During the three-month period ended March 31, 2013, 19,957 Quebecor Media stock options were exercised for a cash consideration of $228,000 (no stock options were exercised in 2012).
During the three-month period ended March 31, 2013, the Corporation recorded a compensation expense of $52,000 ($5,000 in 2012) in relation to the Corporation's Class B stock options and a compensation expense reversal of $29,000 (compensation expense of $596,000 in 2012) in relation to Quebecor Media stock options.
10. Related party transactions
During the three-month period ended March 31, 2013, no capital contribution was made by the partners in SUN News, compared with a capital contribution of $3,600,000 in the three-month period ended March 31, 2012, including $1,836,000 from the Corporation and $1,764,000 from Sun Media Corporation.
11. Segmented information
The Corporation's operations consist of the following segments:
-- The Television segment includes the operations of TVA Network, (including the subsidiaries and divisions TVA Productions Inc., TVA Sales and Marketing Inc., TVA Acces, TVA Nouvelles and TVA Interactif), the specialty services, the marketing of digital products associated with the different televisual brands, the home and online shopping services of the TVA Boutiques division, and the distribution of audiovisual products by the TVA Films division.-- The Publishing segment includes the operations of TVA Publications Inc., a producer of content specializing in the publication of French-language magazines in various fields such as the arts, entertainment, television, fashion, and decoration; the marketing of digital products associated with the different brands related to the magazines; and the operations of the TVA Studio division, specializing in customized publishing, commercial print production and premedia services.-------------------------------------------------------------------------------------------------------------------------------------------------------- Three-month periods ended March 31---------------------------------------------------------------------------- 2012 (restated, 2013 note 2)----------------------------------------------------------------------------Revenues Television $ 97,064 $ 100,471 Publishing 14,969 15,906 Intersegment items (963) (914)---------------------------------------------------------------------------- $ 111,070 115,463Operating income (loss)(1) Television 663 (4,959) Publishing 232 (2,047)---------------------------------------------------------------------------- 895 (7,006)Amortization of property, plant and equipment and intangible assets 5,088 5,217Financial expenses 1,604 1,986Operational restructuring costs, impairment of assets and other costs 952 117Impairment of goodwill - 32,200----------------------------------------------------------------------------Loss before tax expense and share of income of associated corporations and joint ventures $ (6,749) $ (46,526)--------------------------------------------------------------------------------------------------------------------------------------------------------
The above-noted intersegment items represent the elimination of normal course business transactions between the Corporation's business segments regarding revenues.
(1) The Chief Executive Officer uses operating income (loss) as a measure of financial performance for assessing the performance of each of the Corporation's segments. Operating income (loss) is defined as net loss before amortization of property, plant and equipment and intangible assets, financial expenses, operational restructuring costs, impairment of assets and other costs, impairment of goodwill, tax expense, share of loss (income) of associated corporations and joint ventures, and net loss attributable to non-controlling interest. Operating income (loss) as defined above is not a measure of results that is consistent with IFRS.
Contacts:
Denis Rozon, CPA, CA
Vice-President and Chief Financial Officer
(514) 598-2808
