Q1 Revenues Rise At Corus
January 11, 2011 at 5:52 AM (PT)
CORUS ENTERTAINMENT fiscal 2011 first-quarter overall revenues rose 8% to C$240,651,000, with radio up 3% to C$73,134,000 (and the company's ONTARIO radio stations up 9% to C$26,704,000 while QUEBEC was flat and the WEST slightly off).
Radio segment profit rose 2% to C$22,157,000. Net income fell from C$73,908,000 to C$46,221,000 (C91 to C56 cents/diluted share); the 2010 figure includes $16.2 million from reversal of a disputed regulatory fee accrual and $14.2 million from recovery due to income tax rate changes, without which the 2010 earnings would have been 61 cents/share.
"Our advertising sales momentum continued in our first quarter and, in combination with our cost-control initiatives, we delivered double-digit segment profit growth. An outstanding start to our fiscal year," said Pres./CEO JOHN CASSADAY. "We are also very encouraged by the strong viewer response to OWN (the newly-launched OPRAH WINFREY NETWORK) in the USA and the positive reaction from Canadian advertisers."