/
07.15.2009 12:00AM
Corus Posts Q3 Loss on Impairment

TORONTO: A C$175-million impairment charge dragged Corus Entertainment Inc. (TSX: CJR.B) losses for Q309 well below analyst expectations.

The Canadian radio and TV broadcaster reported losses of C$145 million or C$1.81 per share for the quarter, which ended May 31. In the same quarter of ’08, Corus posted profits of C$37.7 million or 45 cents per share.

Corus attributed much of the loss to an impairment charge on goodwill and broadcast licenses. With those charges and other one-time items taken out of the picture, Corus reported adjusted earnings per share of 36 cents.

Analysts predicted the company would book adjusted earnings of 43 cents per share.

On the television side, revenues were down only a single percentage point, while segment profit fell by 5 percent.
The results came a day after Corus announced the C$40 million purchase of Drive-In Classics and SexTV from CTVglobemedia (TSX: BCE). The purchase must be approved by the Canadian Radio-Television and Telecommunications Commission.

Quarterly revenue was down 6 percent at C$195.4 million compared to the C$207.8 million taken in the prior year. Revenue declines were most precipitous for the company’s radio division, which saw a 15 percent drop in total revenue and a 35 percent drop in segment profit.

Corus operates three broadcast television stations in Ontario and more than a dozen cable and satellite channels, as well as 52 radio stations across Canada 



Comments
Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found




Wednesday 9:02AM
Analysts: TV Regs 'Not as Dire as We Thought'
We feel the negatives are known and are a lot more comfortable recommending the space.


 
Featured Articles
Discover TV Technology