Astral Media Q3 Looking Up
July 12, 2007 at 6:46 AM (PT)
CANADA's ASTRAL MEDIA's fiscal third quarter rose 8% to C$169.4 million, with net earnings also up 8% to C$35.9 million (68 cents/basic share).
"We are delighted with the company's strong results for the third quarter of fiscal 2007, and with the sustained revenue growth of our three business segments, namely television, radio and outdoor," said Pres./CEO IAN GREENBERG. "But over and above these strong results, this has been a transformational quarter for ASTRAL MEDIA with the acquisition of STANDARD RADIO and the approval of our proposal to provide the TORONTO street furniture program for the next 20 years. They demonstrate our intention of both, achieving our business ambition, and becoming a truly national media player. Our immediate focus now turns to the successful execution of these major projects in the coming months, while striving to remain on our organic growth path.
"Looking at the performance of our divisions, the television group recorded very strong growth for the quarter with subscriber-related revenues up 9% and advertising revenues increasing by 13% over the same period last year. Our radio stations revenues were up 5% over the third quarter of 2006, while our outdoor division increased its revenues by 8% over the same quarter."