Corus Entertainment Announces Fiscal 2013 Third Quarter Results

TORONTO, July 11, 2013 — (PRNewswire) — Corus Entertainment Inc. (TSX: CJR.B) announced its third quarter and nine months year-to-date financial results today.

"The third quarter was challenging on a number of fronts, most notably, advertising softness in Radio continued and our merchandising, production and distribution businesses faced tough year-over-year comparatives," said John Cassaday, President and Chief Executive Officer, Corus Entertainment. "We did deliver triple-digit growth in net income and earnings per share, and specialty advertising revenues increased by 9%, with growth in our key brands.  Despite these impressive gains in our core television broadcast business, our expectations for a stronger back half have not materialized and we will miss the lower end of our segment profit guidance.  Free cash flow guidance remains unchanged. Looking ahead, we are excited about the opportunity to expand our business through acquisitions that will enable us to enter the Ottawa radio and Quebec specialty television markets, subject to CRTC approval."

         
Financial Highlights        
  Three months ended Nine months ended
  May 31, May 31,
(unaudited - in thousands of Canadian dollars except per share amounts) 2013  2012  2013  2012 
Revenues        
  Television 152,982  154,749  470,228  503,075 
  Radio 47,078  49,329  139,679  143,577 
  200,060  204,078  609,907  646,652 
         
Segment profit (1)        
  Television 61,816  66,732  192,310  207,648 
  Radio 14,874  16,151  43,484  42,432 
  Corporate (8,464) (7,227) (20,227) (20,963)
  68,226  75,656  215,567  229,117 
         
Net income attributable to shareholders 89,913 43,221  148,016 125,340 
Adjusted net income attributable to shareholders (1) (2) 34,519 43,221  111,110 125,340 
         
Basic earnings per share $ 1.07  $ 0.52  $ 1.77  $ 1.51 
Adjusted basic earnings per share (1) (2) $ 0.41  $ 0.52  $ 1.33  $ 1.51 
Diluted earnings per share $ 1.07  $ 0.51  $ 1.76  $ 1.50 
         
Free cash flow (1) 44,573  55,354  128,432  130,185 
         
(1) See definitions and discussion under Key Performance Indicators in MD&A.
(2) Excludes the impact of $25.0 million ($0.22 per share) pre-tax debt refinancing costs and a gain on disposition of the Company's non-controlling interest in Food Network Canada of $55.4 million ($0.66 per share).

Consolidated Results from Operations

Consolidated revenues for the three months ended May 31, 2013 were $200.1 million, down 2% from $204.1 million last year.  Consolidated segment profit was $68.2 million, down 10% from $75.7 million last year.  Net income attributable to shareholders for the quarter was $89.9 million ($1.07 per share basic and diluted), up 108% compared to $43.2 million ($0.52 per share basic and $0.51 per share diluted) last year.  Net income for the quarter includes a gain related to the sale of the Company's non-controlling interest in Food Network Canada of $55.4 million .  Removing the impact of this item results in an adjusted net income attributable to shareholders of $34.5 million ( $0.41 earnings per share basic) in the quarter.

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