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Despite tax hit, TVA Group reports growth

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MONTREAL - TVA Group Inc. yesterday reported net income of $17.6 million for the quarter ended June 30, 2004, results achieved despite higher income taxes, said the company.

The tax increase resulted from the depletion of certain future income tax assets, but the results this third quarter still matched the net income of $17.6 million reported in the third quarter of 2003. Earnings before interest, taxes depreciation and amortization (EBITDA) for the quarter was $29.7 million, an 11.2% increase from Q3 2003.

This EBITDA growth of $3.0 million came from the Television sector (primarily the TVA Network), where advertising revenues rose by more than 11%, reported the company. TVA Group's publishing business did not perform as well, however, and more specifically its arts magazines, which benefited more from the atypical Star Academie impact last year. As for the company's movie distribution business, although the film "Dans une galaxie pres de chez vous" turned in an excellent box-office performance, the level of activity in this sector remains below the break-even point, reported the company.

"Our results clearly illustrate that our strategy of focusing on content diversity and quality is very profitable for our shareholders, our customers and our viewers," said Serge Gouin, president and CEO. "We are very pleased with the success of our programming, which is making our viewers happy and giving our advertisers the visibility they seek in a quality environment. I want to take this opportunity to emphasize the excellent work by our employees on the federal election coverage, with the result that a majority of the public tuned in to TVA to stay informed of the vote results."
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