Quebecor Inc. (QBR_A.TO,QBR_B.TO) reported that its fourth-quarter net income attributable to shareholders plunged to C$9.2 million or C$0.15 per share from C$85.4 million or C$1.34 per share in the fourth quarter of 2011.
The decrease in net income was due primarily to C$126.5 million unfavourable variance in gains and losses on valuation and translation of financial instruments; recognition of a C$60.4 million loss on debt refinancing; C$29.2 million increase in amortization charge; C$17.7 million increase in financial expenses.
Adjusted income from continuing operations was C$56.0 million in the fourth quarter of 2012 or C$0.89 per basic share compared with C$55.6 million or C$0.87 per basic share in the same quarter of 2011.
Revenues for the quarter were C$1.142 billion, compared to C$1.148 billion in the year ago quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of C$1.09 per share on revenues of C$1.18 billion for the quarter. Analysts' estimates typically exclude special items.
On March 13, 2013, the company Board declared a quarterly dividend of C$0.05 per share on its Class A Multiple Voting Shares and Class B shares, payable on April 22, 2013 to shareholders of record at the close of business on March 28, 2013.
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