Corus Reports First Quarter Financials

Q1 Up Slightly

CORUS ENTERTAINMENT INC. has released its first quarter financial results today.

"Our solid Q1 results demonstrate the benefits of Corus' diverse portfolio of businesses, with increased Television advertising revenues and double-digit revenue growth in our content business for the quarter," said Pres./CEO DOUG MURPHY. "The strong momentum from last year continues as we invest to position CORUS for the future, advancing our strategic initiatives to diversify our revenues and deliver our premium video content in more ways within Canada and around the world. Our data-driven selling approach is setting the new standard and providing innovative, client-centric solutions for our advertisers. Once again, our strong free cash flow enabled us to further reduce our bank debt and this, combined with our recently announced share buyback program and attractive dividend yield, is providing additional value to our shareholders."

• Consolidated revenues increased slightly for the quarter
• Consolidated segment profit was down 4% for the quarter
• Consolidated segment profit margin of 39% for the quarter
• Net income attributable to shareholders of $78.1 million ($0.37 per share basic) for the quarter
• Net debt to segment profit leverage of 3.08 times, due to the adoption of IFRS 16 - Leases that added $156.6 million of lease liabilities to the net debt calculation, offset by bank loan repayments of $48.7 million in the quarter
• Free cash flow of $53.0 million for the quarter

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