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Corus Entertainment TV business boosts profits

OTTAWA – Canadian media and entertainment company Corus Entertainment Inc. reported year-over-year gains in both revenue and profits for its last fiscal quarter, thanks to strength in its television segment.

The Toronto-based company said Thursday that net income for its third quarter ended May 31 was $39.2 million, or 47 cents a share, up from $28.3 million, or 35 cents a share, one year earlier.

Analysts polled by Bloomberg had expected earnings of 45 cents a share.

Revenue was up seven per cent from a year earlier to $211.8 million.

Looking at its major segments, its television division saw gains in both revenue and profits, while radio operations brought in less revenue and profits compared to last year.

Addressing the overall results, CEO John Cassaday said in a statement: “Once again, this growth was powered by our core television business and demonstrates strength across our kids, pay, women’s and merchandising brands.”

Corus owns such television stations as Treehouse, Nickelodeon (Canada) and W Network, as well as dozens of radio stations across the country.

On Thursday the company announced it was raising its dividend by 16 per cent, to 86.5 cents a share annually for Class A shareholders and 87 cents for Class B.

Source: Montreal Gazette