Corus Fourth Quarter Radio Revenue, Profit Slip

Q4 Results

CORUS ENTERTAINMENT, INC. consolidated revenues declined slightly from C$379.1 million to $377.5 million for fiscal fourth quarter 2019, with consolidated segment profit off 4% to C$109.8 million. Net income attributable to shareholders fell from C$156.1 million to $22.9 million (74 to 11 cents per basic and diluted share, 85 to 13 cents adjusted), blamed on change in accounting for the useful life of the company's TV brands; Free cash flow dropped from C$310 million to $93.6 million.

As for radio, segment revenues decreased 2% to C$33.7 million and segment profit decreased by C$1.5 million to C$6.9 million.

"Our strong performance in fiscal 2019 reflects the disciplined execution of our strategy to optimize our core business and build for the future. CORUS delivered both record annual consolidated revenue and segment profit, driven by strong growth in Television advertising in every quarter," said Pres./CEO DOUG MURPHY. "Our focus on providing great content to audiences across multiple platforms and our client-centric, data-driven selling approach is yielding impressive results. Additionally we ramped up our slate of owned content in the year, which will further accelerate our long-term revenue diversification objectives through increased sales in the global content marketplace. The purposeful combination of targeted investments and the significant progress we are making towards our leverage goals are building a stronger, more resilient CORUS. We are excited to build on the momentum in the coming year."

The company's Board of Directors also declared quarterly cash dividends of 6 cents per Class B share and 5.875 cents per Class A share, payable on DECEMBER 30th to shareholders of record on DECEMBER 16th.

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