TORONTO – Gains in its television division helped to lift first quarter revenues at Corus Entertainment by 1%, the company announced Wednesday.
For the first quarter ended November 30, 2015, net income attributable to shareholders was $41.3 million, down from $51.9 million year-over-year, and included business acquisition, integration and restructuring costs of $2.4 million, though excludes amortization of Pay Television assets reclassified as assets held for disposal of $1.4 million. Adjusting for the impact of these items results in an adjusted net income attributable to shareholders of $42.5 million in the quarter.
Consolidated revenues for the period were $228.3 million, up 1% over $227.1 million last year, while consolidated segment profit of $95.9 million rose 3% from $93.3 million year-over-year.
Corus’ television segment revenues for the quarter were $183.7 million, up 1% from $181.5 million in the same period last year, while radio revenues fell 2% to $44.6 million from $45.6 million. Television segment profit grew 5% to $88.0 million from $83.8 million year-over-year, while radio segment profit was flat at $12.8 million.
Other highlights from Corus’ financial results include:
Television
– Specialty advertising revenues decreased 6% in Q1 2016;
– Subscriber revenues increased 2% in Q1 2016;
– Merchandising, distribution and other revenues increased 33% in Q1 2016;
– Segment profit margin of 48% in Q1 2016.
Radio
– Segment profit margin of 29% in Q1 2016;
Corporate
– Net debt to segment profit ratio reduced to 2.6 times;
– Continued strong free cash flow of $34.5 million in Q1 2016 compared to $33.4 million in Q1 2015.
“Our solid results for the first quarter underscores our commitment to deliver growth in fiscal 2016” said president and CEO Doug Murphy, in a statement. “The launch of Disney Channel (Canada) and the optimization of our portfolio of Kids brands across platforms drove growth in subscriber, merchandising, production and distribution revenues during the quarter. Our transformational acquisition of Shaw Media, announced this morning, will create a powerful combination of media assets that will give us the scale, brands, content and team to succeed in a rapidly evolving media landscape.”
