TORONTO – Corus Entertainment is back in the black after posting third quarter profits of $31.4 million, the Toronto-based company reported Wednesday.
Consolidated revenues for the three months ended May 31, 2010 were $218.4 million, a 12% increase from $195.4 million last year, while consolidated segment profit was $73.8 million, up 20% from $61.4 million last year.
Net income for the quarter was $31.4 million, compared to a net loss of $145.0 million last year, though net income for 2009 included a $172.5 million after-tax broadcast license and goodwill impairment charge.
"This was an exceptional quarter for Corus, with advertising sales strong for both television and radio”, said president and CEO John Cassaday, in a statement. “We also benefited from our cost control initiatives. Ad sales continue to pace well ahead in our fourth quarter as the overall economy continues to recover. We are confident in our ability to achieve our earnings guidance for the full fiscal year."
Radio revenues increased by 9% to $71,426, while segment profit increased by 36% in the third quarter. Revenues increased 19% in Ontario, by 10% in Quebec and other areas, and “returned to growth” in the West.
Television revenues were up by 13% in the third quarter to $147,013, and segment profit increased by 17%. Advertising revenues climbed 11% in the quarter and 4% year-to-date, while subscriber revenues increased by 13% in the third quarter and 11% for the year-to-date.
Movie Central finished the quarter with 970,000 subscribers, up 2% from last year.
