Corus Entertainment Announces Fiscal 2013 Third Quarter Results

CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
               
               
               
(unaudited - in thousands of Canadian dollars) Share
capital
Contributed
surplus
Retained
earnings
Accumulated
other
comprehensive
income (loss)
Total equity
attributable
to
shareholders
Non-
controlling
interest
Total
equity
At August 31, 2012 910,005  7,835  198,445  (812) 1,115,473  20,617  1,136,090 
Comprehensive income —   —   148,016  1,643 149,659  4,392  154,051 
Dividends declared —   —   (62,914) —   (62,914) (5,715) (68,629)
Issuance of shares under stock option plan 1,155  (2,200) —   —   (1,045) —   (1,045)
Issuance of shares under dividend reinvestment plan 20,350  —   —   —   20,350  —   20,350 
Shares repurchased (708) —   (756) —   (1,464) —   (1,464)
Share-based compensation expense —   1,162  —   —   1,162  —   1,162 
Acquisition of non-controlling interest —   —   (17,231) —   (17,231) (1,881) (19,112)
At May 31, 2013 930,802  6,797  265,560  831 1,203,990  17,413  1,221,403 
               
At August 31, 2011 882,679  10,299  143,717  (1,075) 1,035,620  19,200  1,054,820 
Comprehensive income —   —   125,340  1,717  127,057  5,826  132,883 
Dividends declared —   —   (58,123) —   (58,123) (5,523) (63,646)
Issuance of shares under stock option plan 13,669  (3,623) —   —   10,046  —   10,046 
Issuance of shares under dividend reinvestment plan 19,229  —   —   —   19,229  —   19,229 
Shares repurchased (2,110) —   (1,778) —   (3,888) —   (3,888)
Share-based compensation expense —   890  —   —   890  —   890 
At May 31, 2012 913,467  7,566  209,156  642  1,130,831  19,503  1,150,334 
               

CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
         
    Three months ended
 May 31,
 Nine months ended
 May 31,
(unaudited - in thousands of Canadian dollars) 2013  2012  2013  2012 
OPERATING ACTIVITIES        
Net income for the period 91,512  44,947  152,408  131,166 
Add (deduct) non-cash items:        
   Depreciation and amortization 6,926  6,339  20,872  19,231 
   Amortization of program and film rights 49,476  46,317  142,077  139,805 
   Amortization of film investments 7,691  4,002  17,399  21,949 
   Deferred income taxes (3,250) (51) (9,976) 4,735 
   Share-based compensation expense 430  298  1,162  890 
   Imputed interest 2,526  2,894  7,679  8,904 
   Debt refinancing —   —   25,033  —  
   Gain on sale of associated company (55,394) —   (55,394) —  
   Gain on acquisition —   (2,383) —   (2,383)
   Other (404) (2,000) (118) (2,790)
Net change in non-cash working capital balances related to operations 1,521  11,466  (8,025) (9,260)
Payment of program and film rights (38,895) (44,841) (106,327) (131,267)
Net additions to film investments (14,709) (6,391) (48,943) (40,364)
Cash provided by operating activities 47,430  60,597  137,847  140,616 
         
INVESTING ACTIVITIES        
Additions to property, plant and equipment (2,856) (5,501) (10,328) (13,585)
Business combination —   (4,104) —   (4,104)
Net cash flows for intangibles, investments and other assets (2,321) (4,868) (9,287) (3,859)
Other (90) (242) (414) (560)
Cash used in investing activities (5,267) (14,715) (20,029) (22,108)
         
FINANCING ACTIVITIES        
Decrease in bank loans —   (40,103) (29,925) (74,777)
Issuance of notes —   —   550,000  —  
Redemption of notes (500,000) —   (500,000) —  
Financing fees (18,125) —   (26,732) —  
Issuance of shares under stock option plan 135  1,709  884  10,046 
Shares repurchased —   —   (1,464) (3,888)
Dividends paid (14,586) (13,705) (41,584) (37,525)
Dividends paid to non-controlling interest (599) —   (5,715) (4,423)
Other (4,488) (2,722) (9,589) (7,227)
Cash used in financing activities (537,663) (54,821) (64,125) (117,794)
Net change in cash and cash equivalents during the period (495,500) (8,939) 53,693  714 
Cash and cash equivalents, beginning of the period 573,781  65,575  24,588  55,922 
Cash and cash equivalents, end of the period 78,281  56,636  78,281  56,636 
           

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