Torstar Corporation Reports Third Quarter Results

TORONTO, Oct. 30, 2019 /CNW/ - Torstar Corporation TS today reported financial results for the third quarter ended September 30, 2019.

Highlights for the third quarter:

• We continued to make progress on the transformation of our business including digital subscription offerings, ending the third quarter with approximately 70,000 subscribers with digital access including over 23,400 digital only subscribers to our Daily Brands news sites.
  
  
• We now have over 220,000 registered users in the community news sites and continue to evaluate potential subscription models in three test markets in the Community Brands segment. In one of these test markets, we have fully rolled out paid subscriptions and subscribers now represent approximately 17% of the homes where we deliver.
  
  
• During the third quarter of 2019, we sold our portfolio investments in Kensington Venture Fund, L.P. and 1760335 Ontario Inc. (Canadastays.com) and received total cash proceeds of $4.9 million.
  
  
• During the third quarter of 2019, we initiated a sale process for the Hamilton property in connection with the closure of the Hamilton printing and mailroom operations.
  
  
• We ended the third quarter of 2019 with $52.3 million of cash and cash equivalents and $8.9 million of restricted cash; Torstar has no bank indebtedness.
  
  
• Our operating revenue was $111.8 million in the third quarter of 2019, down $14.6 million or 12% relative to the third quarter of 2018.
  
  
• Our net loss attributable to equity shareholders was $40.9 million ($0.50 per share) in the third quarter of 2019. This compares to a net loss of $18.8 million ($0.23 per share) in the third quarter of 2018.
  
  
• Adjusted loss per share (see "non-IFRS measures") was $0.21 in the third quarter of 2019. This compares to adjusted loss per share of $0.22 in the third quarter of 2018.
  
  
• Our Adjusted EBITDA including joint ventures and VerticalScope (see "non-IFRS measures") was $1.5 million in the third quarter of 2019 and included the benefit of $3.0 million of digital media and journalism tax credits. Excluding the tax credits and the impact of the change in accounting for leases effective January 1, 2019, Adjusted EBITDA including joint ventures and VerticalScope was down $4.2 million, with the Daily Brands down $0.2 million and Community Brands down $2.1 million reflecting lower revenues partially offset by cost savings from restructuring initiatives and other cost reduction initiatives. Our proportionate share of VerticalScope's Adjusted EBITDA was down $0.7 million, resulting from lower revenues associated with year over year declines in search related traffic which were only partially offset by lower salaries and benefits and other cost reductions.
  
  
• On October 25, 2019, the Financial Services Regulatory Authority of Ontario ("FSRA") issued Notices of Intended Decision for the merger of the Torstar Plans into the CAAT Plan. By issuing these Notices, FSRA has indicated an intention to consent to the mergers following a standard 30-day period to facilitate any applicable requests to the Financial Services Tribunal. After this waiting period and provided the final consent is obtained from FSRA, it is anticipated that the transfer of assets from the Torstar Plans into the CAAT Plan will be completed before the end of 2019, at which point the merger will be completed.
  
  
• Subsequent to the end of the quarter, the Board of Directors decided to suspend the quarterly dividend. The Board intends to review its dividend policy again in the fourth quarter of 2020.

"We continue to be encouraged with the results of our focus on total subscriber revenue which now represents a significant and growing portion of our revenue base with print subscription revenue now complemented by a new and growing digital subscription revenue stream and we ended the quarter with approximately 70,000 subscribers with digital access of which over 23,400 were digital only subscriptions to our Daily Brands news sites. In addition, we now have more than 220,000 registrations to our Community Brands news sites and 2.5 million subscribers to our various emails and newsletters." said John Boynton, President and CEO of Torstar. "Adjusted EBITDA including our joint ventures and VerticalScope was $1.5 million in the quarter, up slightly from prior year although results in the quarter included the benefit of $3.0 million in digital media and journalism tax credits. Results in the quarter continued to reflect ongoing challenges in the print advertising market resulting in lower print advertising revenues which we only partially offset with cost reductions and restructuring efforts. We continue to advance those areas important to our future while maintaining a strong focus on cash.  We acted on the sale of some smaller non-strategic assets in the quarter and will further increase focus on identifying additional cost savings."

