Corus Revenues Off, Profits Up Before Tax Charge In Q4

Profits Rise

CORUS ENTERTAINMENT consolidated fiscal fourth-quarter 2012 revenues fell 2% to C$195.6 million, with consolidated segment profit up 8% to C$60.9 million and net income attributable to shareholders off 16% to C$23.3 million (C$0.28 per share), but the 2012 numbers included the impact of remeasured certain deferred tax assets and liabilities, which resulted in a non-cash tax expense of C$6.8 million (C$0.08 per share; excluding that expense, adjusted basic earnings per share would have increased 6% to C$0.36.

Radio segment revenues were flat in Q4 2012 at C$47,750,000, with profit up 1% to C$14,995,000.

"CORUS finished the year with strong gains in specialty advertising revenues and segment profit for the fourth quarter.  We are particularly pleased with our excellent segment profit margins and record free cash flow," said Pres./CEO JOHN CASSADAY.  "Looking ahead, we are confident that disciplined cost controls, coupled with our portfolio of assets, position us well for continued growth in fiscal 2013."

The company also declared monthly dividends of C$0.079583 per Class A Share and C$0.08 per Class B Share payable on each of NOVEMBER 30th, 2012, DECEMBER 31st, 2012 and JANUARY 31st, 2013 to shareholders of record at the close of business on NOVEMBER 15th, 2012, DECEMBER 14th, 2012 and JANUARY 15th, 2013, respectively.

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