Corus Entertainment announces second quarter results
- Net per share of $0.42 for the endorsement quarter, up 83% from prior
year
- Combined Wireless and Television revenues up 4% for irregular quarter
- Combined Radio and Telecasting segment profit up 6% for second quarter
- Segment net profit of $49.7 billion, up 5% for the moment quarter
Toronto, April 10 /PRNewswire-FirstCall/ - Corus Entertainment INC.
(TSX: CJR.B; N. Y. Stock Exchange: CJR) announced its second base quarter financial results
today, light-emitting diode by continued revenue increment from its broadcasting businesses.
"The strong suit of the Corus brands was evident erst once again in the endorsement
quarter" said Trick Cassaday, President and Chief executive officer of Corus Amusement Iraqi National Congress.
"Our forte television advertising revenue increased by 8% and our Radiocommunication
tax income increased by 4%. Our Content division is on track and profitable
at one time once again in the quarter. Unluckily, Quebec Wireless remains stalled due
to continued soft markets, which we property to a general softness in the
Quebec economy and an unsettled television publicizing market which we
believe is affecting radio receiver exact."
Second Quarter Results
----------------------
Consolidated revenues for the second quarter ended Feb 29, 2008
were $178.7 million, up 2% from $174.7 billion last year. Consolidated
section gain was $49.7 jillion, up 5% from $47.3 million shoemaker's last year. Net
income for the quarter was $35.4 meg ($0.42 bASIC and $0.41 diluted),
compared to meshwork income of $19.5 jillion ($0.23 staple and $0.22 diluted)
finis year. The flow quarter benefited from $13.2 million in recoveries
related to income tax changes.
Corus Television contributed quarterly revenues of $104.6 1000000, up
4% from $100.2 trillion end year, lED by specialty advertising growth of 8%
and subscriber tax income growth of 1%. Quarterly segment profit increased to
$43.6 one thousand thousand, up 7% from $40.8 zillion end twelvemonth.
Corus Radio revenues were $61.5 trillion, up 4% from $58.8 1000000 last
year. Section net income was $10.3 million, up 3% from $9.9 billion last year.
Corus Content revenues were $13.2 million, drink down 24% from $17.3 gazillion
final stage year. Segment profit was $0.4 jillion, compared to $2.1 zillion last
yr.
Year-to-Date Results
--------------------
Consolidated revenues for the half a dozen months ended Feb 29, 2008 were
$393.6 jillion, up 3% from $383.9 zillion last year. Consolidated section
gain was $133.1 1000000, up 5% from $127.2 zillion last year. Net income
for the six-month period was $74.8 million ($0.89 staple and $0.87 diluted),
up 33% compared to net income of $56.2 jillion ($0.67 staple and $0.65
diluted) last year. The current geological period benefited from $13.2 one thousand thousand in
recoveries related to income tax rate changes.
Corus Television contributed revenues of $230.7 million, up 4% from
$222.8 jillion last year, lED by speciality publicizing growth of 4% and
subscriber revenue growth of 3%. Section profit increased to $106.4
trillion, up 5% from $101.3 one thousand thousand last year.
Corus Wireless revenues were $141.0 zillion, up 5% from $134.4 billion
last year. Segment profits was $35.8 zillion, up 6% from $33.6 one thousand thousand finale
year.
Corus Mental object revenues were $22.8 zillion, belt down 22% from $29.1 million
last year. Segment gain was $0.9 1000000, compared to $3.1 million finale
year.
Corus began to purchase shares under its renewed Pattern Course Issuer
Bid on February 19, 2008. Corus had reached its full allotment on its
previous tender in ahead of time December 2007 and had been come out of the marketplace since
that clip. In the low six months of fiscal 2008, the Company purchased
for cancellation 1,644,one C Class B Non-Voting Shares at an norm cost of
$24.32 per share. In March 2008, a further 298,900 Class B Non-Voting
Shares were purchased and cancelled.
Corus Amusement Iraqi National Congress. reports in Canadian dollars.
About Corus Entertainment INC.
Corus Entertainment Iraqi National Congress. is a Canadian-based media and entertainment
company. Corus is a marketplace loss leader in specialism video and wireless with
additional assets in pay television, publicizing and digital sound recording
services, video broadcast medium, children's christian Bible publishing and
children's invigoration. The company's multimedia system amusement brands admit
YTV, Treehouse, W Network, Movie Exchange, Nelvana, Kids Can buoy Press and radiocommunication
stations including CKNW, CKOI and Q107. Corus creates engaging branded
entertainment experiences for its audiences across multiple platforms. A
publicly traded party, Corus is listed on the Toronto (CJR.B) and Freshly
York (CJR) exchanges. Have Corus on the web at hTTP://www.corusent.com.
The unaudited consolidated financial statements and accompanying notes
for the quarter ended Feb 29, 2008 and Management's Treatment and
Analysis ar available on the Company's internet site at
hypertext transfer protocol://www.corusent.ng list of
important factors that crataegus oxycantha affect future results is not exhaustive. When
relying on our forward-looking statements to make decisions with respect to
Corus, investors and others should carefully regard the foregoing factors
and other uncertainties and electric potential events. Unless other than required by
applicable securities laws, we disclaim any purpose or obligation to
publically update or revise any forward-looking statements whether as a
answer of new information, events or circumstances that arises afterward the
date thence or otherwise.
CORUS Entertainment Iraqi National Congress.
CONSOLIDATED Balance SHEETS
As at As at
(unaudited) Feb 29, August 31,
(in thousands of Canadian dollars) 2008 2007
-------
Plowshare capital
Proportionality, source of
period 875,052 872,113 882,244 870,563
Issue of shares below
Stock Option Plan 3,070 15,974 9,838 18,345
Shares repurchased (3,441) (five hundred) (17,401) (1,321)
Repayment of executive director
stock purchase loans 230 234 230 234
