TORONTO – Despite losses in its radio division, Corus Entertainment finished the first quarter of 2012 with revenues up 7% over the same period last year.
Consolidated revenues for the three months ended November 30, 2011 were $236.9 million, up from $222.2 million in the first quarter of F2011. Consolidated segment profit was $91.2 million, a modest 1% increase over $90.7 million last year, and net income attributed to equity shareholders was $50.5 million compared to $46.2 million.
Corus said its television segment profit was unchanged $80.5 million, though specialty advertising revenues were up 3%, and subscriber revenues increased by 1%. Movie Central finished the quarter with 973,000 subscribers.
The company’s radio division saw its segment profit drop by 11% for the quarter to $16.4 million after revenues dipped by 5%.
“We are very pleased with our Q1 results and in particular, the renewed signs of strength we witnessed in the ad economy,” said president and CEO John Cassaday, in a statement. “Double digit ad sales growth for our women’s networks, continued growth on our kids business powered by strong merchandising sales and strong evidence of a turnaround underway in our Vancouver radio cluster, are all positive indicators that we are poised to achieve our growth targets in fiscal 2012.”
Corus also announced plans to boost its annual dividend by 10% for its class A and B shareholders.
