SOUTHAM HAS LOSSES IN THIRD QUARTER
By Adnews Staff
Toronto-based Southam Inc. lost $13.9 million in the third quarter, which ended Sept. 30, because of slow advertising sales and an increase in newsprint prices. The loss compares with a $502,000 profit for the same period last year. For the first nine months net income was $4.7 million, compared with $13.7 million in 1994. The drop was partly caused by the sale of the last of Southam's graphics businesses, Dittler Brothers, and the discontinuing of Coles Book Stores operations. Also, while revenues went up the cost of operations went up even higher. Newsprint prices were 47% higher than they were last year. National advertising increased 6%, but retail and classified advertising fell by 6% and 5% respectively.
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