Glacier advances, with healthy 2008 profit

Vancouver-based Glacier Media Inc., a magazine and newspaper publishing company posted a healthy profit in 2008, according to a report in the Georgia Straight.

In an environment when many media companies are chalking up big losses, Glacier (which owns daily and weekly newspapers, the Vancouver Media Group, Business Information Group, Glacier Newspaper Group, Western Producer Publications, Farm Business Communications and Specialty Technical Publishers) reported $28.3 million in net income, compared with $30.6 million in net income in 2007.

The company's revenues increased from $216.4 million to $249.1 million.

"Despite the overall growth achieved in 2008, Glacier experienced softening of revenues in some of our businesses in November and December as a result of the weakening economy," the company reported.

Glacier is best known for buying some of the assets of Hollinger International, including the clutch of b2b titles under the Business Information Group.

Glacier's largest shareholder, Madison Venture Corporation, held 33 percent of the shares as of the company's last information circular, which was distributed in May, 2008. Madison's principals are Sam Grippo, Glacier president and CEO John Kennedy, and Glacier secretary and director Bruce Aunger. Last December, Glacier reported that Montreal-based Montrusco Bolton Investments owned 10.2 pecent of Glacier's shares.