TORONTO – Revenues from its broadcasting businesses boosted Corus Entertainment’s net income for the second quarter ended February 29 to $35.4 million from $19.5 million in the same quarter a year earlier. Corus also benefited from $13.2 million in recoveries related to income tax changes in the quarter, according to financials released Thursday.
Consolidated revenues for the quarter were $178.7 million, up 2% from $174.7 million last year. Corus Television contributed quarterly revenues of $104.6 million, up 4% from $100.2 million last year, led by specialty advertising growth of 8% and subscriber revenue growth of 1%. Profit for the division increased to $43.6 million, up 7% from $40.8 million last year.
Corus Radio recorded a profit of $10.3 million, up 3% from $9.9 million last year, on revenues of $61.5 million, which were up 4% from $58.8 million in the same period a year earler.
Corus Content registered a $0.4 million profit, compared to $2.1 million last year on revenues of $13.2 million, which were down 24% from $17.3 million last year.
“The strength of the Corus brands was evident once again in the second quarter,” said John Cassaday, Corus Entertainment president and CEO. “Our specialty television advertising revenue increased by 8% and our radio revenue increased by 4%. Our Content division is on track and profitable once again in the quarter. Unfortunately, Quebec radio remains stalled due to continued soft markets, which we attribute to a general softness in the Quebec economy and an unsettled television advertising market, which we believe is affecting radio demand.”
