WINNIPEG – CanWest Global’s consolidated revenues were $679 million in the fourth quarter of fiscal 2007, ended August 31st, an increase of 11% from $610 million for the same quarter one year ago.
Consolidated EBITDA was $77 million, an 18% increase from the previous year.
Thos numbers included gains on sale of the company’s New Zealand and Canadian radio operations which amounted to $252 million and the gain of $164 million last year on the sale of TV3 Ireland.
Net earnings were $197 million or $1.11 per share, compared to $155 million or $0.87 per share for the same period.
"All our operations showed marked improvement over the previous year, with Canadian television maintaining its momentum vis-à-vis its audience share versus its competitors in Canada,” said company president and CEO Leonard Asper. “EBITDA improvements during the quarter show that cost control measures undertaken at both Canadian broadcasting and publishing are paying off and being maintained." Overall, EBTIDA was up 18% over last year, a result which included approximately $10 million of non-recurring costs arising on the privatization of the Income Fund and the strategic review in the South Pacific. Excluding these costs, EBITDA would have totaled $87 million, an increase of 33% from the same quarter of the previous year.
During the quarter, the acquisition of the broadcasting assets of Alliance Atlantis Communications Inc. was completed, but now awaits a CRTC hearing to determine whether the application for the change of control of Alliance Atlantis broadcasting assets will be approved. The transaction closed on August 15, 2007 and the hearing is scheduled for November 19th.
For the full twelve months ended August 31, 2007 CanWest reported consolidated revenues of $2.9 billion, an increase of 7% over its $2.7 billion last year. Consolidated EBITDA was $487 million, a 6% increase compared to ’06 and net earnings were $279 million, better than last year’s $179 million.
Canadian television operations experienced a 4% increase in revenues for fiscal 2007 to $683 million from $658 million in fiscal 2006. EBITDA of $61 million for the year increased almost 100% from the $31 million for the prior year “due to aggressive cost control measures and revenue gains as a result of ratings momentum. Global maintained several programs in the top ten including Survivor, House, Prison Break and last season’s bona fide new hit Heroes. Global’s ET Canada solidified its hold on the number one position among Canadian entertainment magazine programs and Global National maintained its position as the most watched national news program in 2007,” says the press release.
