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Basic earnings per share attributable to shareholders up 3%
Segment profit up 2%
Strong segment profit margins for Television (45%) and Radio (36%)
TORONTO, Jan. 14, 2013 /PRNewswire/ - Corus Entertainment Inc. (TSX: CJR.B) announced its first quarter financial results today.
"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
Revenues
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
Television
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%
Radio
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.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and entertainment
company. Corus is a market leader in specialty television and radio
with additional assets in pay television, television broadcasting,
children's book publishing, children's animation and animation
software. The Company's multimedia entertainment brands include YTV,
Treehouse, Nickelodeon (Canada), ABC Spark, W Network, OWN: Oprah
Winfrey Network (Canada), CosmoTV, Sundance Channel (Canada), Movie
Central, HBO Canada, Nelvana, Kids Can Press, Toon Boom and 37 radio
stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED,
Q107, and 102.1 the Edge. Corus creates engaging branded entertainment
experiences for its audiences across multiple platforms. A publicly
traded company, Corus is listed on the Toronto Stock Exchange (CJR.B).
Experience Corus on the web at www.corusent.com.
The unaudited consolidated financial statements and accompanying notes
for the three months ended November 30, 2012 and Management's
Discussion and Analysis are available on the Company's website at www.corusent.com in the Investor Relations section.
A conference call with Corus senior management is scheduled for January
15, 2013 at 4:00 p.m. ET. While this call is directed at analysts and
investors, members of the media are welcome to listen in. The dial-in
number for the conference call for North America is 1.800.909.4795 and
for local/international callers is 416.641.6684. PowerPoint slides for
the call will be posted 15 minutes prior to the start of the call and
can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.
This press release contains forward-looking information and should be
read subject to the following cautionary language:
To the extent any statements made in this report contain information
that is not historical, these statements are forward-looking statements
and may be forward-looking information within the meaning of applicable
securities laws (collectively, "forward-looking statements"). These
forward-looking statements related to, among other things, our
objectives, goals, strategies, intentions, plans, estimates and
outlook, including advertising, distribution, merchandise and
subscription revenues, operating costs and tariffs, taxes and fees, and
can generally be identified by the use of the words such as "believe",
"anticipate", "expect", "intend", "plan", "will", "may" and other
similar expressions. In addition, any statements that refer to
expectations, projections or other characterizations of future events
or circumstances are forward-looking statements. Although Corus
believes that the expectations reflected in such forward-looking
statements are reasonable, such statements involve risks and
uncertainties and undue reliance should not be placed on such
statements. Certain material factors or assumptions are applied in
making forward-looking statements, including without limitation factors
and assumptions regarding advertising, distribution, merchandise and
subscription revenues, operating costs and tariffs, taxes and fees and
actual results may differ materially from those expressed or implied in
such statements. Important factors that could cause actual results to
differ materially from these expectations include, among other things:
our ability to attract and retain advertising revenues; audience
acceptance of our television programs and cable networks; our ability
to recoup production costs, the availability of tax credits and the
existence of co-production treaties; our ability to compete in any of
the industries in which we do business; the opportunities (or lack
thereof) that may be presented to and pursued by us; conditions in the
entertainment, information and communications industries and
technological developments therein; changes in laws or regulations or
the interpretation or application of those laws and regulations; our
ability to integrate and realize anticipated benefits from our
acquisitions and to effectively manage our growth; our ability to
successfully defend ourselves against litigation matters arising out of
the ordinary course of business; and changes in accounting standards.
Additional information about these factors and about the material
assumptions underlying such forward-looking statements may be found in
our Annual Information Form. Corus cautions that the foregoing list of
important factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with
respect to Corus, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. Unless
otherwise required by applicable securities laws, we disclaim any
intention or obligation to publicly update or revise any
forward-looking statements whether as a result of new information,
events or circumstances that arise after the date thereof or otherwise.
CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As at November 30,
As at August 31,
(unaudited - in thousands of Canadian dollars)
2012
2012
ASSETS
Current
Cash and cash equivalents
50,483
24,588
Accounts receivable
206,036
173,421
Income taxes recoverable
—
9,542
Prepaid expenses and other
14,633
12,664
Total current assets
271,152
220,215
Tax credits receivable
45,571
43,865
Intangibles, investments and other assets
42,067
42,390
Property, plant and equipment
160,691
163,563
Program and film rights
276,743
271,244
Film investments
69,684
67,983
Broadcast licenses
569,505
569,505
Goodwill
674,393
674,393
Deferred tax assets
29,318
28,327
2,139,124
2,081,485
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities
203,214
185,991
Income taxes payable
16
—
Provisions
1,638
2,322
Total current liabilities
204,868
188,313
Long-term debt
528,898
518,258
Other long-term liabilities
83,357
87,853
Deferred tax liabilities
150,714
150,971
Total liabilities
967,837
945,395
SHAREHOLDERS' EQUITY
Share capital
916,085
910,005
Contributed surplus
8,175
7,835
Retained earnings
229,798
198,445
Accumulated other comprehensive loss
(232)
(812)
Total equity attributable to shareholders
1,153,826
1,115,473
Equity attributable to non-controlling interest
17,461
20,617
Total shareholders' equity
1,171,287
1,136,090
2,139,124
2,081,485
CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Three months ended
November 30,
(unaudited - in thousands of Canadian dollars except per share amounts)
2012
2011
Revenues
226,147
236,891
Direct cost of sales, general and administrative expenses
133,454
145,677
Depreciation and amortization
6,429
6,239
Interest expense
12,132
13,427
Other expense, net
506
447
Income before income taxes
73,626
71,101
Income tax expense
19,610
18,421
Net income for the period
54,016
52,680
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
Net income for the period
54,016
52,680
Other comprehensive income, net of tax:
Items that may be reclassified subsequently to income:
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