The Canadian media giant released its fourth-quarter results early this morning, and while the Globe and Mail headline reads “CanWest loses $1.02-billion,” most of that is a $1.01-billion non-cash writedown on goodwill and licences.

I’m not even sure what that means.

More interesting to me are the operating numbers. From the Globe:

Excluding the writedown and other items such as foreign exchange gains and losses, restructuring expenses, CanWest reported an “adjusted” loss of $38-million or 21 cents a share for the quarter, compared with a year-earlier adjusted loss of $65-million or 37 cents a share.

~ snip ~

The newspaper operations had operating profit of $54-million on revenue of $300-million in the fourth quarter, the company said, down from $57-million on revenue of $305-million a year earlier.

Operating losses increased in the company’s Canadian conventional TV business, coming in at $19-million, up from $10-million a year earlier, while revenue remained flat at $127-million, CanWest said.

(The Globe’s Report on Business also has an earlier piece on CanWest’s woes, some of which is made moot by news that CanWest has renegotiated some of its debt. Still, it’s interesting reading.)

The stock markets open in nine minutes: we’ll see what the investors have to say about all this.

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