Corus Entertainment Revenues, Profit Jump In Fiscal Second Quarter
April 14, 2011 at 5:37 AM (PT)
CORUS ENTERTAINMENT fiscal second quarter 2011 consolidated revenues rose 8% to C$191.076 million and radio revenues rose 5% to C$42.647 million (up 11% in ONTARIO, and flat in the western provinces), leading to a doubling of net income from C$14.239 million to C$27.445 million (18 to 39 cents/share). Segment profit for radio jumped 18%.
"Strong advertising and subscriber revenue growth continued in the second quarter. Coupled with our cost containment initiatives, we delivered double digit segment profit growth in both our Radio and Television divisions, demonstrating the power of operating leverage," said JOHN CASSADAY, President and CEO. "We are also pleased with two major accomplishments subsequent to the quarter -- exceeding our key milestone of 1 million paid pay television subscribers and the launch of OWN on MARCH 1st."