Astral Media Q4 Revenues Up
October 24, 2007 at 12:49 PM (PT)
Revenues rose in fiscal fourth quarter for ASTRAL MEDIA, as the Canadian broadcasting group saw a 10% increase in revenues to reach C$161.7 million (up 8% to C$646 million for the year). Consolidated net earnings from continuing operations rose 17% to C$34 million (64 cents/share) (up 11% for the full year to C$127.1 million (C$2.41/share)). Radio division revenues were basically flat for the quarter to C$29.956 million (up 3% for the year to C$121.189 million).
Pres./CEO IAN GREENBERG said, "When we will look back on Fiscal 2007, we will remember the year for two major developments: the STANDARD RADIO acquisition, which we are closing at the end of this month, and the 20-year street furniture agreement with the CITY OF TORONTO. Indeed these two developments will have a long-lasting impact on our Company. They give us the national footprint that we sought as part of our new business ambition, and provide us with added exposure to the fastest
growing markets in the country, namely Southern ONTARIO, ALBERTA and B.C."
"Yet beyond the benefits coming from these developments," he added, "I would rather look back on Fiscal 2007 as an eleventh straight year of profitable growth. It is truly the solidity of our core businesses and their contribution to our overall performance that allowed us to successfully transform this Company into a major player in the Canadian media industry and to position us for the future."