MONTREAL – Radio, television and outdoor ad company Astral Media reported this morning that consolidated net earnings for the third quarter increased by 21% compared to the same quarter last year, rising to $43.3 million.
Consolidated net earnings for the first nine months of fiscal 2008 increased by 18% over last year, rising to $109.8 million and consolidated revenues for the third quarter totaled $233 million, a 38% increase compared to Q3 2007. Consolidated revenues totaled $638.7 million for the first nine months of the year, an increase of 32%.
Astral Media is Canada’s largest radio station owner with 82 stations in eight provinces, one of the largest outdoor advertising companies and pay TV companies with assets such as The Movie Network, Mpix, Super Écran, Family, and various others.
For the third quarter, EBITDA rose to $82.2 million, an increase of 41%. EBITDA for the first nine months increased by 37% to $209.1 million.
"I am obviously pleased to report solid growth for the third quarter and year-to-date, even more so in this increasingly challenging economic environment," said Ian Greenberg, president and CEO. "I am particularly pleased to highlight that not only are our recent acquisitions and investments yielding obvious benefits, but we are also continuing to grow the overall company organically."
"Looking at the performance of our divisions for the third quarter, our television group grew its revenues by 5% and EBITDA by 8% over the same period last year, fuelled by a 14% increase of our advertising sales. Revenues of our radio stations were up 151% over the third quarter of 2007, due to the integration of the assets acquired from Standard Radio, while our Outdoor division increased its revenues by 39% over the same quarter last year," he added.