BASIS FOR MANAGMENT'S DICUSSION AND ANALYSIS ("MD&A") PRESENTATION AND DISCUSSION

In connection with a continuous disclosure review by staff of the Corporate Finance Branch of the Ontario Securities Commission, we have revised our approach with respect to our disclosure of certain non-IFRS financial measures in our MD&A, including the segment presentation and discussion of joint ventures and our interest in VerticalScope, in order to give greater prominence to IFRS financial measures.  We no longer present our discussion and analysis of our operations on a basis which includes our proportionate interest in joint ventures and our 56% interest in VerticalScope.  Discussion of VerticalScope's results is now included in "Income (Loss) from Associated Businesses" and the discussion of operations of our joint ventures is included in "Income (Loss) from Joint Ventures".  We no longer present or discuss the operating results of the Digital Ventures segment separately as the segment without the inclusion of VerticalScope is too small to be considered a reportable segment.  The balance of the Digital Ventures segment, consisting of eyeReturn Marketing Inc. ("eyeReturn"), is now included in "Corporate & Other".

OPERATING RESULTS – THIRD QUARTER 2019

The following chart provides a continuity of earnings (loss) per share from the third quarter of 2018 to the third quarter of 2019:

The following tables set out, in $000's, the results for the three months ended September 30, 2019 and 2018:

Operating revenue
Operating revenue was $111.8 million, down $14.6 million or 12% in the third quarter of 2019.  Subscriber revenues grew modestly, increasing 2% in the third quarter while flyer distribution revenues decreased 10% and print advertising revenues decreased 23%.

Digital advertising revenues were down 8% in the third quarter of 2019 primarily reflecting lower digital advertising revenues at eyeReturn partially offset by continued solid growth in local digital advertising within the Communities.  Digital advertising revenues were 12% of total operating revenue in the third quarter of 2019 and 2018.

The following charts provide a breakdown of operating revenue:

Salaries and benefits
Salaries and benefits costs were $49.7 million in the third quarter of 2019 and included the benefit of $1.5 million of digital media tax credits and $1.5 million in respect of a refundable labour tax credit for qualifying journalism organizations.  The digital media tax credits represent recoveries of previously incurred salary and benefit costs and relate to claims made in respect of prior years and not current year operations.

Excluding the digital media and journalism tax credits (together referred to as "tax credits"), salaries and benefit costs were down $7.1 million (12%) in the third quarter of 2019 reflecting the benefit of $5.1 million of savings from restructuring initiatives and $1.1 million of lower pension expense.

Adjusted EBITDA
Adjusted EBITDA loss was $3.4 million in the third quarter of 2019 compared to a loss of $4.5 million in third quarter of 2018, and included $3.0 million of tax credits.  Excluding the impact of the tax credits as well as the change in accounting for leases, our Adjusted EBITDA loss was $6.4 million in the third quarter of 2019 compared to a loss of $3.3 million in the third quarter of 2018, with the Daily Brands down $0.2 million, Community Brands down $2.1 million, and Corporate and Other down $0.8 million.

Adjusted EBITDA including joint ventures and VerticalScope
We manage the performance of our operating segments with results including our proportionately consolidated share of joint ventures and VerticalScope.  Our Adjusted EBITDA including joint ventures and VerticalScope was $1.5 million in the third quarter of 2019, down $4.2 million excluding the tax credits and the impact of the change in accounting for leases.  In addition to the discussion of Adjusted EBITDA above, our proportionate share of VerticalScope's Adjusted EBITDA was down $0.7 million in the third quarter of 2019, resulting from lower revenues associated with year over year declines in search related traffic which were only partially offset by lower salaries and benefits and other cost reductions.

Restructuring and other charges
Total restructuring and other charges were $3.0 million in the third quarter of 2019 resulting primarily from ongoing efforts to reduce costs.

Restructuring initiatives undertaken in the first nine months of 2019 are expected to result in annualized net savings of $19.9 million associated with the reduction of approximately 380 positions.  A total of $9.3 million of savings are expected to be realized in 2019, with $4.3 million realized in the first nine months.

Impairment of Assets
During the third quarter of 2019, we incurred non-cash impairment charges of $19.9 million in the Community Brands segment.  These charges have no impact on cash flows.

