Welcome!

Agile Computing Authors: Pat Romanski, Mark Herring, LeanTaaS Blog, Derek Weeks, Yeshim Deniz

News Feed Item

Corus Entertainment Announces Fiscal 2013 First Quarter Results

  • Monthly dividend increased 6.25%
  • Net income attributable to shareholders up 3%
  • 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:    
     Unrealized foreign currency translation adjustment 290  1,124 
     Unrealized change in fair value of available-for-sale investments 290  (74)
  580  1,050 
     
Comprehensive income for the period 54,596  53,730 
     
Comprehensive income attributable to:    
     Shareholders 52,739  51,598 
     Non-controlling interest 1,857  2,132 
  54,596  53,730 

CORUS ENTERTAINMENT INC.  
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY  
                 
                 
                 
(unaudited  - in thousands of Canadian dollars) Share
capital
Contributed
surplus
Retained
earnings
Accumulated
other
comprehensive
loss
Total equity
attributable to
shareholders
Non-
controlling
interest
Total equity
At August 31, 2012 910,005 7,835  198,445  (812) 1,115,473  20,617  1,136,090 
Comprehensive income
52,159  580  52,739  1,857  54,596 
Dividends declared
(20,050) (20,050) (5,013) (25,063)
Issuance of shares under dividend    
reinvestment plan
6,788 —  6,788  —  6,788 
Shares repurchased (708) (756) —  (1,464) —  (1,464)
Share-based compensation expense
340  —  —  340  —  340 
At November 30, 2012 916,085 8,175  229,798  (232) 1,153,826  17,461  1,171,287 
               
               
At August 31, 2011 882,679 10,299  143,717  (1,075) 1,035,620  19,200  1,054,820 
Comprehensive income —  —  50,548  1,050  51,598  2,132  53,730 
Dividends declared —  —  (17,950) —  (17,950) (4,223) (22,173)
Issuance of shares under stock option  
plan
106  (20) —  —  86  —  86 
Issuance of shares under dividend  
reinvestment plan
6,282  —  —  —  6,282  —  6,282 
Shares repurchased (2,110) —  (1,778) —  (3,888) —  (3,888)
Share-based compensation expense —  293  —  —  293  —  293 
At November 30, 2011 886,957 10,572  174,537  (25) 1,072,041  17,109  1,089,150 
               

CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
     
  Three months ended
  November 30,
(unaudited - in thousands of Canadian dollars) 2012  2011 
OPERATING ACTIVITIES    
Net income for the period 54,016  52,680 
Add (deduct) non-cash items:    
   Depreciation and amortization 6,429  6,239 
   Amortization of program and film rights 45,693  47,055 
   Amortization of film investments 6,207  9,987 
   Deferred income taxes (1,294) 1,362 
   Share-based compensation expense 340  293 
   Imputed interest 2,525  3,034 
   Other (304) (243)
Net change in non-cash working capital    
   balances related to operations (29,133) (41,391)
Payment of program and film rights (27,626) (35,429)
Net additions to film investments (16,074) (17,136)
Cash provided by operating activities 40,779  26,451 
     
INVESTING ACTIVITIES    
Additions to property, plant and equipment (3,542) (3,370)
Net cash flows for intangibles, investments and other assets 73  1,131 
Other (88) (153)
Cash used in investing activities (3,557) (2,392)
     
FINANCING ACTIVITIES    
Increase in bank loans 9,985  — 
Issuance of shares under stock option plan 86 
Shares repurchased (1,464) (3,888)
Dividends paid (13,223) (11,675)
Dividends paid to non-controlling interest (4,313) (4,223)
Other (2,312) (2,272)
Cash used in financing activities (11,327) (21,972)
     
Net change in cash and cash equivalents during the period 25,895  2,087 
Cash and cash equivalents, beginning of the period 24,588  55,922 
Cash and cash equivalents, end of the period 50,483  58,009 

CORUS ENTERTAINMENT INC.
BUSINESS SEGMENT INFORMATION
 
(unaudited - in thousands of Canadian dollars)
           
Three months ended November 30, 2012
    Radio Television Corporate Consolidated
Revenues 52,324  173,823  226,147 
Direct cost of sales, general and administrative expenses 33,368  95,125  4,961  133,454 
Segment profit (loss)(1) 18,956  78,698  (4,961) 92,693 
Depreciation and amortization       6,429 
Interest expense       12,132 
Other expense, net       506 
Income before income taxes       73,626 
           
Three months ended November 30, 2011
    Radio Television Corporate Consolidated
Revenues 51,864  185,027  236,891 
Direct cost of sales, general and administrative expenses 35,462  104,532  5,683  145,677 
Segment profit (loss)(1) 16,402  80,495  (5,683) 91,214 
Depreciation and amortization       6,239 
Interest expense       13,427 
Other expense, net       447 
Income before income taxes       71,101 
           
(1) See definitions and discussion under Key Performance Indicators in MD&A.
 


Revenues by type
   
    Three months ended
    November 30,
    2012  2011 
  Advertising 117,894  119,449 
  Subscriber fees 74,981  74,141 
  Merchandising, distribution and other 33,272  43,301 
    226,147  236,891 

 

SOURCE Corus Entertainment Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
DevOps at Cloud Expo – being held June 5-7, 2018, at the Javits Center in New York, NY – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits,...
@DevOpsSummit at Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, is co-located with 22nd Cloud Expo | 1st DXWorld Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
SYS-CON Events announced today that T-Mobile exhibited at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on qua...
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness. For more information, please visit https://www.cedexis.com.
SYS-CON Events announced today that Google Cloud has been named “Keynote Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Companies come to Google Cloud to transform their businesses. Google Cloud’s comprehensive portfolio – from infrastructure to apps to devices – helps enterprises innovate faster, scale smarter, stay secure, and do more with data than ever before.
SYS-CON Events announced today that Vivint to exhibit at SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California. As a leading smart home technology provider, Vivint offers home security, energy management, home automation, local cloud storage, and high-speed Internet solutions to more than one million customers throughout the United States and Canada. The end result is a smart home solution that sav...
SYS-CON Events announced today that Opsani will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Opsani is the leading provider of deployment automation systems for running and scaling traditional enterprise applications on container infrastructure.
SYS-CON Events announced today that Nirmata will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nirmata provides a comprehensive platform, for deploying, operating, and optimizing containerized applications across clouds, powered by Kubernetes. Nirmata empowers enterprise DevOps teams by fully automating the complex operations and management of application containers and its underlying ...
SYS-CON Events announced today that Opsani to exhibit at SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California. Opsani is creating the next generation of automated continuous deployment tools designed specifically for containers. How is continuous deployment different from continuous integration and continuous delivery? CI/CD tools provide build and test. Continuous Deployment is the means by which...