Corus Fiscal Fourth-Quarter Revenues Down, Free Cash Flow Up

Cash Flowing

Fiscal fourth-quarter 2018 revenues for CORUS ENTERTAINMENT fell year-to-year by 1% to C$379,084,000, with radio off 2% to C$34,438,000 and television roughly flat at C$344,646,000.  Radio's segment profit increased 2% to C$8,457,000.  Net income rose on a non-adjusted basis from C$28.9 million to C$34.4 million (14 to 16 cents/share), but adjusted net income fell from C$43.9 million to C$39.5 million (22 to 19 cents/share).  Free cash flow jumped from C$80.2 million to C$96 million.

"In fiscal 2018, we delivered record free cash flow and strong consolidated margins, demonstrating our ability to partially offset television market headwinds through prudent cost control and solid execution of our revenue diversification strategies," said President/CEO DOUG MURPHY. "We are encouraged by our great fall programming line-up and the progress we are seeing throughout the business, as we gain momentum with our advanced advertising and data initiatives and invest in our owned content and other growth areas.  With our revised fiscal 2019 Capital Allocation Policy and commitment to continuous cost improvements serving as a strong foundation, our talented team continues to diligently optimize our core asset base while making strategic investments in our future as we build long-term resilience and stability."

The company's Board of Directors has also declared quarterly dividends of C$0.05875 per Class A Share and C$0.06 per Class B Share, payable DECEMBER 28th to shareholders of record on DECEMBER 14th.

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