TORONTO – Corus Entertainment more than doubled its second quarter profits, citing a combination of strong growth in both advertising and revenue from subscribers.
Net income for the quarter ended February 28, 2011 was $31.6 million, a significant jump from $14.6 million in the same period last year. Consolidated revenues for the quarter grew 8% to $191.1 million, from $177.5 year-over-year.
Television accounted for $148.4 million of total revenues, up 10% from $136.9 million last year, while radio grew 4% to $42.6 million. Specialty channel advertising revenues increased by 15%, and subscriber revenues increased by 8% year-to-date. Movie Central ended the quarter with 989,000 subscribers, up 2% from the same quarter in 2010, and by the end of March had exceeded 1 million subscribers.
"Strong advertising and subscriber revenue growth continued in the second quarter”, said president and CEO John Cassaday, in a statement. “Coupled with our cost containment initiatives, we delivered double digit segment profit growth in both our Radio and Television divisions, demonstrating the power of operating leverage."
Click here for more on Corus’ second quarter financial results.
