WINNIPEG – CanWest Global’s 70% owned New Zealand TV and radio company, CanWest MediaWorks (NZ) said today that EBITDA fell to NZ$66 million for the year ended August 31, 2006, just under the NZ$67 million reported last year.
Consolidated revenues increased by 2% for the year to NZ$254 million.
Based upon these results, the company declared a dividend of NZ 3.9 cents per share, payable on November 24, 2006 to shareholders of record on November 10, 2006. This brings the total annual dividend paid to shareholders for the year to NZ 8.4 cents, an increase of 33% from the NZ 6.3 cents paid for the previous fiscal year. CanWest will receive aggregate dividends of NZ$13.3 million in respect of fiscal 2006 (approximately C$9.9 million).
For the fourth quarter of fiscal 2006, the company reported consolidated EBITDA of NZ$18 million, an increase of 6% from the NZ$17 million reported for the same quarter one year ago. Consolidated revenues for the quarter were down by 2% to NZ$64 million from NZ$65 million reported for the fourth quarter of 2006.
"Despite challenging advertising market conditions in New Zealand, fiscal 2006 proved to be a solid year for TVWorks. Revenues increased by 1% to NZ$144 million while EBITDA, at NZ$36 million, was down only slightly from NZ$37 million for the previous year. A solid line-up of locally produced series, international hit programs and substantial growth in audiences for 3 News increased TV3’s audience share in its target 18-49 year old demographic as well as with the older 24-54 demographic," says the press release.
"RadioWorks, also affected by the challenging ad market conditions, recorded a 3% increase in revenues to NZ$111 million and EBITDA of NZ$33 million, which was comparable to the previous year’s result. Several important growth initiatives were completed in fiscal 2006 with acquisition of radio stations in Queenstown and Orewa, and extension of RadioWorks’ top-rated brand – The Breeze – into Auckland, New Zealand’s largest metropolitan market."
