Corus Reports Q4 Revenues Down

Down Quarter

CORUS ENTERTAINMENT has released its fourth quarter and year end financial results today.

"We delivered fourth quarter results that exceeded our expectations in the current environment, reflecting sequential improvement in advertising demand, impressive STACKTV subscriber growth and strong free cash flow," said Pres./CEO DOUG MURPHY. "In the next few quarters, we expect advertising trends will continue to improve, with a return to growth in the second half of fiscal 2021."

• Consolidated revenues declined 16% for the quarter and 10% for the year
• Consolidated segment profit(1)(2) decreased 14% for both the quarter and the year
• Consolidated segment profit margin(1) of 30% for the quarter and 33% for the year
• Net income attributable to shareholders of $30.3 million ($0.15 per share basic) for the quarter and net loss attributable to shareholders of $625.4 million ($2.98 loss per share basic) for the year, which includes non-cash impairment charges recorded in the third quarter related to broadcast licenses and goodwill of $786.8 million ($769.3 million, net of tax)
• Net debt to segment profit(1) of 3.18 times at AUGUST 31, 2020, improved from 3.22 times at MAY 31, 2020
• Free cash flow of $87.4 million for the quarter and $296.2 million for the year

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