Corus Radio Revenues Down For Fiscal Q3 2014
July 10, 2014 at 4:37 AM (PT)
CORUS ENTERTAINMENT fiscal 2014 third-quarter consolidated revenues rose 14% to C$214,041,000, but radio fell 8% to $43,476,000 and radio profit dropped 21% to C$11,678,000, including non-cash broadcast license and goodwill impairment charges of C$75 million.
Overall net income also took a hit from the impairment charges, with net loss attributable to shareholders for the quarter of C$30.3 million (C$0.36 basic and diluted per share), compared to net income of C$89.9 million (C$1.07 basic and diluted per share) last year. 2013's figure also included a gain related to the sale of CORUS's non-controlling interest in FOOD NETWORK CANADA of C$55.4 million.
Pres./CEO JOHN CASSADAY said, "In the third quarter, the Company delivered impressive double-digit revenue and segment profit growth fueled by our newly acquired television and radio assets. While we experienced continued softness in the ad markets, we are encouraged by the ratings strength of our flagship networks W and YTV, which have maintained a leadership position with their core audiences, as well as the strong ratings gains from our family brands CMT and ABC SPARK. The strength of our recent acquisitions, combined with our core business, continue to drive shareholder value with strong free cash flow and adjusted earnings per share growth for the Company."
CORUS' Board of Directors also declared monthly dividends of $0.090417 per Class A Share and $0.090833 per Class B Share, payable on each of AUGUST 29th, SEPTEMBER 30th, and OCTOBER 31st to shareholders of record as of AUGUST 15th, SEPTEMBER 15th, and OCTOBER 15th, respectively.