MONTREAL – "When we will look back on fiscal 2007, we will remember the year for two major developments: the Standard Radio acquisition, which we are closing at the end of this month, and the 20-year street furniture agreement with the City of Toronto,” said Astral Media president and CEO Ian Greenberg today in announcing his company’s fiscal 2007 results.
“Indeed these two developments will have a long-lasting impact on our company. They give us the national footprint that we sought as part of our new business ambition, and provide us with added exposure to the fastest growing markets in the country, namely Southern Ontario, Alberta and B.C.
"Yet beyond the benefits coming from these developments, I would rather look back on fiscal 2007 as an eleventh straight year of profitable growth. It is truly the solidity of our core businesses and their contribution to our overall performance that allowed us to successfully transform this company into a major player in the Canadian media industry and to position us for the future."
Astral is the owner of a large outdoor advertising company, as well as TV assets like The Movie Network, Family Channel, vrak.tv, Super Écran and Canal Indigo and a number of radio stations in Quebec and in the East. However, as Greenberg noted, Astral’s radio division is about to get mightier.
Consolidated net earnings from continuing operations for fiscal 2007 increased by 11%, rising to $127.1 million ($2.41 per share) from $115 million ($2.14 per share) last year. Consolidated net earnings from continuing operations for the fourth quarter of fiscal 2007 increased by 17% to $34.0 million ($0.64 per share) from $29.2 million ($0.55 per share) last year.
Consolidated revenues totaled $646.0 million for fiscal 2007, an increase of 8% over the $596.2 million recorded in fiscal 2006. Consolidated revenues were $161.7 million for the fourth quarter of fiscal 2007, up 10% from the $147.0 million for the same quarter last year.
EBITDA for the year increased by 8% to $207.8 million from $191.7 million for the same period last year. EBITDA(2) was up 10% to $55.2 million in the fourth quarter of fiscal 2007 compared to $50.3 million for the same quarter last year. Cash flow from continuing operations(3) rose 5% year-over-year totaling $152.9 million for the year compared to $145.1 million for fiscal 2006. Cash flow from continuing operations(3) rose by 1% to $44.0 million in the fourth quarter, compared to $43.6 million for the same quarter last year.
"Each one of our businesses recorded a strong performance in fiscal 2007. For the Television group, advertising revenues were up 17% year-over-year and increases in the number of pay- and specialty-television subscribers generated revenue gains of 9% for the year. In Radio, our stations recorded a 3% revenue increase year-over-year and an EBITDA(2) increase of 5% compared to fiscal 2006. Finally, Outdoor delivered a 6% increase in revenues and an 8% increase in EBITDA,” added Greenberg.
