TORONTO – A resurgence in Canada’s advertising market helped to buoy fourth quarter and year-end results for Corus Entertainment.
Consolidated revenues for the three months ended August 31, 2010 were $202.8 million, up 4% from $195.2 million last year, while for the fiscal year, consolidated revenues were $836.2 million, an increase of 6% from $788.7 million last year.
"The advertising recovery continued in the fourth quarter, particularly for our Specialty (TV channel) assets. This continues a trend we have seen for three successive quarters," said president and CEO, John Cassaday, in a statement Wednesday. "We have also seen a return to growth in western Canada radio markets. Corus is well positioned to meet its guidance once again for fiscal 2011. Ad markets continue to track well and we will benefit from our investment in technology at our newly opened Corus Quay facilities at Toronto’s waterfront."
Consolidated segment profit for 2010 was $264.1 million, up 5% from $251.2 million last year, led by the company’s television division which generated $226.7 million. Radio earned $65.5 million, while Corporate suffered a net loss of $28.1 million.
Net income for the year was $126.7 million, compared to a net loss of $56.6 million last year. Net income for the prior year included a $172.5 million after-tax broadcast license and goodwill impairment charge.
