Astral Q4 Radio Revenues Down
October 27, 2009 at 12:02 PM (PT)
ASTRAL MEDIA radio revenues for fiscal fourth quarter 2009 fell from C$88.72 million to C$76.18 million, but the division showed full fiscal year growth of 9% to $323 million, attributed to two months' worth of revenues from the acquisition of the former STANDARD RADIO stations, the rebranding of 18 stations (including the introduction of the VIRGIN RADIO and NRJ brands to CANADA), and adding a station in OTTAWA-GATINEAU.
Overall revenues rose 5% to C$905.7 million, with a consolidated net loss of C$158 million (C$2.82/share), as opposed to 2008's earnings of C$178.7 million (C$3.18/share), but 2009's numbers included a C$317.5 million (net of future income tax recovery of C$82 million) non-cash net impairment charge on its radio broadcast licenses. Net loss from continuing operations was C$273.6 million (loss of C$4.87 per share), compared to net earnings of C$40.8 million (C$0.72 per share) last year.
"I am delighted by ASTRAL's effective response to the effects of the current economic downturn which has adversely affected advertising markets across the country. I am particularly pleased with the performance and continued contribution of each of our business units, that enabled Astral to grow despite these challenging times, and to reach new milestones with record revenues, EBITDA, and cash flows in Fiscal 2009," said President/CEO IAN GREENBERG.
"Our operational discipline during this downturn allowed us to gain efficiencies and to further deleverage our balance sheet by reducing debt by $120 million. We also continued to invest strategically in new programming and branding initiatives such as the launches of HBO CANADA, VIRGIN RADIO and NRJ, as well as the deployment of our national Digital outdoor advertising network in CANADA's top three advertising markets of MONTREAL, TORONTO and VANCOUVER. Our continued focus on product development combined with our visual rigor are key factors which position us to fully benefit from an economic recovery."