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Vancouver's Glacier Media posts $12.2-million quarterly loss, largely due to "impairment expense" related to COVID-19 – Straight.com

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B.C.’s largest publicly traded media company says its just-released interim financial results may need to be adjusted in the future, due to the COVID-19 pandemic.

In its management discussion and analysis, Glacier Media said this is because new information “may emerge concerning its severity, its duration and actions by government authorities to contain the outbreak or manage its impact”.

“As a result, it is possible that circumstances may arise which cause actual results to differ from the estimates applied in these interim consolidated financial statements and such differences affecting Glacier’s future financial position and results cannot be determined at this time.”

On Friday (May 15), the corporation included a $10.9-million “impairment expense” in its first-quarter operating statement.

Its net loss for the period ending March 31 was $12.2 million.

That was significantly higher than the $1.3-million net loss in the first quarter of 2019.

In a footnote, Glacier stated that the impairment expense was heavily linked to the pandemic’s impact on its cash-generating units.

The most sensitive to COVID-19, according to Glacier, are its B.C. Community Media Group and its Commodity Information Group.

On March 11, the World Health Organization described COVID-19 as a pandemic. That was followed by a severe economic contraction in Canada, throwing three million people out of work in March and April.

On April 2, Glacier shut down the Vancouver Courier community newspaper and launched a print edition of Vancouver Is Awesome as an alternative means to distribute advertising flyers.

Glacier’s first-quarter revenue of $43.3 million was slightly down from the $44.3 million recorded in the same quarter of 2019.

First-quarter advertising revenue of $29.27 million was nearly $1.4 million below the figure achieved in the first three months of 2019. Commercial printing fell by 20 percent to $1.7 million.

However, its subscription, data, and services revenue increased by seven percent in the first quarter over January to March of 2019 to reach $12.3 million.

Glacier’s long-term debt rose from $18.5 million in the fourth quarter of 2019 to $23 million in the first quarter.

In addition to its more than 60 online and print media outlets, the company owns the Glacier Resource Innovation Group, Glacier Farm Media, Castanet, REW, STP ComplianceEHS and ERIS (Environmental Risk Information Services).

Glacier shares closed at 30 cents on Friday on the Toronto Stock Exchange. Its market capitalization is $37.7 million.

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Social media helps solve mystery of lost camera found in Kelowna’s Mill Creek – Globalnews.ca

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Brianna Irawan, 13, was extremely happy after finding out on Thursday that her prized underwater camera that had been lost for almost a year had been found in Kelowna’s Mill Creek.

The Williams Lake teen was visiting relatives in Kelowna last year when she lost the camera while jumping into the waterfalls at Mill Creek Regional Park.

“We were on Mill Creek, jumping into the water and I put my camera underneath my clothes,” Irawan told Global News on Friday.

“When I jumped, I forgot about my camera, so I walked back up and then I picked up my clothes and I forgot my camera was underneath and it fell into the water.”






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Social media helps solve mystery of lost camera found in Kelowna’s Mill Creek


Social media helps solve mystery of lost camera found in Kelowna’s Mill Creek

READ MORE: Kelowna man finds digital camera in Mill Creek for second time

She went back the creek several times over the next few days, but eventually had to write her camera off to the river gods.

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The Fujifilm XP model wasn’t seen again until almost a year later when Calvin Van Buskirk found it caught up in some debris downstream.

“What makes it even more interesting is we found a GoPro there last year. You guys [Global News] were able to get the images and the videos off it within hours it found its way back to its rightful owner,” Van Buskirk said.






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Construction crew makes unusual find near Kelowna


Construction crew makes unusual find near Kelowna

It took less than 24 hours for images retrieved from the camera to make their way around social media and back to their owner.

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Kyla Irawan, Brianna’s mother, sent a message to Global News on Thursday afternoon through Facebook to say the photos had come from her daughter.

On Friday, Global News returned the camera — still in working order — to Brianna’s uncle, Travis Whiting, who is also Kelowna’s fire chief.






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‘This is the craziest thing,’: Lost GoPro owner reunited with camera


‘This is the craziest thing,’: Lost GoPro owner reunited with camera

The Irawans shared a message of gratitude with Van Buskirk.

“Thank you, Calvin, we totally appreciate your honesty,” said Kyla Irawan.

“Thank you for putting it on Global so I can give my daughter the opportunity to have all those memories back.”

For her part, Brianna said she can’t wait to see her FujiFilm XP model again.

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“Soon as I get it, I’m going to transfer the photos” to a computer, she said.

© 2020 Global News, a division of Corus Entertainment Inc.

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Former UBC basketball assistant coach criticized for social media activity – The Province

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Long-time assistant men’s basketball coach Vern Knopp will no longer work next to head coach Kevin Hanson.

The University of B.C. is distancing itself from former assistant men’s basketball coach Vern Knopp following questions about some of his activity on social media.

A Twitter account called Muted Madness pointed out on Thursday that Knopp had hit the like button on a video posted by conservative comedians the Hodge Twins on June 3 that claims the Black Lives Matter movement is a “leftist lie.”

A number of other Twitter users echoed the criticism of Knopp, who served as head coach Kevin Hanson’s volunteer assistant for the past two decades.

Later on Thursday, he shared a comment on his account, which is set to private: “So I never knew some likes to conservative posts would cause this shit storm? However my LIKES are those of mine and have nothing to do with UBC! I had told Coach Hanson months ago that I wasn’t returning to UBC but I just not (sic) made it public, only to my family.”

Reached via direct message on Friday, Knopp said he’d told Hanson about his decision in May as well as some parents on the team, but declined to make further comment.

Later on Thursday, Kavie Toor, UBC Athletics’ managing director, distanced the university from Knopp.

“Vern Knopp’s personal opinions, beliefs and social media endorsements do not represent the ideals and values of the UBC Thunderbirds. Vern Knopp is no longer a member of the Thunderbrids men’s basketball coaching staff,” he tweeted.

On Friday, the university’s athletics department declined to comment further.

The Alma Mater Society, a UBC students’ union, expressed support for the university’s position.

“The AMS is committed to supporting students from the Black community at this time, and we are actively working to develop programming to help combat anti-Black racism at UBC. The sentiments expressed by Mr. Knopp have absolutely no place at UBC, and society in general,” they said in a statement.

“We are encouraged to see that UBC Athletics and Recreation has taken a zero-tolerance approach to this issue.”

On Tuesday, the department shared a message on Twitter from university president Santa Ono.

“As Thunderbirds we join all of UBC in condemning racism in all forms. We are committed to an inclusive and respectful environment where we listen, learn and continue to grow together,” the department said in a tweet.

pjohnston@postmedia.com

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Saskatoon police Cst. placed on leave in connection with 'concerning' social media posts – CKOM News Talk Sports

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The Saskatoon Police Service has placed a constable on administrative leave regarding concerning posts on their personal social media account.

On Friday morning, police say they were notified about private posts that a member is accused of making on his personal social media account.

Police say the posts were harmful and offensive to the gender and sexually diverse community.

As a result, the member was immediately placed on administrative leave and an investigation was initiated regarding his conduct.

In a release, Chief of Police Troy Cooper said, “The relationship we have with the gender and sexually diverse community is incredibly important to the Saskatoon Police Service. I was to assure the public that we take these complaints seriously. We have acted swiftly to address the issue and a thorough investigation will occur.”

The 12-year member will remain on administrative leave while an investigation takes place.

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