TORONTO – Corus Entertainment saw a $145 million net loss for its third quarter, compared to net income of $37.7 million last year.
The net loss for the quarter included a $175.0 million broadcast license and goodwill impairment charge, while the prior year’s quarter benefited from $10.0 million in recoveries related to income tax changes and incurred a charge related to disputed regulatory fees, according to the press release.
Consolidated revenues for the three months ended May 31, 2009 were $195.4 million, down 6% from $207.8 million last year. Consolidated segment profit was $61.4 million, down 14% from $71.8 million last year.
"We continue to position our company for growth in an improving economy," said president and CEO John Cassaday in the release. "The acquisition of two digital networks, our ratings strength in Television and Radio, our successful launch of HBO Canada and its influence on Pay TV growth and the global expansion of Bakugan (a Japanese action adventure anime TV series produced by its Nelvana group) are all indicators of the underlying strength of Corus’ assets."
Corus’ television quarterly revenues were down 1% to $129.8 million, compared to $131.0 million last year, led by subscriber revenue growth of 13% and continued growth in advertising targeted to women. Quarterly segment profit decreased to $50.7 million, down 5% from $53.4 million last year.
Radio revenues were $65.5 million, down 15% from $77.0 million last year, while segment profit dropped 35% to $16.1 million, from $24.7 million last year.
