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.
The Media, Entertainment and Culture Industry's Response and Role in a Society in Crisis – World Economic Forum
In collaboration with Accenture
COVID-19 continues to unfold with a profound shock across the media industry. At extraordinary speed, it has disrupted supply and demand, workforce and business operations, monetization, the industry ecosystem, and the emotional and physical health of the industry’s community. The first priorities have been to adapt to ensure business continuity and support society, workers, and customers.
The Forum’s Platform for Shaping the Future of Media, Entertainment and Culture, has convened C-level executives from the Media ecosystem to identify leading responses to the crisis in the short term, and help build back better in the mid to long term. In the first of a series of papers on what COVID-19 will mean for the media and entertainment industry, this report, in collaboration with Accenture, explores the role of the industry in a society in crisis and how the companies’ efforts can advance recovery for long-term resilience.
REPEAT – Media Advisory: Wednesday, June 3, Ontarians will demand action during the Ford Failed Us Province-wide Day of Action – GlobeNewswire
TORONTO, June 03, 2020 (GLOBE NEWSWIRE) — Ontarians are fed up with the Ford government’s failure to support the working people of Ontario, and they will be telling him so on Wednesday, June 3 with the Ford Failed Us Province-wide Day of Action, says the Ontario Federation of Labour.
From taking action in their communities, to sending a letter to their MPP, to asking questions of the Premier in a People’s Question Period, the workers of Ontario will tell the PCs that they have failed Ontarians.
“Before COVID-19, Ontarians were already feeling the damaging effects of PC government cuts. Now, COVID-19 has revealed to everyone just how much this government has failed all of us,” said Ontario Federation of Labour President Patty Coates. “There is a crisis in long-term care and a shortage of personal protective equipment. Not one worker in Ontario has legislated paid sick days, and the province still has an unlivable minimum wage. There is a deep lack of leadership when it comes to ending racism in this province. It’s time for this government to listen to workers and provide decent work, safe and healthy workplaces and communities, strong public services, and equality and justice. The people of Ontario must come first during this pandemic.”
The labour movement and its allies are calling on the government to fix the crisis in long-term care; prioritize workers’ health and safety; implement the promised pandemic premium pay; expand its eligibility and make it permanent; introduce a livable minimum wage immediately with no exceptions; provide permanent paid sick days plus paid days during an outbreak; respect collective agreements, and listen to workers.
“The PCs cannot miss the onslaught of concern being voiced by Ontarians suffering because of this government’s short-sighted policies,” said OFL Secretary-Treasurer Ahmad Gaied. “Ontarians know that the way we will get through this pandemic is by supporting each other, not by counting on big business to offer direction on government policies and long-term care homes.”
The OFL has provided activists with information on social distance actions they can take to send a strong message safely during the pandemic. The OFL will also launch The People’s Question Period on Twitter where Ontarians will ask the Premier a question about building an Ontario for all with the hashtags #PowerOfMany, #PeoplesQuestionPeriod, and #OnLab.
“The Ford Conservatives have failed Ontario,” said OFL Executive Vice-President Janice Folk-Dawson. “Calling front-line workers heroes but not ensuring they have access to life-saving personal protective equipment shows just exactly what this government thinks of workers. We also know that refusals of unsafe work are being denied by the Ministry of Labour. It’s time this government took workers’ concerns seriously.”
The OFL Power of Many is a campaign by the Ontario Federation of Labour and its allies in communities across Ontario, working together to protect and win decent work laws, strong public services, along with equality and justice, as well as safe and healthy communities for all.
OFL President Patty Coates will be available for media interviews by phone or on Zoom on June 3, 2020.
Visuals include Ford Failed Us and The People’s Question Period posters, tweets and video from @OFLabour, and questions for Premier Ford, which can be searched using #PowerOfMany or #PeoplesQuestionPeriod.
For more information, please contact:
Director of Communications
Ontario Federation of Labour
firstname.lastname@example.org l 416-894-3456
Creating An Amazing Outdoor Space In Your Patio
With social distancing and outings being discouraged, you will probably want to find ways to spend time outdoors even as you are home. Why not create a small outdoor space in your patio? Believe it or not, this is easier than it sounds, provided that you have some creative ideas and some time to implement them. And incredibly, you need not spend a fortune to build an outdoor haven right in your living space. Here are some cool ideas you can put into action for making the most of your patio area.
Buy some double-duty furniture pieces
If you have a small living space, lightweight, double-duty furniture pieces make a great pick as you can use them both indoors and outdoors. A foldable bench and table are worth considering. You can buy a large stool for the living room and use it as a table in the patio. Another cool idea is to shop large throw pillows made in weatherproof fabric, which can work as floor cushions for patio gatherings.
Invest in a built-in bench
For homeowners looking for a one-time investment, having a built-in bench in your patio is the way to go. It could be concrete or wood, depending on your preference and budget. The best thing about built-in seating is that you have the flexibility- no matter how big or small the area is, you can have a bench that fits perfectly. You can even have a built-in or folding table to create an awesome dining area outdoors.
Have a patio garden
If you are a gardening enthusiast, try having your own little green space on the patio. A vertical garden makes a great idea for smaller areas. All you need is a frame that you can install on one of the walls and arrange potted plants over it. You can shop at Home Hardware sale to pick some stuff on a budget. Or perhaps, you can pick a flyer or promo code online to grab some cool deals. A small sitting arrangement in this tiny garden completes the decor.
Ensure privacy with outdoor draperies
Those who want some privacy even in their patio can use some outdoor drapery panels to keep intrusions at bay. Weatherproof curtains offer the shade and privacy you want and you have a space that is as good as an outdoor living room. However, you will need to have a wood frame or curtain rods to hang the drapery. This could take some time and investment but the result is worth the effort.
Buy an outdoor rug
Consider buying an outdoor rug if you love that floor picnic feel under the stars. This is the safest and most cost-effective option for those trying to refurbish your small patio space for the first time. Ensure that you buy a sturdy weather-proof one that can bear the brunt of outdoor weather. Something that you can wash and clean at home is a smart pick.
These are some cool and affordable ways to convert your patio into a lovely, little sitting space. Hang around some fairy lights, play your favourite music and get some snacks while you sit here and enjoy your evenings at home!
Author Bio: William Josh is the new editorial lead with the team Outreach Monks. His work has been featured in several magazines and news journals.
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