Corus Quarterly Revenues Rise
July 13, 2006 at 6:35 AM (PT)
CANADA's CORUS ENTERTAINMENT reports fiscal third quarter revenues up 6% to C$181.6 million, with net income up from C$19.4 to C$23.2 million (45 to 55 cents/basic and diluted share). CORUS RADIO revenues rose 5% to C$71.9 million but segment profit fell 5% to C$21.1 million (but excluding the impact of the big QUEBEC station swap and the sale of stations in RED DEER, AB, same-station revenues rose 3% and segment profit rose 3% as well). The company noted revenue growth in VANCOUVER, CALGARY, WINNIPEG, and at its ONTARIO regional stations as helping drive revenues; local sales increased 6% while national sales fell 5% (blamed on a temporary market decline).
The company is also increasing its quarterly dividend 118% to 21 1/4 cents/Class A share and 21 1/2 cents/Class B share.