TORONTO – “Excellent specialty television advertising growth and solid segment profit contribution from all our divisions contributed to our strong second quarter results,” said John Cassaday, president and CEO of Corus Entertainment at the top of the company’s press release Tuesday morning.
Consolidated revenues for the second quarter, ended February 28, 2007, were $174.7 million, up 6% from Q2 2006. Consolidated segment profit was $47.3 million, up 12% from last year. Net income for the quarter was $19.5 million, compared to a loss of $65.7 million last year. The prior year’s quarter included a pre-tax debt refinancing loss of $132 million.
Corus Television contributed quarterly revenues of $100.2 million, up 8% over last year, led by continued specialty advertising growth of 14% and subscriber revenue growth of 7%. Quarterly segment profit increased to $40.8 million, up 12% over the same quarter of 2006.
Corus Radio revenues were $58.8 million, an increase of 2% from Q2 ’06. Segment profit was $9.9 million, up 5% from last year.
Corus Content (Nelvana) revenues were $17.3 million, up 15% from 2006. Segment profit was $2.1 million, compared to $1.8 million last year.
As for the year-to-date numbers, revenue for the full six months was $383.9 million, up 7% from last year. Consolidated segment profit was $127.2 million, up 14%. Net income for the six months was $56.2 million, compared to a loss of $34.3 million.
Corus Television (CMT, W, Movie Central, YTV, Treehouse, Scream, etc.), led by specialty advertising growth of 13% and subscriber growth of 9%, contributed six-month revenues of $222.8 million, up 9% over 2006. Movie Central increased its subscriber base from 822,000 at August 31, 2006 to 870,000 at the end of the second quarter, an increase of 9% from the same time last year and company executives are pushing to get to 900,000 by the end of the fiscal year, August 31st.
Segment profit for the six-month period increased to $101.3 million, up 14%.
Corus Radio revenues were $134.4 million for the six-month period, an increase of 3% as compared to the first half of 2006. Segment profit was $33.6 million, up 7% from $31.4 million last year.
Corus Content revenues were $29.1 million, up 3% as compared to the first half of fiscal ’06. Segment profit for the six-month period was $3.1 million, up from $1.8 million last year.
