Proactiveinvestors United Kingdom Corus Entertainment https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Corus Entertainment RSS feed en Wed, 24 Jul 2019 05:13:50 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Corus Entertainment secures Canadian rights to Disney Channel’s content ]]> https://www.proactiveinvestors.co.uk/companies/news/106334/corus-entertainment-secures-canadian-rights-to-disney-channels-content-61025.html Corus Entertainment (TSE:CJR.B) advanced in today’s trading after the Canadian television media company secured Canadian licensing rights to Disney Channel’s content and said it plans to debut Disney Channel in Canada on September 1.

Shares were up 2.9 percent at C$17.56 at 2:25 p.m. in Toronto, paring this year’s loss to 23 percent.

Corus will also have Canadian rights to streaming content and ad-supported video on demand for certain programs.

The popular U.S. channel joins other Corus specialty TV channels geared to young audiences, including YTV, Teletoon, and ABC Spark. 

The company didn’t disclose financial details of the multi-year agreement.

Disney Channel shows like K.C. Undercover, Girl Meets World, Austin & Ally and Liv and Maddie will be used by Corus to help the Canadian broadcaster survive and thrive in an increasingly deregulated Canadian market dominated by Netflix Canada and other digital platforms.

“We are very excited to take our partnership with the Disney/ABC Television Group to the next level, and proud to be forging a new course for the iconic Disney Channel brand in Canada,” chief executive officer Doug Murphy said in a statement today.

In the United States, Disney Channel is available in about 96 million homes.

In Canada, Disney programs had been available through Family, formerly part of the Astral Media lineup of specialty channels.

BCE bought Astral and sold Family to DHX Media, which creates and distributes content for children and youth.

DHX announced yesterday that it will rebrand the three Family channels in its television division starting in November.

DHX said it will begin a new lineup in January but until then it will continue to broadcast Disney content including the series “Liv and Maddie” — which Corus identified as one of the programs that will be on its Disney Channel.

 

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Thu, 16 Apr 2015 14:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/106334/corus-entertainment-secures-canadian-rights-to-disney-channels-content-61025.html
<![CDATA[News - Corus Entertainment swings to quarterly loss on writedown, warns on full-year guidance ]]> https://www.proactiveinvestors.co.uk/companies/news/106257/corus-entertainment-swings-to-quarterly-loss-on-writedown-warns-on-full-year-guidance-60914.html Corus Entertainment (TSE:CJR.B) fell to the lowest in more than a year after the Canadian television media company swung to a quarterly loss and warned it won’t achieve full-year segment profit.

Shares fell to C$16.85 before paring losses to C$17.55, or 5.6 percent, at 2:25 p.m. in Toronto. The stock has lost 24 percent so far this year.

Net loss was C$86.8 million, or C$1.01 per share, in the three months ended February 28, compared with a profit of C$6.1 million, or C$0.07 per share, a year earlier, the Toronto-based company said in a statement today.

The company said the loss was mostly because of a write-down of the value of some of its assets.

Total revenue was C$191.48 million in the fiscal second quarter, compared with C$191.41 million a year before. Television revenue was C$155.2 million, up from C$152.1 million, while radio revenue dropped to C$36.3 million from C$39.3 million.

The company--which has one of Canada's largest collections of specialty television channels and radio stations--said that it won't meet one of the targets provided to investors in November, when it expected advertising demand would improve.

Corus said it was hit during the December-February quarter with "further economic headwinds'' that affected advertising market confidence.

The company listed a number of factors including a weaker Canadian dollar since January 1, continued low oil prices and the closure of large retail stores such as Target Canada, which announced in January it would close all its stores.

The company warned on its full-year profit. “As economic headwinds continue to impact advertising market confidence, we do not expect to achieve our segment profit guidance for fiscal 2015," said Doug Murphy, chief executive officer.

"Moving forward, we continue to make excellent progress on our four strategic priorities and we are conducting a comprehensive review of opportunities arising from this new flexible regulatory environment.”