As a result of the challenges presented by the continued structural changes in the advertising industry, including uncertainty in the print advertising market and dominance of the rapidly evolving digital market by large global giants, we performed an impairment test in the third quarter of 2019 on the carrying value of property, plant and equipment and intangible assets in the Daily Brands and Community Brands segment.  As a result of this testing, we determined that the carrying value of the property, plant and equipment and intangible assets in the Community Brands segment exceeded its recoverable amount and accordingly we recorded a non-cash impairment charge of $11.5 million in respect of property, plant and equipment and $8.4 million in respect of intangible assets during the third quarter of 2019.

Loss from associated businesses
Our loss from associated businesses was $6.6 million in the third quarter of 2019, compared to a loss of $5.6 million in the third quarter of 2018.

The loss in the third quarter of 2019 included a loss of $3.7 million from VerticalScope (including $7.8 million of non-cash amortization and depreciation expense) and a loss of $2.8 million from Blue Ant. The loss in the third quarter of 2018 included income of $0.1 million from Black Press offset by a loss of $5.4 million from VerticalScope (including $10.6 million of amortization and depreciation expense) and $0.2 million from BlueAnt.

OUTLOOK

The Community Brands and the Daily Brands continued to face a very challenging print advertising market in the first nine months of 2019 resulting from ongoing shifts in spending by advertisers. Similar trends have continued early into the fourth quarter and it is difficult to predict if these trends will improve or worsen in the balance of the year.  Flyer distribution revenues declined 10% through the end of the third quarter and we expect this trend to deteriorate slightly in the fourth quarter against a strong comparable period in the fourth quarter of 2018.

Subscriber revenues grew in the third quarter, benefiting from new digital subscription revenues offset by modest declines in print subscription revenue. We expect this trend to continue in the balance of the year and that total subscriber revenue will continue to become a larger percentage of our overall revenue.

Digital advertising revenue at the Community Brands and Daily Brands segment was down 1% through the end of the third quarter of 2019 and we expect this trend to continue in the balance of 2019 reflecting the benefit from continued growth in local digital advertising at the community news sites offset by expected continued declines in other digital verticals.

We expect the cost base in 2019 to benefit from $20.4 million of full year savings related to restructuring initiatives undertaken through the end of the third quarter of 2019 ($11.7 million in the Community Brands segment and $8.7 million in the Daily Brands segment), with $13.7 million of this benefit realized in the first nine months of 2019.  We expect to benefit from $6.0 million of refundable tax credits for qualifying journalism organizations in 2019 ($1.8 million in Community Brands segment and $4.2 million in Daily Brands segment), with $4.5 million recognized in the first nine months.  We also expect to identify additional cost savings in the balance of the year that we would benefit from in 2020.

The new IFRS 16 standard adopted on lease accounting has and will continue to have a positive impact on Adjusted EBITDA in respect of rent expense offset by increased depreciation expense and interest expense.  The estimated full year impact on Adjusted EBITDA for the removal of the rent expense is approximately $4.9 million (Dailies Segment approximately $1.5 million, Communities segment approximately $3.2 million and $0.2 million in Other), with an impact of $3.7 million year to date. This change will have no impact on cash flow.

At VerticalScope we expect organic revenue declines will begin to moderate towards the end of the year as we lap various search algorithm changes introduced during 2018.  In addition, while the migration of forum sites on to a new technology platform, which began in May, is expected to improve user experience, operating revenues are expected to be negatively impacted on sites converted during a transition period.  The migration of sites will continue through the balance of 2019 and into the first half of 2020.  Adjusted EBITDA margins and cash generated by operations are expected to remain strong with savings related to integration of prior year acquisitions offset by incremental costs associated with the ongoing transition of sites to a new technology platform.

From a cash flow perspective, capital expenditures for 2019 are expected to be in the range of $16 million, including approximately $8 million of capital spending related to technology platforms in connection with our transformation activities.  In addition, at September 30, 2019 we had net receivables related to digital media tax credits totaling $23.2 million, with the amount and timing of any cash realized dependent upon the final review and approval by the Canada Revenue Agency.

