TORONTO – Consolidated revenues for the first quarter ended November 30, 2007 were $214.8 million at Corus Entertainment, up 3% from last year’s Q1.
Consolidated segment profit was $83.4 million, up 4% from last year. Net income for the quarter was $39.4 million ($0.94 basic and $0.91 diluted), up 7% compared to the first quarter of fiscal 2007.
Corus Television contributed quarterly revenues of $126.1 million, up 3% over last year, led by specialty advertising growth of 2% and subscriber revenue growth of 4%. Quarterly segment profit increased to $62.9 million, up 4%.
Corus Radio revenues were $79.5 million, up 5% and segment profit was $25.5 million, up 8%.
Corus Content revenues, however, were $9.6 million, down 19% from $11.7 million last year. Segment profit was $500,000, compared to $1 million last year.
"We executed well on our operating strategies and delivered solid increases in revenues and segment profit" said John Cassaday, president and CEO of Corus Entertainment Inc. "In Q1, we invested in programming and marketing to continue our growth momentum. These solid results were in line with our expectations and our continued confidence in our business has enabled us to once again substantially increase our dividend. We are also pleased to have announced our intention to extend our share buyback program."
The company also finalized its two-for-one stock split and announced a 20% dividend increase for shareholders.
