MONTREAL – Astral Media reported growth in net earnings, revenues, EBITDA and cash flow from continuing operations during its third quarter.
Consolidated net earnings from continuing operations for the quarter ended May 31, 2009 increased 3% over the same quarter last year, rising to $44.3 million from $43.2 million. It grew by 5% for the first nine months of Fiscal 2009 to $115.6 million, up from $109.7 million last year.
Consolidated revenues for the third quarter of $232.5 million grew slightly from the $231.9 million reported last year for the same period, led by its TV division. Television revenue grew 3% for the quarter and the nine-month period, followed by 1% growth in its Outdoor Advertising. Radio revenue dropped by 4% for the quarter, though recorded 19% growth for the nine-month period.
Astral’s president and CEO Ian Greenberg said that he was “pleased by the resilience displayed by the company” in the first nine months of “a very challenging year for the Canadian economy".
"While our subscriber revenues continued to rise, advertising sales were affected by the industry-wide decline in demand which continued to spread into all of our major markets in the third quarter”, Greenberg said in the press release. “However, I am confident that our financial discipline, supported by a strong balance sheet and tight cost controls will help us emerge as an even stronger and more flexible organization when the economy turns around".
EBITDA increased to $82.3 million from $82.0 million for the same period last year, and is up by 7% for the nine-month period to $223.6 million from $208.5 million.
Cash flow from continuing operations for the third quarter grew 3% to $59.0 million from $57.2 million for the same period last year, and rose by 6% to $154.6 million for the first nine months of the year compared to $145.3 million for the same period last year.
