the lowest sales of the fiscal year, as sales are heavily weighted towards the second half of the calendar year leading up to the beginning of the school season. As expenses are more evenly distributed over the course of the year, the Company generally reports a net loss in the first quarter of each year. For the first quarter in 2013, the net loss is $1.8 million, compared to a net loss of $2.7 million in the first quarter of 2012.
Revenue
Total revenue for the first quarter decreased by 1.9% to $7.9 million in 2013 compared to $8.0 million in 2012.
The Higher Education Division sales increased by 6.5% to $4.2 million in the first quarter of 2013 compared to the first quarter of 2012. This increase was mainly the result of increased digital revenue and reduced returns.
The School Division sales decreased by $0.5 million to $2.2 million in the first quarter of 2013 from $2.7 million in the corresponding quarter of 2012 as a result of non-recurring contract business.
In the Professional Division, sales decreased by 3.5% in the first quarter of 2013 to $1.0 million due to a decrease in the wholesaler market.
Rental and other income, representing billed freight, copyright licensing, translation fees and rental income from the tenant at the Company's Whitby, Ontario facility, increased in the first quarter of 2013 by 45.8% to $0.5 million from $0.3 million in the corresponding quarter of 2012. The major contributing factor to the increase is increased digital commission income as well as increased rental income.
Expenses
Cost of goods sold remained consistent for the first quarter at $2.7 million when compared to the same quarter in 2012.
Operating expenses decreased for the first quarter to $6.4 million compared to $7.9 million for the same quarter in 2012. The decrease is a result of reduced sales and compensation expenses.
Amortization expense for pre-publication costs remained consistent at $0.8 million in the first quarter of 2013 compared to the same quarter in 2012. Depreciation expense for capital assets in the first quarter also remained consistent at $0.2 million.
Finance income and costs, consisting mainly of banking charges, in the first quarter of 2013 remained consistent with the same quarter of 2012.
In the first quarter, the Company reported a foreign exchange loss of $0.1 million compared to a $0.1 million gain in the same period of 2012. The Company incurs foreign exchange gains and losses throughout the year as a result of the volume of related-party transactions, most of which are denominated in U.S. dollars. The Company continues to employ policies to minimize the impact of these currency fluctuations.
Notice to Reader
The attached financial statements have been prepared by management of McGraw-Hill Ryerson Limited. The financial statements for the three month period ended March 31, 2013 and March 31, 2012 have not been reviewed by the auditors of McGraw-Hill Ryerson Limited.
In business since 1944, McGraw-Hill Ryerson Limited is a leading Canadian publisher of educational resources, and information products and services for lifelong learning and enjoyment. Revenue in 2012 was $72 million. Additional information is available at .
McGraw-Hill Ryerson Limited
STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(in thousands of dollars except per share data)
(unaudited)
McGraw-Hill Ryerson Limited
STATEMENTS OF FINANCIAL POSITION
(in thousands of dollars)
(unaudited)
McGraw-Hill Ryerson Limited
STATEMENTS OF CHANGES IN EQUITY
(in thousands of dollars)
(unaudited)
McGraw-Hill Ryerson Limited
STATEMENTS OF CASH FLOWS
(in thousands of dollars)
(unaudited)
Contacts:
McGraw-Hill Ryerson Limited
Brenda Arseneault
Vice-President and Chief Financial Officer
(905) 430-5223
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Datum: 26.04.2013 - 14:00 Uhr
Sprache: Deutsch
News-ID 1220879
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