TORONTO – Corus Entertainment reports that first quarter revenue slipped to $226.1 million, down 5% from $236.9 million the previous year, as lower TV sales cut into earnings.
Revenue at the company's television business, which brings in about 76% of total sales, fell 6% to $173.8 million from $185 million, while radio revenue increased to $52.3 million from about $51.9 million.
Net income attributable to shareholders rose to $54.0 million or 62 Canadian cents per share, in the first quarter from $52.7 million, or 61 Canadian cents per share, a year earlier.
"Corus has delivered a solid first quarter, achieving double-digit segment profit growth in Radio, strong Women's advertising sales, subscriber gains on Pay television and continued success in controlling costs, which was partially offset by soft results in our Kids business," said John Cassaday, President and Chief Executive Officer, Corus Entertainment. "Looking ahead, we expect our strong ratings momentum on Oprah Winfrey Network, ABC Spark and Nickelodeon will contribute to revenue growth as the fiscal year progresses."
Television
• Segment revenues decreased 6%
• Segment profit(1) decreased 2%
• Specialty advertising revenues decreased 3%
• Subscriber revenues increased 1%
• Movie Central finished the quarter with 998,000 subscribers, up 22,000 from the fourth quarter of fiscal 2012
• Merchandising, distribution and other revenues decreased 25%
• Segment profit margins of 45%
Radio
• Segment revenues increased 1%
• Segment profit(1) increased 16%
• Segment profit margins of 36%
