Astral Media Reports Solid Growth for Second Quarter
Astral Media Inc. reported its financial results for the second quarter ended February 28, 2005, which saw continued strong growth in earnings, revenues, EBITDA and cash flow from continuing operations.
Net earnings from continuing operations for the first six months of Fiscal 2005 increased 20% over last year, rising to $45.9 million ($0.82 per share) from $38.2 million ($0.69 per share) last year. Net earnings from continuing operations in the second quarter of Fiscal 2005 increased by 17% to $20.4 million ($0.36 per share) from $17.4 million ($0.31 per share). Consolidated revenues totalled $265.7 million for the first six months, an increase of 8% over the $246.5 million recorded last year for the same period. Consolidated revenues were $125.7 million for the second quarter of Fiscal 2005, up 6% from the $118.4 million for the same quarter last year.
EBITDA for the first six months increased 14% to $76.9 million from $67.6 million for the same period last year and was up 11% to $34.4 million in the second quarter compared to $31.0 million for the same quarter last year. This increase reflects solid growth across all business units. Cash flow from continuing operations also rose 19% for the first half of the year totalling $54.4 million compared to $45.8 million for the same period last year. For the second quarter, cash flow from continuing
operations was up 17% to $25.0 million, compared to $21.3 million for the same quarter last year.
"We are very pleased with the solid growth the company demonstrated this quarter," said Ian Greenberg, President and Chief Executive Officer. "In what is traditionally a slower quarter for advertising revenues, our quality
programming and innovative advertising offerings nonetheless continued to drive subscriber and advertising revenue up over last year with all divisions contributing to bottom-line growth for the quarter."