Corus Entertainment Releases Fiscal 2015 Third Quarter Results
July 15, 2015 at 4:24 AM (PT)
CORUS ENTERTAINMENT announced its third-quarter financial results TODAY (7/15). Radio revenues were down.
- Radio revenues decreased 7% in Q3 2015 and for the year-to-date.
- Radio profit decreased 19% in Q3 2015 and 21% for the year-to-date.
- Radio profit margin of 23% in Q3 2015 and for the year-to-date.
- Non-cash broadcast license and goodwill impairment charges of $130.0 million for the 2015 year-to-date.
- Free cash flow of $156.0 million year-to-date
- Landmark multi-year licensing agreements completed with NICKELODEON and DISNEY
- Consolidated revenues down 5% for the quarter and 2% year-to-date
- Consolidated segment profit down 14% for the quarter and 4% year-to-date
- Net loss attributable to shareholders of $8.1 million for the quarter, which includes a non-cash program rights and film investments impairment charge of $51.8 million
- Adjusted basic earnings per share of $0.36 per share, down 27% for the quarter
"While our third-quarter operating results were disappointing, we were pleased to deliver solid year-to-date free cash flow of $156 million," said Pres./CEO DOUG MURPHY. "Over the next 18 months, our focus will be to fortify our brands and competitive position by leveraging our strategic investments in premium content across platforms and delivery systems. We have already made significant progress, inking ground-breaking content and rights deals with NICKELODEON and DISNEY, and expanding our digital presence in Radio and Television, most recently with the launch of the first in our suite of innovative kids TV EVERYWHERE apps, TREEHOUSEGO. We are confident that we are on the right track to deepen our engagement with audiences and evolve the company for future growth in a dynamic, consumer-centric marketplace."
CORUS has also declared monthly dividends of $0.094583 per Class A Share and $0.095 per Class B Share payable on each of AUGUST 31st, 2015, SEPTEMBER 30th, 2015 and OCTOBER 30, 2015 to shareholders of record at the close of business on AUGUST 17th, 2015, SEPTEMBER 15th, 2015 and OCTOBER 15th, 2015, respectively.