Corus Q4 Revenues Up, But Radio Flat
October 26, 2011 at 6:36 AM (PT)
CORUS ENTERTAINMENT overall fiscal fourth quarter (ended AUGUST 31st) revenue rose 7% to C$200.2 million, with net income up from C$4.2 million to C$29.2 million (5 to 35 cents/basic and diluted share), but 2010's number includes a debt refinancing cost of C$14.3 million, a C$14.0 million reversal of a disputed regulatory fee accrual and a C$14.3 million recovery due to income tax rate changes; without those charges, net income would be down from C$46.8 million ($1.31/share). Radio revenues remained flat at C$47.6 million. Segment profit was up 13% to C$14.899 million.
"CORUS had an excellent year highlighted by double-digit segment profit growth and a 45% dividend increase," said Pres./CEO JOHN CASSADAY. "CORUS achieved its segment profit guidance and exceeded free cash flow guidance as a result of tight cost controls in Radio coupled with exceptional revenue and segment profit growth in Television. Our annual segment profit guidance included the QUEBEC Radio business for a full year, so if not for the divestiture of QUEBEC, we would have been at the high end of our guidance range or exceeded it."
The company also declared monthly dividends of C$0.072083 per Class A Share and C$0.0725 per Class B Share payable on each of NOVEMBER 30th, 2011, DECEMBER 30th, 2011 and JANUARY 31st, 2012 to shareholders of record at the close of business on NOVEMBER 15th, 2011, DECEMBER 15th, 2011 and JANUARY 16th, 2012, respectively.