MONTREAL – TVA Group reports third quarter revenues were up nearly $8 million to $97.2 million compared with $89.2 million in the previous year. Net income attributable to shareholders was $2.1 million, or $0.09 per share, for the third quarter of 2012, compared with $2.85 million loss in the prior year. Cash flows provided by operating activities amounted to $18.3 million for the quarter, compared with $11.8 million in the same quarter of 2011. The $6.5 million increase was essentially due to the improved operating results said TVA.
"We are satisfied with the third quarter 2012 financial results, particularly the performance of TVA Network and LCN during the Quebec election campaign," said Pierre Dion, President and CEO of the Corporation. "Our French-language specialty services are also continuing to register steady growth in both subscription revenues and advertising revenues. Finally, in an increasingly competitive marketplace, we continued investing in content for all of TVA Group's vehicles.
"In the Publishing segment, operating revenues declined 4.4% compared with the same quarter of the previous year, which largely accounts for the decrease in the segment's operating income. Several brand projects and strategies designed to generate new revenue streams and make up for the decline in 'traditional' revenues are currently under way in the segment."
Cash flows provided by operating activities amounted to $18.3 million for the quarter, compared with $11.8 million in the same quarter of 2011. The $6.5 million increase was essentially due to the improved operating results.
Operating income in the Television segment in the third quarter rose to $8.69 million compared to $8.37 million in the prior year. It attributed the increase to a $5.32 million jump in operating income at TVA Network due to an 8.6% increase in advertising revenue. The deconsolidation of the results of SUN News since July 1, 2012 also had a positive inpact.
TVA did report its TVA Sports has been a money loser since it went into operation in September 2011. It also went without the revenues from Mystery TV and The Cave, which were sold on May 31, 2012.
Operating income in the Publishing segment fell $944,000 to $2.31 million mainly because of a decrease in operating revenues caused largely by lower newsstand sales and advertising revenues.
