TORONTO – Despite a slight decline in radio revenue, Corus Entertainment’s consolidated revenues and segment profit were flat for the fiscal year ended August 31, 2009.
Consolidated revenues were $788.7 million, up slightly from $787.2 million last year, while consolidated segment profit was $251.2 million, essentially unchanged from $252.1 million last year.
The company did record a net loss for the year of $56.6 million, compared to net income of $129.8 million last year, which included a $175 million broadcast license and goodwill impairment charge recorded in the third quarter.
Radio revenues decreased by 10% for the year, while segment profit dropped by 20%. National and local airtime revenues dipped by 17% and 10%, respectively. The company recorded restructuring provisions of $5.4 million for the fourth quarter, and $8.6 million for the year, as it aligned “the cost structure of this division with its strategic objectives”.
It’s TV division saw revenue growth of 6% for the year, and segment profit growth of 5%. Advertising revenues were down by 6%, with specialty advertising revenues down by 5%. Subscriber revenue was up by 14%.
"In a very tough economy Corus was able to match last year’s record revenues and segment profit through the launch of strategic new services and cost reduction initiatives," said president and CEO John Cassaday, in a statement. "We are confident that this combined focus on innovation and cost constraint positions us well for an expected improvement in the Canadian economy."
Consolidated revenues for the fourth quarter ended August 31, 2009 were $195.2 million, up 5% from $185.8 million last year, and consolidated segment profit was $57.4 million, up 22% from $47.2 million last year. Net income for the quarter was $18.7 million compared to net income of $17.4 million last year.
