TORONTO – Corus Entertainment saw its 2020 fiscal first quarter revenues come in at $467.8 million for the period ended November 20, 2019, essentially flat over the prior year’s first quarter.
TV revenue rose 1% to $430 million while radio revenue declined 8% compared to Q1 2019 to $37.9 million. “Consolidated segment profit was $184.1 million, a decrease of 4% from $191.6 million last year,” notes the press release. Free cash flow, however, rose to $53 million, up from $42.4 million in the prior year’s first three months.
“Our solid Q1 results demonstrate the benefits of Corus’ diverse portfolio of businesses, with increased Television advertising revenues and double-digit revenue growth in our content business for the quarter,” said president and CEO Doug Murphy, in the press release.
“The strong momentum from last year continues as we invest to position Corus for the future, advancing our strategic initiatives to diversify our revenues and deliver our premium video content in more ways within Canada and around the world… Once again, our strong free cash flow enabled us to further reduce our bank debt and this, combined with our recently announced share buyback program and attractive dividend yield, is providing additional value to our shareholders.”
