Astral Media Revenues Rise, Profits Flat For Fiscal Q4
October 30, 2008 at 5:18 AM (PT)
ASTRAL MEDIA fiscal fourth quarter consolidated revenue rose from C$160.6 million to C$229.9 million, but profits moved up only slightly from C$38.1 million to C$39.9 million and fell on a per-share basis from 71 to 68 cents, blamed on costs of absorbing STANDARD RADIO. Net earnings rose 19% to C$150.5 million. Net profits rose for full fiscal year 2008 from C$131.2 million to C$177 million, the 12th consecutive year of rising profits, on revenues that jumped from C$640.5 million to C$865.4 million.
For fiscal 2008, radio revenues grew 156% to C$296.3 million due to the addition of the STANDARD stations.
President/CEO IAN GREENBERG said, "I am very proud of delivering such strong results in the context of a very busy year at ASTRAL MEDIA, which included the integration of the STANDARD RADIO acquisition, the rollout of the TORONTO STREET FURNITURE program and the launches of PLAYHOUSE DISNEY and TELETOON RETRO."