MONTREAL – "Looking at the performance of our divisions, the television group recorded very strong growth for the quarter with subscriber-related revenues up 9% and advertising revenues increasing by 13% over the same period last year," said Astral Media president and CEO Ian Greenberg in today’s press release on the company’s third quarter financial peformance.
Consolidated net earnings for the first nine months of fiscal 2007, ended May 31st, increased by 9% over last year, rising to $93.1 million ($1.76 per basic share). Consolidated net earnings for the third quarter increased by 8% over the same quarter last year, rising to $35.9 million. Consolidated revenues totalled $484.3 million for the first nine months of the year, an increase of 8% over 2006. Consolidated revenues for the third quarter totalled $169.4 million, an 8% increase over Q3 ’06.
EBITDA for the first nine months increased by 8% to $152.7 million and for the third quarter, increased to $58.3 million, or 7%. Cash flow from operations rose 7%, too, totalling $108.9 million for the first nine months of the year and increased 10% to $42.6 million in the quarter.
"We are delighted with the Company’s strong results for the third quarter of fiscal 2007, and with the sustained revenue growth of our three business segments, namely Television, Radio and Outdoor" said Greenberg. "But over and above these strong results, this has been a transformational quarter for Astral Media with the acquisition of Standard Radio and the approval of our proposal to provide the Toronto street furniture program for the next 20 years. They demonstrate our intention of both, achieving our business ambition, and becoming a truly national media player. Our immediate focus now turns to the successful execution of these major projects in the coming months, while striving to remain on our organic growth path."
As for the radio side (without Standard, pending a CRTC hearing) "our radio stations revenues were up 5% over the third quarter of 2006," he added.
