ASTRAL MEDIA REPORTS FOURTH QUARTER RESULTS AND ANOTHER STRONG YEAR Strong increases in EBITDA, Net Earnings from Continuing Operations, Cash Flow from Continuing Operations and Revenues Astral Release Astral Media Inc. today reported its financial results for the year ended August 31, 2005, which saw continued strong growth in earnings, EBITDA and cash flow from continuing operations and revenues.
“We are very proud to have been able to deliver solid results yet again in Fiscal 2005, with performance meeting the objectives we set for ourselves last year,” said Ian Greenberg, President and Chief Executive Officer. “These results were driven by a keen understanding of our markets, distinctive programming across our Television and Radio divisions as well as a commitment to creativity and innovation that is the cornerstone of our business practice. Overall, strong increases in advertising revenues, particularly in our Television division, now mean that our revenue mix is balancing at a 60-40 ratio with just over 40% of the Company’s overall revenues now coming from advertising sources. This revenue mix enhances our ability to deliver a consistently strong performance in a competitive media environment.”
Net earnings from continuing operations for Fiscal 2005 increased 14% over last year, rising to $104.4 million ($1.87 per share) from $91.5 million ($1.64 per share) last year. Net earnings from continuing operations in the fourth quarter of Fiscal 2005 increased by 2% to $28.3 million ($0.51 per share) from $27.7 million ($0.50 per share). The preceding results exclude the impact of a restatement of the Fiscal 2004 future income tax provision and net earnings from continuing operations described in the attached Appendix 1. Pre-tax earnings, EBITDA and cash flows are not affected by the restatement. Consolidated revenues totalled $549.6 million for the 2005 fiscal year, an increase of 6% over the $518.7 million recorded last year for the same period. Consolidated revenues were $140 million for the fourth quarter of Fiscal 2005, up 6% from the $132.3 million for the same quarter last year.
EBITDA for the year increased 12% to $172.6 million from $154.5 million last year and was up 8% to $46.4 million in the fourth quarter compared to $42.8 million for the same quarter last year. This increase reflects growth across all business units. Cash flow from continuing operations also rose 19% year-over-year, totalling $130.9 million compared to $110.1 million for the year, last year. For the fourth quarter, cash flow from continuing operations was up 16% to $40.4 million, compared to $34.9 million for the same quarter last year.
“We are very pleased with the strong contribution of each of our business units to our success in Fiscal 2005,” Mr. Greenberg added. “In Television, advertising revenues from our specialty networks rose by an impressive 25%, and pay-TV subscribership was up 5%, topping 1.5 million viewers. For Radio, while revenues increased by 7% over last year, the division recorded a strong 33.3% EBITDA margin. Our Outdoor Advertising division had a year marked by inventory optimization and new product launches, with EBITDA for the year increasing by 28%.”
The complete report can be found here. |