TORONTO – Consolidated revenues at Corus Entertainment for the three months ended August 31, 2008 were $185.8 million, down 1% from the same quarter last year.
However, consolidated segment profit was $47.2 million, up 2%. Net income for the quarter was $17.4 million, down 18% from Q4 2007.
Corus Television (W, CMT, YTV, Movie Central and others) contributed quarterly revenues of $104.8 million, up 1% from the fourth quarter last year, led by specialty advertising growth of 5% and subscriber revenue growth of 2%. Quarterly segment profit increased to $35.7 million, up 5%
Corus radio revenues were $68.5 million, up 3% from over Q4 ’07. Segment profit was $15.1 million down 13%.
Corus content (Nelvana) revenues were $12.8 million, down 27% compared to the same time frame last year. Segment profit was up 15% to $2.6 million, however.
Consolidated revenues for the year ended August 31, 2008 were $787.2 million, up 2% over the prior year, while consolidated segment profit was $252.1 million, up 5%. Net income for the year was $129.8 million, compared to net income of $107.0 million last year. The current year benefited from $23.6 million in recoveries related to income tax changes, and was negatively impacted by an accrual of $10.9 million related to disputed regulatory fees.
Corus Television contributed revenues of $450.2 million, up 3%, led by specialty advertising growth of 4% and subscriber revenue growth of 2%. Segment profit increased to $191.8 million, up 5%
Corus Radio revenues were $286.4 million, up 4% over 2007. Segment profit was $75.5 million, down 3%.
Corus Content revenues were $52 million, down 15% from $61.3 million last year. Segment profit was up 32% to $7.2 million, compared to $5.4 million last year.
"Corus had a strong 2008, growing our revenues and profits as our core businesses continued to perform well," said John Cassaday, president and CEO, in the press release. "We have confidence in our continued growth, particularly within specialty and pay TV with the addition of Cosmopolitan TV, VIVA and HBO Canada to our portfolio."
