TORONTO – Growth in its television division helped drive first quarter results at Corus Entertainment.
For the three months ended November 30, 2009, television revenues increased by 7%, while segment profit grew by 4%. Advertising revenues dipped 1% while specialty TV advertising revenues were flat.
By contrast, radio revenues dropped 6% in the quarter, leading to a decrease in segment profit of less than 1%. Broken down by region, revenues increased modestly in Ontario, decreased slightly in Quebec and dropped by 16% in the West.
Consolidated revenues for the quarter were $222.3 million, up 3% from $216.8 million last year, while consolidated segment profit was $83.2 million, up 2% from $81.3 million last year.
Net income was $73.9 million, up from $40.6 million last year, which included a $16.2 million reversal of a disputed regulatory fee accrual and a $14.2 million recovery due to income tax rate changes.
"We are pleased with our continued strong results in the first quarter, particularly the advertising sales momentum we experienced in the month of November," said president and CEO John Cassaday, in a statement. "We expect this ad sales recovery will continue for the balance of the fiscal year."