On September 27, 2018, we received approval from the members of our eight registered defined benefit pension plans (the "Torstar Plans") to proceed with the merger of the Torstar Plans with the CAAT Pension Plan (the "CAAT Plan") effective October 1, 2018, with Torstar and certain of its subsidiaries becoming participating employers under the CAAT Plan. On October 25, 2019, Financial Services Regulatory Authority of Ontario ("FSRA") issued Notices of Intended Decision for the merger of the Torstar Plans into the CAAT Plan. By issuing these Notices, FSRA has indicated an intention to consent to the mergers following a standard 30-day period to facilitate any applicable requests to the Financial Services Tribunal.  After this waiting period and provided the final consent is obtained from FSRA, it is anticipated that the transfer of assets from the Torstar Plans into the CAAT Plan will be completed before the end of 2019, at which point the merger will be completed.

As at January 1, 2019, the majority of Torstar employees were enrolled as members of the CAAT Plan, including those previously enrolled in defined contribution type benefit plans.  Pension expense and contributions related to the CAAT plan are based on a fixed percentage of earnings with the expense expected to be approximately $4 million lower in 2019 than our combined 2018 expense for our registered defined benefit plans and defined contribution type plans ($3 million in the first nine months of 2019). In 2019, we expect contributions to the CAAT plan to be equivalent to the related expense.

DIVIDEND

The Board of Directors has decided to suspend the quarterly dividend. The Board intends to review its dividend policy again in the fourth quarter of 2020. This decision is consistent with our efforts to preserve cash and strengthen our financial position.

ADDITIONAL INFORMATION
For additional information, please refer to Torstar's condensed consolidated financial statements for the period ended September 30, 2019 (the "Condensed Consolidated Financial Statements") and the Interim Management's Discussion and Analysis ("MD&A").  Both documents will be filed today on SEDAR and are available on Torstar's corporate website www.torstar.com.

CONFERENCE CALL
Torstar has scheduled a conference call for October 30, 2019 at 8:15 a.m. to discuss its third quarter results.  The dial-in number is 647-427-7450 or 1-888-231-8191.  A live broadcast of the conference call will be available over the internet on the Presentations, Events and Conference Calls page (Investor Relations) on Torstar's website www.torstar.com.  A recording of the conference call will be available for 9 days at 855-859-2056 reservation number 5084336.  An online archive of the broadcast will be available shortly after the completion of the call and will be accessible by visiting the Presentations, Events and Conference Calls (Investor Relations) page on Torstar's website www.torstar.com.

About Torstar Corporation
Torstar Corporation is a broadly based media company listed on the Toronto Stock Exchange (TS.B). Its businesses include the Toronto Star, Canada's largest daily newspaper, six regional daily newspapers in Ontario including The Hamilton Spectator; English-language StarMetro newspapers in several Canadian cities; more than 80 weekly community newspapers in Ontario; flyer distribution services; and digital properties including thestar.com, wheels.ca, save.ca, toronto.com, a number of regional online sites and eyeReturn Marketing. Torstar also holds a majority interest in VerticalScope, a North American vertically-focused digital media company.

Non-IFRS measures
In addition to operating profit (loss), an additional IFRS measure, as presented as a subtotal in the consolidated statement of income (loss), management uses the following non-IFRS measures: Adjusted EBITDA and adjusted earnings (loss) per share, as measures to assess the consolidated performance and the performance of the reporting units and business segments. Please refer to Section 12 of Torstar's MD&A for three and nine months ended September 30, 2019 for a reconciliation of Adjusted EBITDA with operating profit (loss) an additional IFRS measure which appears as a subtotal in our consolidated statement of income (loss).

Adjusted EBITDA/Adjusted EBITDA including joint ventures and VerticalScope
Adjusted EBITDA is used by management as an important proxy for the amount of cash generated by our ongoing operations (or by a reporting unit or business segment) to generate liquidity to fund future capital needs and we use this metric for this purpose. Adjusted EBITDA is not the actual cash provided by operating activities and is not a recognized measure of financial performance under IFRS.  We calculate Adjusted EBITDA (and calculate the Adjusted EBITDA of our joint ventures and VerticalScope) as operating revenue, less salaries and benefits and other operating costs, as presented on the consolidated statement of income (loss), and exclude share-based compensation, restructuring and other charges and impairment of assets.  Share based compensation is eliminated as it is a non-cash expense that fluctuates significantly from period to period, as a result of industry compensation practices. Restructuring and other charges and impairment of assets are eliminated as these activities are not related to ongoing operations as of the end of the period.  The exclusion of impairment of assets also eliminates the non-cash impact.  Adjusted EBITDA is also used by investors and analysts for valuation purposes.  The intent of Adjusted EBITDA is to provide additional useful information to investors, analysts and readers of our financial statements.  The measure does not have any standardized meaning under IFRS and accordingly may not be comparable to measures used by other companies (including calculating EBITDA on an adjusted basis to exclude restructuring and other charges, impairment of assets and share based compensation).

