Corus Fiscal First Quarter Revenues, Income Drop

Q1 Down

CORUS ENTERTAINMENT fiscal first quarter 2021 revenues fell 10% year-to-year to C$420.4 million, with both radio, down 26% to C$28.3 million, and TV, off 9% to C$392.1 million, contributing to the slide but improving sequentially from the past two quarters. Net income fell from C$78.1 million to C$76.7 million. Radio segment profit decreased 41%.

“Our first quarter results reflect another consecutive quarter of sequential improvement in television advertising revenue, the impressive momentum of STACKTV and ongoing growth in our international content licensing business,” said Pres./CEO DOUG MURPHY. “Once again, our strong free cash flow performance has improved our financial flexibility as we remain firmly focused on delivering consolidated revenue growth year over year.  This promising start to the year coupled with the significant progress we are making to advance our strategic plan will position us extremely well as we emerge from the current climate as a new, stronger CORUS.”

The company's Board of Directors also declared quarterly dividends of 6 cents per Class B Share and 5.875 cents per Class A Share payable on MARCH 31st to shareholders of record as of MARCH 15th.

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