TORONTO – Television revenues helped to boost first quarter profits and revenue at Corus Entertainment, the company reported Tuesday.
Consolidated revenues for the quarter ended November 30, 2013 increased 8% to $226 million from $209. 9 million in the same period last year, while consolidated segment profit was $92.3 million, up 9% from $84.5 million year-over-year.
Net income attributable to shareholders was $150.9 million, compared to $52.2 million last year, which includes a non-cash gain of $127.9 million resulting from the re-measurement to fair value of its 50% interest in Teletoon. On an adjusted basis, net income was $55.2 million, up from $52.2 million a year earlier.
Corus also reported “strong” segment profit margins for its television (46%) and radio (33%) divisions. The television division saw revenue climb 13% to $177.9 million from $157.6 million last year, while radio revenue dipped 8% to $48 million from $52.3 million.
Free cash flow increased to $49.6 million from $39.8 million in the first quarter of fiscal 2013.
Other highlights from Corus’ financial results are as follows:
Television
– Specialty advertising revenues increased 35% to $123.4 million;
– Subscriber revenues increased 14% to $79.1 million;
– Merchandising, distribution and other revenues dropped 33% to $23.5 million;
– Segment profit increased 17%;
– Movie Central finished the quarter with 974,000 subscribers.
Radio
– Segment profit decreased 16%;
"We have again benefited from our disciplined focus on cost controls, delivering excellent margins this quarter in the face of slow economic growth and tough year-over-year comparables in our merchandising business,” said president and CEO John Cassaday, in a statement. “This is a pivotal year for us. With our recently closed acquisition of Teletoon, Séries+ and Historia, combined with continued strong ratings on our core TV brands and increases from several of our newer brands, we are confident that Corus will see a return to solid growth in fiscal 2014."
