Corus Second Quarter Revenue Falls But Income Rises

Q2 Results

CORUS ENTERTAINMENT second fiscal quarter consolidated revenues declined 2% year-to-year to C$375,995,000, with radio down 8% to C$28,152,000 and television off 2% to C$347,843,000 (but flat on a pro forma basis adjusting for the disposal of the TELELATINO network). Net income attributable to shareholders rose from C$6,344,000 to C$18,524,000 (3 to 9 cents/share).

"Our determined focus on executing on our strategic priorities resulted in solid second quarter consolidated revenues and segment profit," said Pres./CEO DOUG MURPHY. "At this unprecedented time across the world, we are focused on the health and well-being of our employees, who continue to diligently serve the needs of our audiences, clients and partners.  We deeply understand that one of our foremost responsibilities as an essential national and local broadcaster is to provide reliable and timely information, news and entertainment for the public, particularly in times like these.

"The entire CORUS family has been working tirelessly on business continuity measures that not only enable us to continue delivering programming across our networks, but ensure we are positioned to return to normal operations, when the situation warrants it.  Strong operating and financial discipline are engrained in our culture, enabling our team to navigate adeptly through challenges.  We are  from the work we have done to create sufficient liquidity and improve our financial flexibility, and our long-term strategy remains unchanged."

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