MONTREAL – Astral Media reported “record” revenue of $1.02 billion for its 2011 fiscal year, the first time that it has passed the billion dollar mark.
The Montreal-based media company said Tuesday that revenue for the year ended August 31 was up 6% over the $961 million that it recorded in 2010. EBITDA for the 12-month period increased 5% to $319 million from $303 million last year. Fourth quarter revenue was $247.6 million a 3.9% increase from $238.4 million in the same period last year.
Despite the revenue jump, profits for 2011 were flat at $185.2 million, over $185.1 million in 2010. Quarterly profits were $47.8 million, up from year-ago profits of $38.4-million.
Astral’s television segment reported a 6% increase of revenue growth for the year, due to a 13% increase in advertising growth and a 4% jump in subscriber-related revenue growth. Radio revenue growth was a modest 2%, while out-of-home revenue growth surged 21% for the year, though it also brings in the smallest share of the company’s revenues.
"I am very pleased with the strong performance displayed by our three business segments in the fourth quarter and by their balanced contribution to a strong finish to the year”, said president and CEO Ian Greenberg, in a statement. "We are now entering into a challenging economic and advertising environment and remain fully committed to apply the same discipline and focus on cost optimization that have underpinned our past successes".
Subsequent to the end of the year, Astral announced the signing of a new credit agreement whereby it will have access to a $700 million five-year unsecured revolving facility.
