MONTRÉAL – Astral Media which is supporting a $3.38-billion takeover proposal from BCE Inc. reported that its first-quarter profit was $59.6 million, up from $55.8 million for the same period last year. Diluted earnings per share increased by 5% to $1.05 from $1.00 last year. EBITDA grew 4% to $93.7 million from $90.4 million last year, while consolidated revenues totalled $274.5 million, an increase of 1% over the $271.1 million recorded last year. Cash flow from operations at $69.2 million is slightly above last year’s figure of $69.0 million.
"I am very pleased with our company’s consolidated and segmented performance in the first quarter of Fiscal 2013, marking the single largest quarter in the company's history" said Ian Greenberg, President and Chief Executive Officer. "Our relentless focus on delivering better value to advertisers and consumers combined with the discipline that defines Astral’s decision-making approach provide us with the optimal strategy to reach our objectives and continue to deliver balanced growth across our diversified asset portfolio."
Astral says the friendly takeover deal with Bell has been extended to June 1 and can be further extended to July 31. The revised deal is currently being reviewed by the CRTC.
Television accounted for $155.8 million of Astral’s revenue, up from $153.6 million; radio generated $88.8 million, up from $88.3 million, while out-of-home advertising revenue was $29.8 million, up from $29.3 million from the same period last year.
