Corus Radio Revenues Fall, Overall Revenues Up For Fiscal Q1 2014
January 14, 2014 at 4:32 AM (PT)
CORUS ENTERTAINMENT INC. fiscal first quarter 2014 consolidated revenues rose 8% to C$226.0 million. Net income attributable to shareholders for the quarter rose from C$52,2 million to C$150.9 million, but the 2014 figure includes a non-cash gain of C$127.9 million based on the remeasurement to fair value of the Company's 50% interest in TELETOON. Radio revenues, on the other hand, dropped 8% to C$48.1 million, with segment profit off 16% to C$15.8 million.
President and CEO JOHN CASSADAY said, "We have again benefited from our disciplined focus on cost controls, delivering excellent margins this quarter in the face of slow economic growth and tough year-over-year comparables in our merchandising business. This is a pivotal year for us. With our recently closed acquisition of TELETOON, SÉRIES+ and HISTORIA, combined with continued strong ratings on our core TV brands and increases from several of our newer brands, we are confident that CORUS will see a return to solid growth in fiscal 2014."
The company's Board of Directors has also increased its annual dividend for Class A and Class B shares by 6.9%. The dividend will increase to C$0.090417 for Class A shares and C$0.090833 for Class B shares, to be paid on each of FEBRUARY 28, 2014, MARCH 31, 2014 and APRIL 30, 2014 to shareholders of record at the close of business on FEBRUARY 14, 2014, MARCH 14, 2014 and APRIL 15, 2014, respectively.
Executive Chair HEATHER SHAW said, "With our recent acquisitions of HISTORIA, SÉRIES+ and the remaining 50% of TELETOON CANADA INC., we are well positioned to benefit from a significant increase in our free cash flow. This 6.9% dividend increase reflects an unwavering focus on enhancing our business and returning cash to our shareholders, while maintaining our commitment to reducing leverage."