MONTREAL – Describing its first quarter financial results as “robust”, Astral Media appears confident about the year ahead.
Consolidated revenues totaled $250.7 million for its first quarter ended November 30, 2009, an increase of 3% over the $244.5 million recorded last year for the same period.
EBITDA grew 28% to $96.8 million from $75.5 million for the same quarter last year, which included $11.6 million in a Part II licence fees accrual reversal. Cash flow from operations rose by 18% to $59.6 million for the quarter, compared to $50.7 million last year.
Consolidated net earnings for the first three months of Fiscal 2010 increased 42% to $56.2 million from $39.6 million last year, which included a significant one time accounting gain from a change in future tax rates.
"Despite the economic challenges the industry has faced this past year, our sustained investments in branding, programming and sales initiatives have started to yield tangible benefits and have helped to further strengthen the customer experience across our brands and platforms”, said president and CEO Ian Greenberg, in a statement.
Revenue in its television division grew 6% for the quarter, while advertising revenues were up 1% and subscriber-related revenues increased by 8%. Astral’s radio and outdoor advertising groups both saw revenue fall by 1% and 4%, respectively.
