Corus Consolidated Revenue Dips In Fiscal Fourth Quarter 2022, But Up For The Year

Q4 Report In

CORUS ENTERTAINMENT INC., consolidated revenue dropped 6% for the fiscal fourth quarter 2022 to C$339,594 million, with radio flat at C$25,424 million. Consolidated revenue did increase 4% for the year, with television up 3% and radio up 9% for the fiscal year. Consolidated segment profit decreased 45% for the quarter and 15% for the year.

Net loss attributable to shareholders of C$367.1 million (C$1.82 loss per share basic) for the quarter and C$245.1 million (C$1.19 loss per share basic) for the year, which includes non-cash impairment charges related to goodwill of C$350.0 million.

"In Q4 we experienced meaningfully lower financial results given the impacts of an uncertain economic environment on advertising demand," said Pres./CEO DOUG MURPHY. "Despite these cross-currents in the advertising market, our portfolio of businesses is delivering impressive subscriber revenue growth and increased international content sales. In addition, the ongoing expansion of our premium digital video business, with STACKTV, TELETOON+, the GLOBAL TV App and the upcoming launch of PLUTO TV, underscores our progress in maximizing multi-platform television opportunities. We are taking appropriate actions to tightly manage our expenses while maintaining a disciplined focus on capital allocation, shareholder yield and the ongoing execution of our strategic plan and priorities."

The company's board also declared quarterly dividends of 6 cents per Class B non-voting participating share and 5.875 cents per Class A participating share, payable on DECEMBER 29, 2022, to shareholders of record on DECEMBER 15, 2022.

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