FPLP's net earnings were $14.9 million for the year ended December 31, 2012, compared to $16.2 million in the prior year.
Cash available for distribution attributable to FPI(2) was $4.4 million or $0.635 per share for the twelve months ended December 31, 2012, compared to $4.5 million or $0.658 per share in 2011. The decrease in cash available for distribution attributable to FPI in 2012 is primarily due to the additional funding requirements of the defined benefit pension plan in excess of the accounting expense, and lower EBITDA(1) of FPLP, partially offset by lower principal repayments on FPLP's term loan.
FPI declared dividends to shareholders of $4.1 million or $0.60 per share for the year ended December 30, 2012, unchanged from the prior year.
March 2013 Dividend
FPI today announced a cash dividend of $0.05 per share, payable on April 30, 2013 to shareholders of record at the close of business on March 28, 2013.
Advertising revenue is extremely difficult to predict and for 2013 we are planning for a continuation of relatively stable overall advertising revenues. Classified revenues are projected to continue to decline but this category accounts for only approximately 14.0% of our overall print advertising and delivery revenues. Circulation revenue is also forecasted to be around 2012 full-year levels with lower unit sales offset by higher rates primarily from the introduction of a new subscription pricing structure that charges more to subscribers who receive the Winnipeg TV book on Saturdays. We are planning to see increased commercial printing revenues as our Derksen printing facility is anticipating continued growth. Digital revenues are expected to continue growing from existing and new product launches and we are forecasting growth in excess of 10% in this category.
Contracted salary increases included in our collective bargaining agreements of 1.5% were effective October 1, 2012 at the Winnipeg Free Press and Canstar Community News in advance of the June 2013 contract expiry date. Meetings between the company and the union bargaining committee aimed at renewing these agreements have started. The Brandon collective bargaining agreement, which runs through to December 31, 2013, includes a 2.0% wage level increase effective January 1, 2013. We are budgeting for overall salaries and benefits to increase by less than 1.0% in 2013 primarily resulting from another year of increased defined benefit pension plan accounting expense together with the contracted annual increases, which will be partially offset by savings from the staff reductions implemented in 2012, which reduced our full time equivalent employees by thirty.
Newsprint prices decreased during the first quarter of 2013, the first price change since September 2010. If newsprint prices remain at this lower level for the remainder of 2013, we anticipate newsprint prices will be lower by approximately 2.0% versus the prior year. Newsprint expense for commercial printing is planned to increase as a result of anticipated additional work, largely at our Derksen printing location. Delivery costs are forecasted to be flat versus 2012 full year levels and other expenses are forecasted to be lower as a result of general reductions across all areas and non-recurring costs incurred in 2012 for the Winnipeg Jets medallion circulation promotion.
Finance costs are forecasted to be slightly lower in 2013 with expected lower interest on our term loan due to lower principal balances and little change forecasted for future short-term bankers' acceptance rates. In recent years, as with many other defined benefit pension plans, significant employer funding increases have been required. At this time, we are not anticipating a significant change in the 2013 funding requirements from the 2012 levels. An actuarial valuation of our plan required as at December 31, 2012, which will be completed during the second and third quarters of 2013, will determine the actual minimum level of required employer funding.
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