Corus Q2 Radio Revenues Up
April 10, 2008 at 5:31 AM (PT)
CORUS ENTERTAINMENT second fiscal quarter radio revenues rose 4% year-to-year to C$61.5 million, with segment profit up 3% to C$10.3 million. Consolidated revenues showed a 2% increase to C$178.7 million. Net income rose from C$19.5 million to C$35.4 million (C$0.23 to C$0.42 per basic share, C$0.22 to C$0.41 per diluted share), benefiting this quarter from C$13.2 million in recoveries related to income tax changes.
"The strength of the CORUS brands was evident once again in the second quarter" said CORUS Pres./CEO JOHN CASSADAY. "Our specialty television advertising revenue increased by 8% and our radio revenue increased by 4%. Our Content division is on track and profitable once again in the quarter. Unfortunately, QUEBEC Radio remains stalled due to continued soft markets, which we attribute to a general softness in the QUEBEC economy and an unsettled television advertising market which we believe is affecting radio demand."