The company also declared monthly dividends of slightly less than 9.5 cents per Class A share and 9.5 cents per Class B share, payable in May, June and July.

 

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Thu, 09 Apr 2015 14:47:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/106257/corus-entertainment-swings-to-quarterly-loss-on-writedown-warns-on-full-year-guidance-60914.html
<![CDATA[News - Corus Q1 profit slips, but revenue hits record on TV segment growth ]]> https://www.proactiveinvestors.co.uk/companies/news/105026/corus-q1-profit-slips-but-revenue-hits-record-on-tv-segment-growth-59224.html Corus Entertainment (TSE:CJR.B) posted fiscal first quarter results that fell short of expectations, while the company also hiked its divdend by 5 cents and announced its CEO John Cassaday plans to retire in March.

The company, which reports in Canadian dollars, said first quarter profit fell to 60 Canadian cents a share from C$1.78 a year earlier, on record revenues of $227.1 million, up from $226 million last year.

Excluding a gain in the year earlier period, earnings for the three months to November 30 were down 8 percent from 65 Canadian cents per share.

Both profit and revenue came in short of analysts' estimates. 

The company said that recent acquisitions drove television revenue and segment profit growth amid a soft advertising market. TV revenues and segment profit was up 2 percent in the latest period, which offset a decline in revenue from radio advertising.

"We continued to deliver strong ratings in Television, particularly on our Women's and Family networks," said president and chief executive officer John Cassaday, who is planning to retire in March and will be succeeded by COO Doug Murphy.

"Looking forward, signs of a recovery in television advertising demand are materializing and we expect this to gain traction as the year progresses.  

"We are also encouraged by our recent repositioning of key large market Radio stations, which is starting to translate into improved ratings, particularly in Toronto, Vancouver and Calgary."

The company also announced Tuesday that it hiked the annual dividend on its Class A and B shares by 5 cents to $1.14 per class B share and $1.135 per class A share.

Corus operates a variety of specialty channels like W Network, ABC Spark and Teletoon, as well as several radio stations. It acquired full ownership of Teletoon after buying the 50 per cent formerly owned by Astral Media.

Shares of the company rose 6.6 percent to C$22.41 as of 11:20am ET on Tuesday.

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Tue, 13 Jan 2015 11:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/105026/corus-q1-profit-slips-but-revenue-hits-record-on-tv-segment-growth-59224.html
<![CDATA[News - Corus trades near 52-week low after swinging to Q3 loss ]]> https://www.proactiveinvestors.co.uk/companies/news/102227/corus-trades-near-52-week-low-after-swinging-to-q3-loss-55335.html Corus Entertainment Inc. (TSE:CJR.B), the Toronto-based television media company, fell to a near 52-week low after swinging to loss in its fiscal third quarter even as revenue improved. Results missed analysts' expectations.

Shares retreated to C$22.92, the lowest intraday in nearly a year, and were trading at C$23.35, down 7.9 percent, at 10:03 a.m. in Toronto.

Net loss was $30.3 million, or a loss of 36 cents per share, in the three-month period ended May 31, compared with a net income of $89.9 million, or $1.07 per share, a year earlier, the company said.

Stripping out items such as radio broadcast licence and goodwill impairment charges of $75 million, adjusted earnings per share were 49 cents, missing analysts’ expectations.

Revenue increased 14 percent to $214 million, compared with $187.1 million year-over-year. Analysts were modeling revenue of $234.5 million.

Corus was given regulatory approval late last year to acquire the remaining 50 percent interest in Teletoon that it did not already own, as well as the acquisition of channels Historia and Series+. In January, Corus was given approval to acquire Ottawa-based radio stations CKQB-FM and CJOT-FM.

"While we experienced continued softness in the ad markets," said CEO John Cassaday in the statement," we are encouraged by the ratings strength of our flagship networks W and YTV, which have maintained a leadership position with their core audiences, as well as the strong ratings gains from our family brands CMT and ABC Spark. 

