Revenues Fall For Corus Entertainment In Fiscal Third Quarter
July 11, 2013 at 5:02 AM (PT)
CORUS ENTERTAINMENT INC. fiscal third quarter overall revenues fell 2% to C$204.1 million, with radio revenues falling 5% to C$47.1 million. Net income attributable to shareholders rose 108% to C$89.9 million (C$1.7/basic and diluted share), but the number was boosted by the sale of the company's interest in FOOD NETWORK CANADA; without it, net income fell to C$34.5 million (41 cents/share) .
"The third quarter was challenging on a number of fronts, most notably, advertising softness in Radio continued and our merchandising, production and distribution businesses faced tough year-over-year comparatives," said President and CEO JOHN CASSADAY.
"We did deliver triple-digit growth in net income and earnings per share, and specialty advertising revenues increased by 9%, with growth in our key brands. Despite these impressive gains in our core television broadcast business, our expectations for a stronger back half have not materialized and we will miss the lower end of our segment profit guidance. Free cash flow guidance remains unchanged.
"Looking ahead, we are excited about the opportunity to expand our business through acquisitions that will enable us to enter the OTTAWA radio and QUEBEC specialty television markets, subject to CRTC approval."
The company also declared monthly dividends of C$0.084583 per Class A Share and C$0.085 per Class B Share payable on each of AUGUST 30th, SEPTEMBER 30th and OCTOBER 31st to shareholders of record at the close of business on AUGUST 15th, SEPTEMBER 16th, and OCTOBER 15th, respectively.