Corus Fiscal Third Quarter Revenue, Income Rise

Strong Q3

CORUS ENTERTAINMENT fiscal third quarter 2021 consolidated revenues rose 15% year-to-year to C$403 million, with radio up 31% to C$23.2 million. While CORUS' segment profit rose 17% to C$130.7 million (including $4.4 million of CANADA Emergency Wage Subsidy funds), radio leaped 172% to a $1.3 million gain (including C$600,000 in CANADA Emergency Wage Subsidy funds). Net income rose from a loss of C$752.3 million to a gain of $40.7 million, with Adjusted net income up 133% to C$44.3 million (9 to 21 cents/share). Free cash flow fell 29% to C$64.7 million..

“Our third quarter marks a significant milestone for CORUS, highlighted by strong operating execution with significant revenue and segment profit growth across all of our businesses,” said Pres./CEO DOUG MURPHY. “We delivered impressive double-digit growth in Television and Radio advertising revenue, yet another quarter of robust paid streaming subscriber gains, and a fourth consecutive quarter of double-digit growth in our content revenue. Our unwavering focus is on advancing our strategic priorities and the merits of our operating and financial discipline is increasingly evident. Our fall schedule on GLOBAL TV is one of the strongest we have seen in many years. This quarter, we completed a highly successful refinancing and delivered strong free cash flow further strengthening our balance sheet and increasing our financial flexibility.  We are confident that the strategic momentum at CORUS is lasting and when coupled with meaningful progress on our long-term leverage goals will unlock additional value for our shareholders in the quarters and years ahead.”

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 SEPTEMBER 30th to shareholders of record on SEPTEMBER 15th.

« see more Net News