CORUS ENTERTAINMENT ANNOUNCES SECOND QUARTER RESULTS Broadcaster Magazine Corus Entertainment Inc.announced excellent second quarter results today, highlighted by a 12% increase in Radio advertising revenues and a 21% increase in specialty Television advertising revenues. Radio segment profit increased by 29% while Television segment profit was up 15%.
"Corus benefited from an improved competitive position and strong category growth in the two principal segments in which we compete, Radio and Television. Our flagship brand YTV had exceptional growth and our recovery in our Western Canada Radio markets continues. Pacing for Q3 continues at these strong levels. Our Content Division was profitable and is performing in line with our expectations," said John Cassaday, President and Chief Executive Officer of Corus Entertainment Inc.
Consolidated revenues for the quarter were $155.3 million, unchanged from last year. Consolidated segment profit was $38.0 million, up 12% from $34.1 million last year. Net income for the quarter was $12.9 million, or $0.30 per share, compared to $8.3 million, or $0.19 per share, last year.
Corus Television contributed quarterly revenues of $81.7 million up 9% from $75.2 million last year. Segment profit was $30.4 million up 15% compared to $26.5 million last year.
Corus Radio revenues were $53.5 million, up 12% from $47.8 million last year. Segment profit was $10.0 million, up 29% from $7.7 million last year. Strong sales results were generated by all regions with Vancouver and Calgary posting significant improvements over the prior year.
The Content division revenues were $20.8 million, down from $34.3 million last year, as they produced fewer total episodes and generated less revenue from Beyblade merchandise. Segment profit was $1.5 million, compared to $2.8 million last year. |