Corus Radio Revenues Drop 6% In Q2
April 8, 2009 at 11:27 AM (PT)
CORUS RADIO fiscal second quarter revenues fell 6% to C$57.9 million, with segment profit off 31% to $7.1 million.
Parent CORUS ENTERTAINMENT fiscal second quarter consolidated revenues rose 1% to C$181.4 million, with the company's net income falling from C$35.4 million to C$29.0 million (42 to 36 cents/share). 2009's quarter included a gain of C$7.2 million related to the disposition of a residential audio business, while 2008's quarter benefited from C$13.2 million in recoveries related to income tax changes. Removing those items results in adjusted basic earnings per share rising from 26 to 29 cents/share.
"We are proud to have delivered both revenue and segment profit growth in such challenging economic times," said President/CEO JOHN CASSADAY. "Strong brands, superior programming, rigorous cost controls and multiple revenue streams helped offset the effects of a cyclically soft Canadian advertising market."
CORUS also announced a monthly dividend of 4.9585 cents per Class A share and 5 cents per Class B share, payable on MAY 29, JUNE 30, and JULY 31 to shareholders of record as of MAY 15, JUNE 15, and JULY 15, respectively.