Total operating expenses excluding depreciation, amortization, impairment and restructuring increased $12.4 million or 14.0% for the quarter. The increase was due to higher compensation expenses, a result CEWS and journalism tax credits. Net earnings in the quarter were $8.7 million, compared to a net loss of $13.8 million last year.
Revenue for the nine months ended May 31, 2021, was $334.7 million, down 17% from $403.2 million last year. The revenue decline was primarily due to a drop in print advertising of $38.5 million or 24.8% and decline in print circulation revenue of $14.8 million or 10.2%. Digital revenue declined $12.1 million or 13.9%.
“As we emerge from the pandemic, we are cautiously optimistic about early signs of economic rebound,” said Andrew MacLeod, president and CEO, Postmedia. “However, the media industry continues to face structural challenges due to the monopolistic dominance of international digital giants. We encourage the government to implement regulatory and legislative change to level the digital playing field.”