News
US: Corus reveals Q3 figures
Samantha Loveday Jul 10 2008, 9:55am
Continued revenue growth lead by broadcasting business.
Corus Entertainment has experienced another strong quarter, with its television division leading the way.
Consolidated revenues for the three months ended May 31st 2008 were $207.8 million, up five per cent from $197.6 million last year. Consolidated segment profit was $71.8 million, up 11 per cent from $64.8 million last year.
Net income for the quarter was $37.7 million, compared to net income of $29.6 million last year. The current quarter benefitted from $10.0 million in recoveries related to income tax charges, and was negatively impacted by an accrual of $9.7 million related to disputed regulatory fees.
Corus Television contributed quarterly revenues of $114.6 million, up five per cent from last year, led by specialty advertising growth of two per cent and subscriber revenue growth of two per cent.
Quarterly segment profit increased to $49.6 million, up eight per cent from last year.
Corus Radio revenues were $77.0 million, up three per cent from last year, while Corus Content revenues were $16.3 million, up 12 per cent from $14.6 million last year.
"This was another strong quarter for Corus Entertainment meeting our expectations," said John Cassaday, president and CEO. "We remain very optimistic about our outlook, particularly given the growth opportunities in the expanding women's segment of specialty television and continued strong economic performance in western Canada, supporting our radio and premium television business."
