Excluding the restructuring charge, EBITDA(1) for the three months ended December 31, 2012 was $7.4 million, an increase of $0.1 million or 1.2% from the same period last year. EBITDA(1) margin, excluding the restructuring charge, for the three months ending December 31, 2012 was 24.6% compared to 24.5% in the same period last year.
Finance costs for the three months ended December 31, 2012 decreased by $0.2 million compared to the previous year, primarily due to lower principal balances together with a reduction in interest rates resulting from a long-term loan renewal agreement, which was completed effective the beginning of June 2012. In addition, during the first quarter of 2012, FPLP negotiated the release of the guarantee requirement which eliminated the need for the collateral provided by FP Funding Corporation ("FundingCo") and FPLP's guarantee payments to FundingCo, which were approximately $0.1 million per quarter. These decreases were partly offset by interest expense on the finance leases and mortgage loan entered into in 2011 and the first quarter of 2012.
FPLP's net earnings were $5.9 million for the three months ended December 31, 2012, compared to $5.5 million for the same period last year.
Distributable cash attributable to FPI(2) for the fourth quarter was $2.0 million or $0.293 per share, an increase from $1.6 million or $0.236 per share for the same quarter last year. The increase in distributable cash attributable to FPI is primarily the result of lower finance costs and lower principal repayments on FPLP's term loan, partly offset by higher maintenance capital spending in the fourth quarter compared to the prior year.
Twelve month operating results of FPI
FPI's net earnings for the year ended December 30, 2012 were $5.2 million compared to a net loss of $9.4 million in 2011. In the fourth quarter of 2011 a non-cash write-down of $15.0 million was recorded based on FPI's determination that its 49% equity investment in FPLP was impaired, primarily due to continued soft advertising revenues, which started in 2008, and decreasing newspaper industry valuations. Excluding the non-cash write-down of the investment of FPLP Class A limited partner units in 2011, FPI's net earnings decreased by $0.4 million, primarily due to lower equity earnings from FPI's investment in FPLP. Other comprehensive loss for 2012 was $2.2 million compared to a loss of $2.0 million in 2011. The other comprehensive loss results from FPI's equity share of FPLP's recognition of actuarial losses related to FPLP's defined benefit pension plan.
Twelve month operating results of FPLP
FPLP's revenue for the twelve months ended December 31, 2012 was $111.5 million, an increase of $0.3 million or 0.2% from the prior year. Excluding revenue attributable to the Derksen operation for the first quarter of 2012 and 2011, revenue decreased by $0.7 million or 0.6%. Advertising revenues for the year ended December 31, 2012, excluding the Derksen business for the first quarter, were $74.7 million, a 2.2% decrease compared to last year. FPLP's largest advertising revenue category, display advertising including colour, excluding the Derksen business for the first quarter, was $48.3 million, a decrease of $0.8 million or 1.7% from the prior year, primarily due to decreased spending in the telecommunications, retail, and travel categories, partly offset by increased spending in the automotive category. Classified advertising revenues for the 2012 year, on a same-store basis, decreased by $1.1 million or 9.5% compared to last year, primarily due to lower spending in the automotive and employment categories, partly offset by increased spending in the real estate category. Excluding the Derksen business for the first quarter of 2012 and 2011, flyer distribution revenues increased by $0.2 million or 1.5% compared to last year, primarily due to increased quantities and marginally higher earned rates.
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