Corus Revenues Slightly Up, Income Down For Second Quarter 2022

Q2 Results

Radio revenue increases helped CORUS ENTERTAINMENT show a slight uptick in overall revenue for second quarter 2022, up 1% year-over-year to C$361.7 million but net income down 54% to C$16.2 million (8 cents/basic and diluted share). Radio increased 8% to C$22 million, but the segment's profit fell 91% to C$125,000; segment profit figures were affected by relief on CRTC regulatory fees that helped increase profit in 2021 but was not in effect in 2022.

"CORUS has delivered modest consolidated revenue growth in a challenging macroeconomic environment in the second quarter," said Pres./CEO DOUG MURPHY. "Our Q2 results reflect strong subscriber revenue gains and a recovery in our radio business, offset primarily by lower timing-related content licensing revenues. We delivered strong free cash flow and strengthened our capital structure, providing a solid foundation for our growth initiatives in the years to come. At the mid-way point of our year, CORUS is well positioned to benefit from the disciplined execution of our strategic plan and priorities as the economy reopens."

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