Media News - Friday, February 10, 2012

Thomson Reuters reports quarterly loss on impairment charge

Thomson Reuters Corp., the provider of news and information services, reported a fourth-quarter loss, reflecting a USD 3bn writedown of assets in the financial-services business. The net loss was USD 2.6bn, or USD 3.11 a share, compared with net income of USD 225m, or 27 cents, a year earlier, the New York-based company said Thursday in a statement. Excluding items such as the charge, the company had profit of 54 cents a share. Analysts had projected 56 cents, the average of estimates compiled by Bloomberg. Thomson Reuters named James Smith, 52, as chief executive officer in December, replacing Tom Glocer, who had run Reuters since 2001. The company is controlled by the Thomson family through Woodbridge Co., the family’s investment firm, which holds a 55 percent stake, according to data compiled by Bloomberg. Thomson Reuters’ financial-services business, which provides market data to stock traders, declined in value, leading to a USD 3bn reduction in assets recorded on the books. The company described the change as a goodwill impairment charge taken after annual testing required under international accounting standards. The non-cash charge won’t affect operations, liquidity, cash flow or covenants in debt agreements, according to the statement. (Bloomberg)

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