MONTREAL – "The performance of each of our operating divisions continues to be in-line with our expectations for fiscal 2005," said Ian Greenberg, president and CEO, Astral Media, in presenting his company’s third quarter results today.
"Strong advertising revenues drove growth in our television division with a 28% increase in the third quarter, while pay television subscribers also increased by 2% for the quarter. In radio, advertising revenues for the quarter were solid with a 7% increase. Notably, we were very pleased to finally close the radio transaction with Corus, at the end of the quarter, thus adding five FM radio stations in different regions of Québec. For our outdoor division, revenue growth was 2% for the quarter, while year-to-date growth was 13%."
Net earnings from continuing operations for the first nine months of fiscal 2005, ended May 31st, increased 19% over last year, rising to $76.1 million ($1.36 per share) compared to the first three quarters of last year. Net earnings from continuing operations in the third quarter of fiscal 2005 increased by 18% to $30.2 million, compared to Q3 2004.
Consolidated revenues totaled $409.6 million for the first nine months, an increase of 6% while consolidated third quarter revenues were $144 million, up 3% from the same quarter last year.
EBITDA for the first nine months increased 13% to $126.2 million and was up 12% to $49.3 million in the third quarter. “This increase reflects steady organic growth across all business units. Cash flow from continuing operations also rose 20% for the first nine months of the year to $90.5 million.
Astral Media owns and operates such assets as The Movie Network, Super Ecran, Family Channel, Vrak.tv, Canal Indigo, as well as 29 Quebec and eastern radio stations such as the Rock Détente-, boom- and Energie-branded groups.