"The strength of our recent acquisitions, combined with our core business, continues to drive shareholder value with strong free cash flow and adjusted earnings per share growth for the Company."

 

 

 

 

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Thu, 10 Jul 2014 10:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/102227/corus-trades-near-52-week-low-after-swinging-to-q3-loss-55335.html
<![CDATA[News - Corus gains as Q1 net triples on Teletoon stake ]]> https://www.proactiveinvestors.co.uk/companies/news/99395/corus-gains-as-q1-net-triples-on-teletoon-stake-51253.html Corus Entertainment Inc. (TSE:CJR.B), the Toronto-based television media company, advanced in midday trade after tripling profit in its fiscal first quarter and hiking its monthly dividend.

Corus gained 3.5 percent to C$25.44 at 3:12 p.m. in Toronto, trimming this year's losses to 1 percent.

Profit increased to C$150.9 million, or C$1.78 a share, in the three months ended Nov. 30, from C$52.2 million, or 62 Canadian cents a share, in the year-earlier period, the Toronto, Ontario-based company said in a statement today.

Profit gained mainly due to a change in value of its stake in specialty television service Teletoon Canada Inc.

Stripping out the gains from the remeasurement of the Teletoon stake, Corus earned 65 Canadian cents a share, above the 62-cents average estimate of analysts tracked by Thomson Reuters.

Quarterly revenue grew 8 percent to C$226 million, from C$209 million.

Corus, which owns 37 radio stations, said revenue from the business dropped 8 percent on weak advertising.

Revenue from its television division improved about 13 percent to C$177.9 million.

Corus, which is controlled by the Shaw family, upped its annual dividend on Class B shares to C$1.09 from C$1.02. The Shaw family also runs cable company Shaw Communications Inc. (TSE:SJR.B), which reported today a 4 percent rise in fiscal first-quarter profit.

"We have again benefited from our disciplined focus on cost controls, delivering excellent margins this quarter in the face of slow economic growth and tough year-over-year comparables in our merchandising business," Chief Executive Officer John Cassaday said in the statement. Cassaday has held this position since the creation of Corus in September 1999. 

Corus specializes in television content for women and children. It airs shows such as SpongeBob SquarePants and Dora the Explorer on its Nickelodeon (Canada) channel.

 

 

 

 

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Tue, 14 Jan 2014 15:51:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/99395/corus-gains-as-q1-net-triples-on-teletoon-stake-51253.html
<![CDATA[News - Corus shares fall as company warns of second-half weakness ]]> https://www.proactiveinvestors.co.uk/companies/news/96172/corus-shares-fall-as-company-warns-of-second-half-weakness-45968.html Corus Entertainment's (TSE:CJR.B) net income soared 108 per cent even as the industry faced lower demand for advertising. 

But even though Corus's adjusted earnings blazed past the Street consensus, the company is taking a cautious stance for the second half of the year. 

"Our expectations for a stronger back half have not materialized and we will miss the lower end of our segment profit guidance," said John Cassaday, president and chief executive officer.

Net income in the third quarter came to $89.9 million or $1.07 per share, compared to $43.2 million or 51 cents per share in the same period a year ago. 

On an adjusted basis, Corus's profit fell to $34.5 million or 41 cents per share versus $43.2 million or 52 cents per share last year. The mean analyst consensus was 52 cents per share. 

Revenue dipped nearly two per cent to $200 million from $204 million. Sales fell across the radio and television segments, but the biggest decline was in television's merchandising, production and distribution business. 

The company says it will look for expansion opportunities through acquisitions, in particular to gain footing in the Ottawa radio and Quebec specialty television markets.

During the quarter, Corus bought the 49 per cent stake in ABC Spark it did not already own in and reported a $55.4 million gain from the sale of its interest in Food Network Canada.

Corus traded 5.8 per cent lower to $23.24 as of 10:44 am ET.