Adjusted EBITDA including joint ventures and VerticalScope is calculated in the same manner as described above, except it includes proportionately consolidated results for our joint ventures and our 56% interest in VerticalScope for which management is accountable.  Our adjusted EBTIDA including our proportionate share of joint ventures and VerticalScope is regularly reported to the chief operating decision maker and correspond to the definitions of Adjusted EBITDA used in our historical discussions.

Adjusted earnings (loss) per share
Adjusted earnings (loss) per share is used by management to represent the per share earnings of results of our ongoing operations (or by a reporting unit or business segment) and is not a recognized measure of financial performance under IFRS.  We believe this metric is also useful for investors for this purpose. We calculate adjusted earnings (loss) per share as earnings (loss) per share from continuing operations less the per share effect of restructuring and other charges  and impairment of assets, including our proportionate share of restructuring and other charges and impairment of assets for our joint ventures and 56% interest in VerticalScope, as well as the per share effect of non-cash foreign exchange, other income (expense) and change in deferred taxes.  Restructuring and other charges and impairment of assets are eliminated as these activities are not related to ongoing operations as of the end of the period.  Non-cash foreign exchange, other income (expense) and changes in deferred taxes are eliminated as these are not related to routine operating activities.  The intent of presenting adjusted earnings (loss) per share is to provide additional useful information to investors, analysts and readers of our financial statements.  Our method of calculating adjusted earnings (loss) per share may differ from other companies and accordingly may not be comparable to measures used by other companies.  The measure does not have any standardized meaning under IFRS, is not a recognized measure of financial performance under IFRS, and accordingly may not be comparable to measures used by other companies.

Operating profit (loss)
Operating profit (loss) is an additional IFRS measure and appears as a subtotal in our Consolidated Statement of Income (Loss).  Management uses operating profit (loss) to measure the results of operations inclusive of impairments and restructuring and other charges.  We believe that operating profit (loss) provides additional useful information to investors, analysts and readers of our financial statements.  The measure does not have any standardized meaning under IFRS and accordingly may not be comparable to measures used by other companies.  Our method of calculating operating profit (loss) may differ from other companies and accordingly may not be comparable to measures used by other companies.

Forward-looking statements
Certain statements in this press release and in Torstar's oral and written public communications may constitute forward-looking statements that reflect management's expectations regarding Torstar's future growth, financial performance and business prospects and opportunities as of the date of this press release. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "forecast", "expect", "estimate", "predict", "intend", "would", "could", "if", "may" and similar expressions.

This press release includes, among others, forward-looking statements regarding Torstar's estimates and expectations relating to the closure of the Hamilton printing and mailroom operations (including associated restructuring charges and cost savings, and the potential sale of the Hamilton property), estimates and expectations relating to the anticipated timing and amount of digital media tax credits, and the anticipated eligibility and benefits related to the new refundable labour tax credit for qualifying journalism organizations, expectations related to the merger of our defined benefit pension plans with the CAAT Plan (including the expected benefits of the transaction, the anticipated obtaining and timing of regulatory consent and completion of the merger and associated transfer of assets and liabilities, expected funding and expenses for registered defined benefit obligations and contributions to the CAAT Plan), estimates and expectations regarding our transformation efforts including our efforts to obtain and grow digital subscription and advertising revenue, add value to our audiences and collect and use data, expectations related to trends in print advertising and subscriber revenue, expectations regarding our ability to manage costs and identify efficiencies to offset key future investments, expected savings including savings from restructuring initiatives and other cost reductions,  estimates and expectations relating to impairment of assets, expectations relating to dividends (including our dividend policy and our efforts to preserve cash and strengthen our financial position), and Torstar's outlook for the balance of 2019, including anticipated revenue trends within the Daily and Community Brands segments, estimated effects of adopting the new IFRS 16 standard on lease accounting and its impact on Adjusted EBITDA and cash flow, anticipated revenue trends, technological advancements and Adjusted EBITDA margins at VerticalScope and expected capital expenditures and expectations related to our transformation efforts and costs.  All such statements are made pursuant to the "safe harbour" provisions of applicable Canadian securities legislation. These statements reflect current expectations of management regarding future events and operating performance, and speak only as of the date of this press release. In addition, forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes.

