TORONTO – Corus Entertainment reported a 16% drop in fourth-quarter profit to $23.3 million due to a one-time tax-related charge.
Consolidated fiscal fourth quarter 2012 revenues fell 2% to $195.6 million, with consolidated segment profit up 8% to $60.9 million with television and radio "margins of 40% and 30%," respectively, for the fiscal year. Revenues in radio however were nearly stagnant at $47.8 million, while television fell nearly $5 million to $147.9 million compared to the previous year.
“Corus finished the year with strong gains in specialty advertising revenues and segment profit for the fourth quarter. We are particularly pleased with our excellent segment profit margins and record free cash flow," said John Cassaday, President and CEO of Corus Entertainment. "Looking ahead, we are confident that disciplined cost controls, coupled with our portfolio of assets, position us well for continued growth in fiscal 2013."
Corus highlighted the following numbers:
– Specialty advertising revenues up 7% in the quarter
– Free cash flow up 15% in fiscal 2012 to $155.1 million
– Adjusted net income attributable to shareholders up 9% in the quarter and 10% for the fiscal year
– Adjusted basic earnings per share up 6% in the quarter and 8% for the fiscal year
– Segment profit up 8% for the quarter and 1% for the fiscal year