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Thu, 11 Jul 2013 11:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/96172/corus-shares-fall-as-company-warns-of-second-half-weakness-45968.html
<![CDATA[News - Corus Q2 profit slumps as TV revenues fall 12% ]]> https://www.proactiveinvestors.co.uk/companies/news/94224/corus-q2-profit-slumps-as-tv-revenues-fall-12-42630.html  

Shares of Corus Entertainment (TSE:CJR.B) fell Thursday after it said that second-quarter profit slumped 81 per cent on a hefty debt refinancing charge and a 12-per-cent decline in television revenue. 

For the three months that ended February 28, the Toronto-based media and entertainment company posted net income attributable to shareholders of C$5.9 million or seven cents per share, down from $31.6 million or 38 cents per share, a year earlier.

The company said net income in the latest period included a pre-tax charge of $25.0 million related to debt refinancing.

Adjusted net income was $24.4 million or 29 cents per share, down 23 per cent from a year earlier.

Overall revenues during the quarter were $183.7 million, down 11 per cent from $205.6 million in the same quarter of 2012.

"The second quarter business results were soft, as expected, but we were able to end the first half of the year with significant increases in year-to-date free cash flow and improved margins," said president and CEO John Cassaday in the statement Thursday. 

"The highlight of the quarter was the successful refinancing of our Senior Unsecured Guaranteed Notes, which resulted in a 300 basis point reduction in our financing costs.  

“This activity was followed up by a series of significant transactions subsequent to the quarter, certain of which are subject to CRTC approval, which will enable us to expand our presence in radio, consolidate our position in TELETOON and ABC Spark, enter the Quebec specialty television market and realize substantial gains on the sale of our minority interest in the Food Network (Canada) and on the revaluation of TELETOON." 

Revenues from the company's television segment fell 12 per cent to $143.4 million, while sales at its radio unit shed five per cent to $40.2 million. Segment profit in the TV unit dropped 14 per cent to $51.7 million, while profit in the radio business lost two per cent to $9.6 million.

The company also said that Movie Central finished the quarter with 1.01 million paid subscribers. Corus sells subscriptions to its Movie Central service, which includes HBO Canada, via cable and satellite companies.

Corus is focused in specialty television and radio with additional assets in pay television, television broadcasting, children’s book publishing and children’s animation.

Its multimedia entertainment brands include YTV, Treehouse, Nickelodeon Canada, ABC Spark, W Network, CosmoTV, Movie Central, and HBO Canada, among others. 

Radio stations include CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge.

Shares of the company fell 3.65 per cent as at about 10 a.m., trading at $24.69.

 

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Thu, 11 Apr 2013 10:06:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/94224/corus-q2-profit-slumps-as-tv-revenues-fall-12-42630.html
<![CDATA[News - Corus Entertainment Q4 profit falls, TV revenue slides ]]> https://www.proactiveinvestors.co.uk/companies/news/90725/corus-entertainment-q4-profit-falls-tv-revenue-slides-36505.html  

Corus Entertainment (TSE:CJR.B) said Thursday its fourth quarter profit fell on a tax charge and revenues slipped on a decline in television sales.

For the three months that ended August 31, the Toronto-based media and entertainment company posted net income attributable to shareholders of $23.3 million, or 28 cents per diluted share, compared to $27.6 million, or 33 cents a share during the same period last year.

Excluding a tax-related charge, adjusted net income attributable to shareholders rose nine per cent to $30.1 million or 36 cents per share.

Overall revenues during the quarter were $195.6 million, down two per cent from $200.2 million in the fourth quarter of 2011.

Analysts polled by Thomson Reuters expected adjusted earnings of 36 cents per share on higher revenue of $201.8 million.

"Corus finished the year with strong gains in specialty advertising revenues and segment profit for the fourth quarter, said president and CEO John Cassaday.

“Looking ahead, we are confident that disciplined cost controls, coupled with our portfolio of assets, position us well for continued growth in fiscal 2013.”

