Corus Q4 Revenues Up, Stock Splitting
October 25, 2007 at 5:45 AM (PT)
CANADA's CORUS ENTERTAINMENT fiscal fourth-quarter consolidated revenues rose 1% to C$187.2 million, with net income dropping over 50% to C$21.2 million (50 cents/basic share) due to a one-time income tax benefit of C$37 million in 2006's number. Radio revenues were up slightly from C$66.3 to C$66.5 million, with segment profit up 24% to C$19.7 million.
"CORUS had an exceptional year in fiscal 2007," said Pres./CEO JOHN CASSADAY. "Our share price increased by 26%, we increased our dividend by 16% and we bought back approximately 2% of our shares. These positive outcomes for our shareholders were due to the strength of our core businesses in Radio and Television. As a result of our year end financial results and our outlook for next year, we are increasing our segment profit guidance range to C$255 - C$265 million for fiscal 2008."
Executive Chair HEATHER SHAW added, "CORUS had another excellent year. We accomplished several important initiatives that position us well for the future such as securing the COSMOPOLITAN TELEVISION license. In addition, we gained new FM radio stations in KITCHENER, WINNIPEG and several cities throughout the province of QUEBEC. We are also excited by our new international ventures with KIDSCO and QUBO."
In addition, CORUS declared monthly dividends of C$0.0825 cents/share for Class A shares and $0.08333 cents/share for Class B shares, payable on NOVEMBER 30th, DECEMBER 28th, and JANUARY 31st to shareholders of record as of NOVEMBER 15th, DECEMBER 14th, and JANUARY 15th.
The company also announced that it plans to implement a two-for-one stock split for its Class A Participating Shares and Class B Non-Voting Participating Shares. The stock split must be approved by shareholders at a special meeting in CALGARY on JANUARY 9, with proposed effective date of FEBRUARY 1, 2008.