VANCOUVER - Glacier Media Inc. (TSX:GVC) says its first-quarter profits were up slightly as revenues rose 25 per cent compared to the year-earlier quarter.
The Vancouver-based newspaper and trade information company other media company said Monday its profits grew to $2.9 million, or three cents per share, from $2.7 million, or three cents per share, during the same quarter of 2011.
Revenues rose to $76.4 million from $61 million, as a result of organic growth and several acquisitions made in 2011.
"Growth came from both print and digital media sources, and is directly attributable to Glacier's operational, business segment and complementary media platform strategies," the company said in a release.
It added that it generated new revenue across a variety of platforms including online, mobile, and tablets, as well as through new community magazines, conferences, trade shows and new directories.
One of the largest acquisitions Glacier made recently was the November takeover of several of Postmedia's British Columbia community newspapers for $86.5 million.
However, pre-tax profit was reduced by the inclusion of the Postmedia assets, which took a loss in the first quarter of 2012.
"These assets have historically lost money in the first quarter, which is their weakest advertising period of the year," Glacier said, adding that it is looking to improve margins and performance of the Postmedia assets through cost-cutting.
Revenue in the community media division was softer in the first quarter in Victoria and the Lower Mainland. But advertising sales did recover in March in the local community markets of the Lower Mainland and Vancouver Island.
Meanwhile, Glacier's existing Western Canadian community media operations continued to generate steady revenue growth.
Glacier said its trade information and business and professional information operations generated strong growth during the quarter.
It added that digital revenues now represent more than 25 per cent of the revenue in that division.
"Significant focus and related investment will continue to be made to enhance Glacier's digital trade and business and professional information verticals, through both organic development and the acquisition of new businesses," it said.
"These acquisitions will be targeted to expand the markets that Glacier covers, expand the breadth of information products and marketing solutions provided, and to expand Glacier's digital media staff, technology and other relevant resources."
Glacier Media focuses on three media markets: local newspapers, trade information and business and professional information markets.
Shares in the company, which reported its results after markets closed Monday, fell 4.6 per cent or 10 cents to $2.10.
