Corus Entertainment Announces Fiscal 2013 Third Quarter Results

CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
         
   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 200,060  204,078  609,907  646,652 
Direct cost of sales, general and administrative expenses 131,834  128,422  394,340  417,535 
Depreciation and amortization 6,926  6,339  20,872  19,231 
Interest expense 10,456  13,190  35,859  40,027 
Debt refinancing —  —  25,033  — 
Business acquisition, integration and restructuring costs 2,147 2,325  2,147 2,325 
Gain on sale of associated company (55,394) —  (55,394) — 
Other (income) expense, net 82 (3,532) 162 (4,702)
         
Income before income taxes 104,009  57,334  186,888  172,236 
Income tax expense 12,497  12,387  34,480  41,070 
         
Net income for the period 91,512  44,947  152,408  131,166 
         
Net income attributable to:        
Shareholders 89,913 43,221  148,016  125,340 
Non-controlling interest 1,599 1,726  4,392  5,826 
  91,512 44,947  152,408  131,166 
         
Earnings per share attributable to shareholders:        
       Basic $ 1.07 $ 0.52 $ 1.77 $ 1.51
       Diluted $ 1.07 $ 0.51 $ 1.76 $ 1.50
         
Net income for the period 91,512  44,947  152,408  131,166 
Other comprehensive income (loss), net of tax        
  Items that may be reclassified subsequently to income:        
       Unrealized foreign currency translation adjustment 204  1,434  1,685  1,971 
       Unrealized change in fair value of available-for-sale investments (368) (163) (42) (254)
  (164) 1,271  1,643  1,717 
         
Comprehensive income for the period 91,348  46,218  154,051  132,883 
         
Comprehensive income attributable to:        
       Shareholders 89,749  44,492  149,659  127,057 
       Non-controlling interest 1,599  1,726  4,392  5,826 
  91,348  46,218  154,051  132,883 
             

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