TORONTO – Corus Entertainment credited the return of advertisers for its solid second quarter financial results.
The media company reported double digit segment profits for both its radio and television divisions of 21% and 12% respectively for its quarter ended February 28, 2010. While radio revenues decreased by 4% this quarter, TV revenues jumped by 11%, due in large part to a 3% increase in advertising revenues and 5% growth in specialty advertising revenues over the first quarter of the year.
"We believe our results in the second quarter and the pacing we are enjoying in the third quarter indicate that the advertising recession is behind us," said president and CEO John Cassaday, in a statement. "Corus’ Specialty and Pay television categories and Ontario Radio sales are performing very well, and we are also benefiting from strong cost control which has allowed us to improve our margins."
Consolidated revenues for the three month period were $192.7 million, up 6% from $181.4 million last year, while consolidated segment profit was $55.4 million, up 9% from $51.0 million last year.
Net income of $14.6-million was down almost 50% from year-ago earnings of $29-million, largely due to a debt refinancing loss.
