Corus Radio Revenues Fall In Fiscal Q4
October 22, 2009 at 7:21 AM (PT)
CORUS ENTERTAINMENT saw radio revenues fall 12% in fiscal fourth quarter to C$59.941 million and 10% for the fiscal year to C$258.912 million. Segment profit increased by 1% for the quarter to C$15.145 million (off 20% for the year to C$60.338 million). The company took a broadcast license and goodwill impairment charge of C$175.0 million in the third quarter. Local revenues fell 12% for the quarter and 10% for the year, while national sales were off 23% for the quarter and 17% for the year.
Overall, the company's consolidated revenues were up 5% for the quarter to C$195.2 million, with consolidated segment profit up 22% to C$57.4 million. Net income for the quarter rose from C$17.4 million (C$0.21 basic and diluted) last year to C$18.7 million ($0.23 basic and diluted) this year.
"In a very tough economy CORUS was able to match last year's record revenues and segment profit through the launch of strategic new services and cost reduction initiatives," said JOHN CASSADAY, President and CEO. "We are confident that this combined focus on innovation and cost constraint positions us well for an expected improvement in the Canadian economy."
CORUS also declared monthly dividends of C$0.049585 per Class A Share and C$0.05 per Class B Share payable on each of NOVEMBER 30th, 2009, DECEMBER 31st, 2009 and JANUARY 29th, 2010 to shareholders of record at the close of business on NOVEMBER 16th, 2009, DECEMBER 15th, 2009 and JANUARY 15th, 2010 respectively.