SOUTHAM REPORTS JUMP IN REVENUE
By Adnews Staff
Toronto-based Southam Inc. has reported a 7% increase in revenues to $284.7 million for the second quarter ending June 30, compared to the same period a year earlier. Net income dropped 4% to $14.5 million due mainly to higher newsprint and interest expenses. For the first six months of the year, revenues jumped 6% to $533.7 million. Net income dropped from $18.6 million to $16.9 million. In the company's newspaper division, Southam reported a 5% increase in revenue to $234.1 million for the quarter, compared to the same period in 1995. Run-of-press ad revenue at the dailies was up 3%. National advertising was the strongest, with revenue increasing 10% over 1995. Classified ad revenue rose 2% and revenue from retail advertising was slightly less than last year. For the six months, revenue from the newspaper division was up 5% to $440.3 million.