Corus Q1 Radio Revenues Off 6%
January 13, 2010 at 11:33 AM (PT)
CORUS ENTERTAINMENT radio revenues fell 6% to C$71.074 million in fiscal first quarter 2010, lagging the company's overall revenues, which rose 3% to $222.329 million behind gains in television. The company saw signs of life in ONTARIO, where revenues rose "modestly," but had a slight decrease in QUEBEC and a 16% decline in the western provinces. Radio segment profit fell less than 1% to C$21.821 million.
"We are pleased with our continued strong results in the first quarter, particularly the advertising sales momentum we experienced in the month of NOVEMBER," said Pres./CEO JOHN CASSADAY. "We expect this ad sales recovery will continue for the balance of the fiscal year. We are also excited by the continued growth of our pay television business and the opportunity to launch two new networks, SUNDANCE CHANNEL and W MOVIES, later this fiscal year."
The company's Board of Directors has also declared monthly dividends of C$0.049585 per Class A Share and C$0.05 per Class B Share payable on each of FEBRUARY 26th, MARCH 31st, and APRIL 30th to shareholders of record as of FEBRUARY 12th, MARCH 15th, and APRIL 15th, respectively.