Broadcaster Magazine

Corus Announces Q1 Financial Results

Corus Entertainment Inc. announced its first quarter financial results.

“Corus has delivered a solid first quarter, achieving double-digit segment profit growth in Radio, strong Women’s advertising sales, subscriber gains on Pay television and continued success in controlling costs, which was partially offset by soft results in our Kids business,” said John Cassaday, President and Chief Executive Officer, Corus Entertainment. “Looking ahead, we expect our strong ratings momentum on Oprah Winfrey Network, ABC Spark and Nickelodeon will contribute to revenue growth as the fiscal year progresses.”

Financial Highlights

Three months ended

November 30,

(unaudited – in thousands of Canadian dollars except per share amounts) 2012 2011


Television 173,823 185,027

Radio 52,324 51,864

226,147 236,891

Segment profit (1)

Television 78,698 80,495

Radio 18,956 16,402

Corporate (4,961) (5,683)

92,693 91,214

Net income attributable to:

Shareholders 52,159 50,548

Non-controlling interest 1,857 2,132

54,016 52,680

Earnings per share attributable to shareholders:

Basic $ 0.63 $ 0.61

Diluted $ 0.62 $ 0.61

Free cash flow (1) 37,885 24,059

(1) See definitions and discussion under Key Performance Indicators in MD&A.

Consolidated Results from Continuing Operations

Consolidated revenues for the three months ended November 30, 2012 were $226.1 million, down 5% from $236.9 million last year. Consolidated segment profit was $92.7 million, up 2% from $91.2 million last year. Net income attributable to shareholders for the quarter was $52.2 million ($0.63 basic and $0.62 diluted per share), up 3% compared to $50.5 million ($0.61 basic and diluted per share) last year.

Operational Results – Highlights


Segment revenues decreased 6%

Segment profit(1) decreased 2%

Specialty advertising revenues decreased 3%

Subscriber revenues increased 1%

Movie Central finished the quarter with 998,000 subscribers, up 22,000 from the fourth quarter of fiscal 2012

Merchandising, distribution and other revenues decreased 25%

Segment profit margins of 45%


Segment revenues increased 1%

Segment profit(1) increased 16%

Segment profit margins of 36%

(1) See definitions and discussion under Key Performance Indicators in MD&A.

Corus Entertainment Inc. reports in Canadian dollars.

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