Wednesday, January 13, 2021

Canadian Radio: Corus Expects Late 2021 Recovery

Corus Entertainment Inc. expects to post a recovery later in 2021 after beating analyst expectations in the first quarter despite lower profits and revenues, reports The Canadian Press.

"Our team is making meaningful progress on the disciplined execution of our strategic plan, which is designed to get us to consolidated revenue growth year-over-year-over-year," CEO Doug Murphy said Tuesday in a conference call.

"We kicked off our new fiscal year with a stronger-than-anticipated quarter."

The media company said it earned $76.7 million in net income attributable to shareholders or 37 cents per diluted share for the quarter ended Nov. 30.

The result compared with a profit of $78.1 million or 37 cents per diluted share in the same quarter a year earlier.

Revenue for the three-month period totaled $420.4 million, down 10 per cent from $467.9 million. But that was ahead of company forecasts and the fourth quarter, said chief financial officer John Gossling.

Television segment revenues decreased nine per cent while radio revenues plunged about 25 per cent due to pandemic-related restrictions on businesses in local markets.

Corus owns 33 specialty television services, 39 radio stations and 15 conventional television stations as well as other assets.

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