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Black Press made $17.9 million (US) last year
The Hawaii Reporter, umm, reports that Black Press made $17.9 million (US) last year:
An earnings report filed by Torstar Corp., which owns almost one-fifth of Black Press, shows the Victoria, British Columbia-based Black Press had an about $17 million profit excluding impairment charges during 2010. That compared with about $12.9 million of earnings in 2009.
The year was a busy one for Black Press, which publishes more than 100 weekly and daily newspapers and shoppers. It bought more than a dozen newspapers, at least four of which it closed.
The Reporter is interested in Black Press because those purchased included the Honolulu Advertiser, which it “merged with its Honolulu Star-Bulletin to create the Honolulu Star-Advertiser. In the process it fired more than 450 people as CEO David Black combined the operations while hiking advertising rates and prices for commercial printing at his Kapolei press.”
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Meanwhile, the rating of Postmedia’s debt — or, rather, a portion of its debt — was raised from horrible, to merely bad — or something like that.
A public offering of the company’s stock this year will take place sometime before August, at which point life could get better for its employees.
