WHITBY, Ont. – McGraw-Hill Ryerson (TSX:MHR) says its loss narrowed in the first quarter as a $1.5-million decrease in operating expenses offset a marginal decline in revenue.
The Ontario-based publisher and distributor of both print and digital educational products said Friday its loss was just under $1.8 million or 88 cents per share in the three months ended March 31.
That was an improvement over its net loss of $2.7 million or $1.33 per share in the year-earlier first quarter, traditionally the company’s weakest period.
Total revenue fell 1.9 per cent to $7.9 million from $8 million in the year-earlier period.
However, operating expenses decreased to $6.4 million from $7.9 million for the same quarter in 2012 as a result of reduced sales and compensation expenses.