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Black Press made $17.9 million (US) last year

March 5, 2011

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.

more…

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.

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