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Corus posts higher Q4 income, TV revenues

The Canadian media conglomerate shook off a soft broadcast climate by reporting higher fourth quarter earnings and revenue from its TV and radio businesses.
October 24, 2014

Canada’s Corus Entertainment on Thursday shook off a soft broadcast climate by reporting higher fourth quarter earnings and revenue from its TV and radio businesses.

Net income attributable to shareholders came to CDN$23.7 million, up from a year-earlier CDN$11.8 million for the three months to Aug. 31, 2014, as revenue rose 11% to CDN$201.5 million, compared to CDN$182 million in the same period of 2013.

Adjusted net income to account for one-time items, which included CDN$5.6 million in unusual business acquisition, integration and restructuring costs during the latest quarter, came to CDN$26.7 million, compared to CDN$25.8 million in the fourth quarter of 2013.

Corus said segment revenues on the TV side were up 16%, while specialty TV advertising and subscriber revenues each were up 26% in the latest financial quarter.

That was offset by merchandising, distribution and other revenues, including from Nelvana, falling 16% in the fourth quarter.

Full-year 2014 net income attributable to shareholders came to CDN$150.4 million, down 6% from a year-earlier CDN$159 million, on total revenue of CDN$833 million, up 11% from a year-earlier CDN$751.5 million.

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