Revenues from the company's television segment fell three per cent to $147.8 million, while sales at its radio unit were flat at $47.7 million. Segment profit in the TV unit rose seven per cent to $54.5 million, while profit in the radio business was up one per cent to $14.9 million.

In the TV unit, specialty advertising revenues increased seven per cent in the quarter, while subscriber revenues fell one per cent year-over-year. Merchandise, distribution and other revenue decreased 16 per cent.

The company also said that Movie Central finished the quarter with 976,000 paid subscribers. Corus sells subscriptions to its Movie Central service, which includes HBO Canada, via cable and satellite companies.

Corus is focused in specialty television and radio with additional assets in pay television, television broadcasting, children’s book publishing and children’s animation.

The company’s multimedia entertainment brands include YTV, Treehouse, Nickelodeon Canada, ABC Spark, W Network, CosmoTV, Movie Central, and HBO Canada, among others. 

Radio stations include CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge.

Shares of the company edged down 0.8 per cent as at about 1:45 p.m., trading at $22.00.

 

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Thu, 25 Oct 2012 13:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/90725/corus-entertainment-q4-profit-falls-tv-revenue-slides-36505.html
<![CDATA[News - Corus Q3 profit up, warns on 2012 guidance - UPDATE ]]> https://www.proactiveinvestors.co.uk/companies/news/87832/corus-q3-profit-up-warns-on-2012-guidance-update-31871.html Corus Entertainment (TSE:CJR.B) said Thursday its third quarter profit rose, but revenues slipped four per cent on losses in its specialty channel segment and the company warned it may not meet its 2012 profit guidance.

Shares were down almost seven percent on the news, slipping to $21.89 in late morning trading after the comapny noted that weakness in its specialty segments meant it would be a "challenge to hit the low end of our segment profit guidance".

At its investor day last November, Corus estimated it would post consolidated segment profit of $300-$310-million and free cash flow surpassing $125-million.

Meanwhile, for the three months that ended May 31, the Toronto-based media and entertainment company posted net income attributable to shareholders of $43.2 million, or 51 cents per diluted share, compared to $40.4 million, or 49 cents a share during the same period last year.

Overall revenues during the quarter fell four per cent to $204.1 million, from $211.8 million in the same quarter last year.

According to Thomson Reuters, analysts were expecting 49 cents per share in profits, on $221.7 million in sales.

“Despite tough year-over-year comparables, we delivered a solid performance in the quarter, growing net income and earnings per share, maintaining our exceptional margins through rigorous cost controls and continuing to generate impressive free cash flow,” said Corus president and CEO John Cassaday.

“Our specialty advertising revenues in the quarter were impacted by soft demand in the Kids segment, which overshadowed the continued strong performance in our Women's vertical and newer services, including ABC Spark.”

Revenues from the company's television segment fell four per cent to $154.7 million, while sales at its radio unit were down about three per cent to $49.3 million. Segment profit in the TV unit slipped five per cent, while profit in the radio business was up one per cent.

In the TV unit, specialty advertising revenues decreased 11 per cent in the quarter, while subscriber revenues were down two per cent year-over-year. Merchandise, distribution and other revenue increased eight per cent.

The company also said that Movie Central finished the quarter with 975,000 paid subscribers. Corus sells subscriptions to its Movie Central service, which includes HBO Canada, via cable and satellite companies.

Looking ahead, Cassaday said the company’s brands, programming and cost controls measures, will position Corus for a recovery in the advertising market.

Corus is focused in specialty television and radio with additional assets in pay television, television broadcasting, children’s book publishing and children’s animation.

The company’s multimedia entertainment brands include YTV, Treehouse, Nickelodeon Canada, ABC Spark, W Network, CosmoTV, Movie Central, and HBO Canada, among others.

Radio stations include CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge.

