MONTREAL – Astral Media’s financial results for Q2 2013, released today, indicate the company saw a 2% increase in revenues, as well as continued growth in net earnings, EBITDA, and cash flow from operations.
In the second quarter, consolidated net earnings totalled $41.2 million, an 8% increase over the $38.2 million recorded last year for the same period. That amount does not include any transaction costs related to the Bell-Astral merger, which remains subject to CRTC approval.
EBITDA, or earnings before interest, taxes, depreciation and amortization, grew 5% to $69.4 million from $66.0 million for the same period last year, while consolidated revenues reached $237.1 million, a 2% growth over the $233.5 million recorded last year.
Cash flow from operations rose 9% to $54.7 million for the second quarter compared to $50.2 million for the corresponding period last year.
“I am very pleased by the company’s performance in the second quarter of fiscal 2013, which is Astral’s 66th consecutive quarter of profitable growth,” said Astral president and CEO Ian Greenberg in the announcement. “Our diversified portfolio, innovative multiplatform offering and financial discipline enabled us to thrive in a still challenging market environment.”
Financial highlights
Television
- 2% revenue growth for the quarter (2% growth for the six-month period)
- EBITDA growth of 6% for the quarter (5% for the six-month period)
Radio
- Revenue decline of 1% for the quarter, a performance in line with that of the industry (consistent year-over-year performance for the six-month period, outperforming the industry)
Out-of-Home
- Revenue growth of 10% for the quarter (5% growth for the six-month period)
- EBITDA growth of 9% for the quarter (3% growth for the six-month period)
Corporate
- During the quarter, the company repaid $22.0 million of its long-term debt for a total of $29.0 million since the beginning of the fiscal year and reduced its available credit facility by $240.0 million
- On February 1, Astral paid a cash dividend of $28.1 million to shareholders of record at the close of business on January 15, 2013