By their very nature, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties.  There is a significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that management's assumptions may not be accurate and that actual results, performance or achievements may differ significantly from such predictions, forecasts, conclusions or projections expressed or implied by such forward-looking statements.  We caution readers not to place undue reliance on the forward-looking statements in this press release as a number of factors could cause actual future results, conditions, actions or events to differ materially from the targets, outlooks, expectations, goals, estimates or intentions expressed in the forward-looking statements.

These factors include, but are not limited to: Torstar's ability to operate in highly competitive changing industries; Torstar's ability to compete with digital media,  other newspapers and other forms of media; Torstar's ability to respond to the shift to digital media and the shift by advertisers to other digital platforms; Torstar's ability to attract, grow and retain its digital audience and profitably develop its digital platforms; Torstar's ability to charge for news content used by search, social media and other technology companies; Torstar's ability to attract and retain advertisers and customers; Torstar's ability to build and maintain adequate subscription levels; Torstar's ability to attract and retain readers and traffic; Torstar's ability to integrate the technology associated with new digital platforms; general economic conditions and customer prospects in the principal markets in which Torstar operates; Torstar's ability to reduce costs; loss of reputation; dependence on third party suppliers and service providers; reliance on technology and information systems; cybersecurity, data protection and risks of security breaches; Torstar's ability to execute appropriate strategic growth initiatives including acquisitions; changes in employee future benefit obligations; unexpected costs or liabilities related to acquisitions and dispositions; investments in other businesses; reliance on printing operations; labour disruptions; newsprint costs; distribution costs; privacy, anti-spam, communications, competition, e-commerce, data use and environmental laws, health and safety regulations and other laws and regulations applicable generally to Torstar's businesses, and any related regulatory proceedings;  litigation; foreign exchange fluctuations and foreign operations; dependence on and competition for key personnel;  availability of insurance; intellectual property rights and other content risks; income tax and other taxes; credit risk; availability of capital and restrictions imposed by credit facilities; dividend policy; controls over financial reporting, results of impairment tests and uncertainties associated with critical accounting estimates; holding company structure; and control of Torstar by the Voting Trust.

Torstar cautions that the foregoing list is not exhaustive of all possible factors, as other factors could adversely affect our results.

In addition, a number of assumptions, including those assumptions specifically identified throughout this press release, were applied in making the forward-looking statements set forth in this press release.  Some of the key assumptions include, without limitation, assumptions regarding the performance of the North American economies; tax laws; continued availability of printing operations; availability of financing on appropriate terms; exchange rates; market conditions and competition; rates of return and discount rates relating to pension expense and pension plan obligations; discount rates and tends in health care costs relating to post employment benefits; expected future revenues; expected future liabilities; expected future cash flows and discount rates relating to valuation of intangible assets; successful development and launch of strategic initiatives and new products; and expected benefits from the transaction with CAAT. There is a risk that some or all of these assumptions may prove to be incorrect. There is no assurance regarding the amount and timing of future dividends. When relying on our forward-looking statements to make decisions with respect to Torstar and its securities, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Torstar does not intend, and disclaims any obligation, to update any forward-looking statements, whether written or oral, or whether as a result of new information or otherwise, except as may be required by law.

For more information, please see the discussion of risks affecting Torstar and its businesses in Torstar's amended 2018 Management's Discussion & Analysis, and the Management's Discussion & Analysis for the three and nine months ended September 30, 2019, which have been filed on www.sedar.com and are available on Torstar's corporate website www.torstar.com.

Torstar's news releases are available on the Internet at www.torstar.com.

SOURCE Torstar Corporation

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