Corus Q2 Revenue Up, But CEO Says They'll Miss 2015 Segment Profit Projections
April 9, 2015 at 4:39 AM (PT)
CORUS ENTERTAINMENT consolidated revenues were roughly flat year-to-year for its second fiscal quarter 2015 at C$191.5 million, but radio dropped 8% to C$36.3 million, offsetting gains in television.
Net income fell from C$6.1 million to a loss of C$86.7 million (a gain of 7 cents per share to a loss of C$1.01 per share). The loss in 2015 includes radio broadcast license and goodwill impairment charges of C$130.0 million and other charges, offset by a gain on disposition of investment of C$17 million, and 2014's figure includes C$28.8 million in charges; without those, adjusted net income attributable to shareholders would have risen from C$26.8 million (C$0.32 per share) to C$28.5 million (C$0.33 per share).
Pres./CEO DOUG MURPHY said, "In the second quarter, the company continued to see strong audience delivery, particularly from our Women's, Family and French-language specialty networks, and improved radio ratings in certain key markets. However, as economic headwinds continue to impact advertising market confidence, we do not expect to achieve our segment profit guidance for fiscal 2015. Moving forward, we continue to make excellent progress on our four strategic priorities and we are conducting a comprehensive review of opportunities arising from this new flexible regulatory environment. Our recent landmark deal with NICKELODEON is the first example of our priorities in action as we position the company for future growth, embracing the exciting changes and opportunities emerging from the evolving regulatory and content marketplace."
The company's board also declared monthly dividends of C$0.094583 per Class A Share and C$0.095 per Class B Share payable on each of MAY 29th, 2015, JUNE 30th, 2015, and JULY 31st, 2015 to shareholders of record at the close of business on MAY 15th, 2015, JUNE 15th, 2015, and JULY 15, 2015, respectively.