The reduced profitability reflects our continued significant investments in geographic expansion, new product launches, Torstar Digital and TTN, all of which we expect will increase profits in future years.

196

Harlequin finished a bit higher in the quarter than we anticipated, and the newspapers finished a bit lower than we anticipated, but the up on the one side offset the down on the other, and it settled in right where we expected it.

134

Harlequin stabilized its operating profit in 2005 after experiencing a significant decline in profits in 2004.

110