Corus Reports Solid Q3 Financials
July 14, 2010 at 6:27 AM (PT)
CORUS ENTERTAINMENT announced its third-quarter financial results TODAY (7/14).
"This was an exceptional quarter for CORUS, with advertising sales strong for both Television and Radio. We also benefited from our cost control initiatives," said Pres./CEO JOHN CASSADAY. "Ad sales continue to pace well ahead in our fourth quarter as the overall economy continues to recover. We are confident in our ability to achieve our earnings guidance for the full fiscal year."
Consolidated revenues for the three months ended MAY 31st were $218.4 million, up 12% from $195.4 million last year. Consolidated segment profit was $73.8 million, up 20% from $61.4 million last year. Net income for the quarter was $31.4 million ($0.39 basic and diluted), compared to a net loss of $145.0 million (loss of $1.81 basic and diluted) last year. Net income for the prior year includes a $172.5 million after-tax broadcast license and goodwill impairment charge.