Profits dip though in Q4
TORONTO – Broadcaster and producer Corus Entertainment said this morning revenues increased 2% for the year ended August 31, 2019, driven by a 4% increase in TV ad revenue in the fourth quarter and 7% for the full year.
“Our focus on providing great content to audiences across multiple platforms and our client-centric, data-driven selling approach is yielding impressive results,” said president and CEO Doug Murphy in the company’s press release.
“Additionally, we ramped up our slate of owned content in the year, which will further accelerate our long-term revenue diversification objectives through increased sales in the global content marketplace. The purposeful combination of targeted investments and the significant progress we are making towards our leverage goals are building a stronger, more resilient Corus. We are excited to build on the momentum in the coming year.”
Consolidated revenues for the three months ended August 31st were $377.5 million, down slightly from $379.1 million during last year’s Q4. Consolidated segment profit was $109.8 million, a decrease of 4% over the prior year’s quarter.
Consolidated revenues for the full fiscal year were $1.687 billion, up 2% from 2018. Consolidated segment profit was $585.1 million, an increase of 2%.
While TV ad revenue grew well, as noted above, losses on the subscription TV front continues to be a drag on the company. Subscriber revenues were down 4% in the fourth quarter and 2% for the year.
Radio looks soft, however, as revenue came in at $33.7 million in the quarter, down 2.1% compared to Q4 2018. That division’s EBITDA line was $6.9 million, down 18% compared to last year’s Q4.