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Thu, 12 Jul 2012 09:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/87832/corus-q3-profit-up-warns-on-2012-guidance-update-31871.html
<![CDATA[News - Corus grows Q2 profit, revenue up on TV strength ]]> https://www.proactiveinvestors.co.uk/companies/news/85298/corus-grows-q2-profit-revenue-up-on-tv-strength-27644.html Corus Entertainment (TSE:CJR.B) said Thursday its second quarter profit rose as revenues were up eight percent on growth in its television unit.

For the three months that ended February 29, the Toronto-based media and entertainment company posted net income attributable to shareholders of $31.57 million, or 38 cents per diluted share, compared to $27.29 million, or 33 cents a share during the same period last year.

Overall revenues during the quarter hiked eight percent to $205.7 million, from $191.1 million in the same quarter last year.

According to Thomson Reuters, analysts were expecting 37 cents per share in profits, on $203.1 million in sales.

“We are delighted with our second quarter results as we continued to grow our revenue and net income, despite a challenging ad sales environment,” said president and CEO John Cassaday.

"Our portfolio of Women’s brands delivered double digit ad growth, and our Kids business continued to grow on the strength of our Beyblade sales.

"Our Radio business also experienced a return to growth in the quarter. The introduction of ABC Spark in March represents another exciting growth opportunity for Corus, and expands on our relationship with Disney."

Revenues from the company's television segment rose 10 percent to $163.30 million, while sales at its radio unit were down about one percent to $42.38 million. Segment profit in the TV unit rose one percent, while profit in the radio business was up two percent.

Under the TV unit, specialty advertising revenues increased four percent in the quarter, while subscriber revenues were flat year-over-year. Merchandise, distribution and other revenue increased 46 percent.

The company also said thaat Movie Central finished the quarter with 988,000 paid subscribers. Corus sells subscriptions to its Movie Central service, which includes HBO Canada, via cable and satellite companies.

The company also declared its monthly dividends of seven cents per class A share and eight cents per class B share.

Corus is focused in specialty television and radio with additional assets in pay television, television broadcasting, children’s book publishing and children’s animation.

The company’s multimedia entertainment brands include YTV, Treehouse, Nickelodeon Canada, ABC Spark, W Network, CosmoTV, Movie Central, and HBO Canada, among others.

Radio stations include CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge.

Corus shares fell 2.62 percent to $23.83 early Thursday afternoon.

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Thu, 12 Apr 2012 12:25:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/85298/corus-grows-q2-profit-revenue-up-on-tv-strength-27644.html
<![CDATA[News - Corus boosts dividend on strong Q1 earnings growth ]]> https://www.proactiveinvestors.co.uk/companies/news/82678/corus-boosts-dividend-on-strong-q1-earnings-growth-23273.html Corus Entertainment (TSE:CJR.B) announced Tuesday that it would increase its quarterly dividend by 10 percent, following a strong increase in its first quarter profits.

The company will increase its annual dividend by nine-cents per share.

Holders of the company's Class A shares will receive a monthly dividend of $0.079583 per share, or an annual dividend of $0.955 per share. Class B shareholders will receive a monthly dividend of $0.08 per share, or an annual dividend of $0.96 per share.

Shareholders will receive the monthly dividend on each February 29, March 30, and April 30.

For the three months ended November 30, the entertainment giant posted profits of $53.73 million, or $0.61 per share, up ten percent over the
$48.96 million, or $0.58 per share, a year ago.

Revenues during the quarter hiked seven percent to $236.89 million, from $222.16 million in the same period last year.

According Bloomberg, analysts were expecting $0.59 per share in profits, on $229 million in sales.

Corus President and CEO, John Cassaday said: "We are very pleased with our Q1 results and in particular, the renewed signs of strength we witnessed in the ad economy.

"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."

Indeed, revenues from the company's television business increased ten percent to $185.03 million, as specialty advertising revenues hiked three percent, subscriber revenues increased one percent, and merchandise and distribution revenues rose 66 percent.

