Publishing drags down TVA, SunTV still looking for audience

MONTREAL – Late Monday, TVA Group announced fourth quarter net income dropped by 50% to $8.7 million, compared with net income of $17.4 million during the fourth quarter of 2004. This drop "is due to the losses incurred by our new services, the significantly lower operating revenues for the (magazine) publishing business, and the impact of future income taxes following the December 13, 2005, announcement by the Government of Quebec of increases in the corporate tax rate for the taxation years 2006 through 2009," says the press release. EBITDA (see definition below) for the fourth quarter was $16.8 million, well...