TORONTO – A jump in TV ad revenues contributed to double digit segment profit growth for a third consecutive quarter at Corus Entertainment.
The company said Thursday that consolidated revenues for the third quarter ended May 31, 2011 were $211.78 million, up 7% from $198.4 million last year, while consolidated segment profit increased 11% to $77.3 million from $69.4 million. Net income for the quarter was $39.2 million compared to $28.3 million in the same period last year.
Specialty television advertising revenues increased 15% this quarter to $104.4 million, while subscriber revenues increased 5% to $76.2 million. Pay service Movie Central finished the quarter with 1,024,000 subscribers, up 6% from the third quarter of 2010.
Over in its radio division, segment profits dropped 9% to $16 million this quarter. Revenues increased by 4% in Ontario but declined in the West by 7%.
“The successful conversion of strong top line growth and cost containment initiatives resulted in outstanding operating leverage," said president and CEO John Cassaday, in a statement. "Once again, this growth was powered by our core television business and demonstrates strength across our Kids, Pay, Women’s and Merchandising brands."
