TORONTO – Gains in its television and radio operations helped to drive up first quarter revenues at Corus by 8% over last year to $240.6 million, the company said Tuesday.
Television accounted for $167.5 million of the total, up 11% from $151.2 million last year, while radio grew 3% to $72.1 million. Specialty channel advertising revenues increased by 17%, and subscriber revenues increased by 9%. Movie Central finished the quarter with 976,000 subscribers, up 2% from the same time last year.
"Our advertising sales momentum continued in our first quarter and, in combination with our cost control initiatives, we delivered double digit segment profit growth. An outstanding start to our fiscal year," said president and CEO John Cassaday, in a statement. "We are also very encouraged by the strong viewer response to OWN in the USA and the positive reaction from Canadian advertisers."
In the three months ended November 30, 2011, Corus’ net income was $46.2-million compared to $73.9 million in 2010. Net income for the prior year, however, included a $16.2 million reversal of a disputed regulatory fee accrual and a $14.2 million recovery due to income tax rate changes.
For more on Corus’ first quarter financials, click here.
