MONTREAL – Astral Media Inc. boasted the company’s ninth year of consistent growth at its 2005 annual and special meeting of shareholders in Montreal. Record net earnings for fiscal 2005 shot past $100 million for the first time, reaching $104 million, the company said.
The company announced a 50% increase to its annual dividend, from 20 to 30 cents per share, as well as a renewal of its normal course issuer bid to buy back up to 5% of its Class A and Class B Shares.
Astral’s earnings per share from continuing operations were $1.87 at fiscal year-end.
“As a result of our sustained growth, not only have we paid dividends on a regular basis, but we are also able to increase them,” said Astral President and CEO Ian Greenberg in a statement. “The combination of another dividend increase and the renewal of our share buy-back program is the appropriate balance between rewarding our shareholders and remaining ready to seize opportunities for future growth.”
Greenberg also noted that in fiscal 2005, the company’s television channels, radio stations, and Astral Media The Harold Greenberg Fund invested $116 million in the development, production, and acquisition of original Canadian programming and in emerging Canadian talent.
Greenberg predicts continued growth in fiscal 2006, as Astral continues to invest in technologies such as high-definition television, subscription video on demand, and Internet radio. “Technology stimulates us and helps us give our audiences a broader choice and greater quality. It is an opportunity that we capitalize on, for our audiences and for ourselves,” he said.
