Corus Entertainment Fiscal First-Quarter Revenues Slip

Q1

CORUS ENTERTAINMENT overall revenues fell 2% for fiscal first quarter 2018 to C$457,388,000, and radio revenues were "relatively flat," declining slightly from C$42,417,000 to C$41,924,000. Radio segment profit rose 2% to C$13,521,000.  Overall adjusted net income attributable to shareholders fell from C$80.8 million to C$78.9 million (38 cents/share).  Free cash flow jumped from C$33.9 million in first quarter 2017 to C$83.2 million this year.

"Our first quarter results were below expectations, as gains in local Radio advertising and our NELVANA content business combined with better than expected subscriber revenues were more than offset by weak television advertising market conditions", said Pres./CEO DOUG MURPHY. "We remain committed to advancing our strategic priorities as CANADA's only pure play media and content company. Our ongoing financial discipline balanced with strategic growth investments in content and advanced advertising initiatives position us well over the longer term in a rapidly evolving media and content marketplace."

The company's Board of Directors also declared monthly dividends of C$0.094583 per Class A Share and C$0.095 per Class B Share payable on each of FEBRUARY 28th, MARCH 30th and APRIL 30th, to shareholders of record at the close of business on FEBRUARY 14th, MARCH 15th and APRIL 16th, respectively.

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