However, Corus' radio segment reported a five percent decline in sales, to $51.86 million.

Overall advertising revenues fell one percent to $119.45 million, while subscriptions fees increased half a percent to $74.14 million. Merchandising and distribution revenues spiked over 54 percent to $43.3 million.

In Toronto, Corus shares hiked 2.06 percent to $21.78, as of 9:55 am EDT.

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Tue, 10 Jan 2012 10:49:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/82678/corus-boosts-dividend-on-strong-q1-earnings-growth-23273.html
<![CDATA[News - Corus beats Street with Q3 results, boosts dividend by 16% ]]> https://www.proactiveinvestors.co.uk/companies/news/78635/corus-beats-street-with-q3-results-boosts-dividend-by-16-16321.html Corus Entertainment (TSE:CJR) announced Thursday it beat estimates with a 25% hike in its third quarter profit, driven by a 15% boost in television specialty ad revenues.

For the three months ending May 31, the Canadian entertainment giant posted a profit of $39.2 million, or $0.47 per share, compared to $31.4 million, or $0.39 per share, a year ago.

Revenues for the quarter grew to $211.8 million, up almost 7% from a year earlier.

Analysts had expected earnings of $0.45 per share, on revenues of $207.34 million.

Advertising provided $104.4 million in revenues, while subscriber fees contributed $76.2 million.

The company's core television segment drew in $161 million in revenues and $68.5 million in profit in the third quarter, up 10% and 15%, respectively.

The portion of the business that includes stations like OWN: The Oprah Winfrey Network, YTV, and HBO Canada, saw specialty advertising revenues rise 15% and subscriber revenues increase 5%, year-over-year.

"We are very pleased to have achieved double digit segment profit growth for the third consecutive quarter," said president and CEO, John Cassaday.

"Once again, this growth was powered by our core television business and demonstrates strength across our Kids, Pay, Women’s and Merchandising brands."

However, Corus' radio segment, which includes stations like 102.1 the Edge, Q107, and 99.3 The FOX, saw a 1% drop in revenues, and a 9% drop in profits.

The Toronto, Ontario-based company announced that on the back of its third quarter results, its board approved a 16% increase in its monthly dividend.

On the Toronto Stock Exchange, Corus' shares rose 2.08% as of 12:19 pm EDT, to trade at $21.08 each.

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Thu, 14 Jul 2011 14:18:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/78635/corus-beats-street-with-q3-results-boosts-dividend-by-16-16321.html
<![CDATA[News - Corus Entertainment posts 8% Q1 revenue growth, profits fall 37% ]]> https://www.proactiveinvestors.co.uk/companies/news/75646/-corus-entertainment-posts-8-q1-revenue-growth-profits-fall-37-11313.html Canadian media company Corus Entertainment (TSX: CJR.B), whose brands include YTV, CosmoTV and HBO Canada, announced Tuesday that its fiscal first quarter revenue rose 8% on growth in both its television and radio operations.

Despite this improvement, however, the company's profits for the quarter ending November 30, 2010 unsurprisingly dropped 37% year-over-year, as the prior year period recorded more than $30 million in one-time items that boosted Corus' bottom line.

For the most recent quarter, Corus posted $46.2 million in net income, or $0.56 per diluted share, compared with $73.9 million, or $0.91 per diluted share, in the first quarter of fiscal 2010. Excluding the more than $30 million in one-time income in Q1 2010, earnings per share were $0.61.

Revenue for Q1 2011 was $240.7 million, up from $222.3 million in the prior year quarter. This was helped by an 11% rise in television sales to $167.5 million, and a slight 3% boost in radio revenues to $73.1 million.

In the television segment, specialty advertising revenues increased by 17%, while subscriber revenues rose 9%.

The company's first quarter 2011 results were in line with analyst expectations.

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Tue, 11 Jan 2011 13:52:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/75646/-corus-entertainment-posts-8-q1-revenue-growth-profits-fall-37-11313.html