Corus Entertainment Announces Fiscal 2018 First Quarter Results

TORONTO, Jan. 10, 2018

"Our first quarter results were below expectations, as gains in local Radio advertising and our Nelvana content business combined with better than expected subscriber revenues were more than offset by weak television advertising market conditions", said Doug Murphy, President and Chief Executive Officer. "We remain committed to advancing our strategic priorities as Canada's only pure play media and content company. Our ongoing financial discipline balanced with strategic growth investments in content and advanced advertising initiatives position us well over the longer term in a rapidly evolving media and content marketplace."

Financial Highlights

Three months ended November 30,
(in thousands of Canadian dollars except per share amounts)		2017	2016 ARIVA.DE Börsen-Geflüster Kurse Corus Entertainment 0,3701 $ -1,62%
Revenues
	Television	415,464	425,564
	Radio	41,924	42,417
		457,388	467,981
Segment profit (1)
	Television	168,602	184,421
	Radio	13,521	13,286
	Corporate	(4,236)	(5,721)
		177,887	191,986
Net income attributable to shareholders		77,673	71,146
Adjusted net income attributable to shareholders (1) (2)		78,885	80,826
Basic earnings per share		$0.38	$0.36
Adjusted basic earnings per share (1) (2)		$0.38	$0.41
Diluted earnings per share		$0.38	$0.36
Free cash flow (1)		83,215	33,909

Consolidated Results from Operations
Consolidated revenues for the three months ended November 30, 2017 were $457.4 million, down 2% from $468.0 million last year and consolidated segment profit was $177.9 million, down 7% from $192.0 million last year. Net income attributable to shareholders for the quarter ended November 30, 2017 was $77.7 million ($0.38 per share basic and diluted), as compared to $71.1 million ($0.36 per share basic and diluted) last year. Net income attributable to shareholders for the first quarter of fiscal 2018 includes business acquisition, integration and restructuring costs of $1.6 million ($nil per share, net of income taxes). Adjusting for the impact of this item results in an adjusted net income attributable to shareholders of $78.9 million ($0.38 per share basic) in the quarter. Net income attributable to shareholders for the prior year quarter includes business acquisition, integration and restructuring costs of $13.2 million ($0.05 per share, net of income taxes). Adjusting for the impact of this item results in an adjusted net income attributable to shareholders of $80.8 million ($0.41 per share basic) for the prior year quarter.

Operational Results - Highlights
Television

• Segment revenues were down 2% in Q1 2018
• Advertising revenues decreased 4% in Q1 2018
• Subscriber revenues were flat in Q1 2018
• Merchandising, distribution and other revenues increased 7% in Q1 2018
• Segment profit⁽¹⁾ decreased 9% in Q1 2018
• Segment profit margin⁽¹⁾ of 41% in Q1 2018 compared to 43% in the prior year

Radio

• Segment revenues were relatively flat in Q1 2018
• Advertising revenues were down 1% in Q1 2018
• Segment profit⁽¹⁾ increased 2% in Q1 2018
• Segment profit margin⁽¹⁾ of 32% in Q1 2018 compared to 31% the prior year

Corporate

• Free cash flow⁽¹⁾ of $83.2 million for the year, up from $33.9 million in the prior year
• Net debt to segment profit⁽¹⁾ leverage at 3.5 times
• Consolidated segment profit margin in Q1 of 39%, down from 41% in the prior year

Corus Entertainment Inc. reports in Canadian dollars.

The unaudited consolidated financial statements and accompanying notes for the three months ended November 30, 2017 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 10, 2018 at 9:00 a.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 local and international callers is 1.416.981.9027 and for North America is 1.800.734.8582. More information can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.

Use of Non-IFRS Financial Measures

This press release includes the non-IFRS financial measures of adjusted net income, adjusted basic earnings per share and free cash flow that are not in accordance with, nor an alternate to, generally accepted accounting principles ("IFRS") and may be different from non-IFRS measures used by other companies. In addition, these non-IFRS measures are not based on any comprehensive set of accounting rules or principles.

Non-IFRS financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-IFRS financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results. A reconciliation of the Company's non-IFRS measures is included in the Company's most recent Report to Shareholders which is available on Corus' website at www.corusent.com as well as on SEDAR.

Caution Concerning Forward-Looking Information

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 information"). These forward-looking statements relate 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 may be considered forward-looking information. Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves assumptions and risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied with respect to the forward-looking information, including without limitation, factors and assumptions regarding the general market conditions and general outlook for the industry, interest rates, stability of the advertising, distribution, merchandise and subscription markets, operating and capital costs and tariffs, taxes and fees, our ability to source desirable content and our capital and operating results being consistent with our expectations. Actual results may differ materially from those expressed or implied in such information.  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 any forward-looking information may be found under the heading "Risks and Uncertainties" in the Management's Discussion and Analysis for the year ended August 31, 2017 and the first quarter ended November 30, 2017 and under the heading "Risk Factors" in our Annual Information Form. Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive. When relying on our forward-looking information to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document. Unless otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.  

About Corus Entertainment Inc.
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that creates and delivers high quality brands and content across platforms for audiences around the world. The company's portfolio of multimedia offerings encompasses 45 specialty television services, 39 radio stations, 15 conventional television stations, a global content business, digital assets, live events, children's book publishing, animation software, technology and media services. The Corus roster of premium brands include Global Television, W Network, OWN: Oprah Winfrey Network Canada, HGTV Canada, Food Network Canada, HISTORY®, Showcase, National Geographic, Q107, CKNW, Fresh Radio, Disney Channel Canada, YTV and Nickelodeon Canada. Visit Corus at www.corusent.com.

CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(unaudited - in thousands of Canadian dollars)	As at November 30, 2017	As at August 31, 2017
ASSETS
Current
Cash and cash equivalents	83,470	93,701
Accounts receivable	499,017	408,443
Income taxes recoverable	—	1,388
Prepaid expenses and other assets	29,331	21,870
Total current assets	611,818	525,402
Tax credits receivable	16,937	18,172
Investments and other assets	42,126	64,559
Property, plant and equipment	247,162 Werbung Mehr Nachrichten zur Corus Entertainment Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 26.04.24 - PR Newswire Datang Intnl Pwr Gen - CONNECTED TRANSACTION ANNOUNCEMENT 26.04.24 - PR Newswire Cohen & Steers Capital Management - Form 8.3 - Tritax Big Box REIT plc 26.04.24 - PR Newswire Moonpig Group Plc - Directorate Change Sehen Sie sich dieses Unternehmen an:    Foto: andreas160578 - Pixabay Rasanter Aufstieg, Branchenrevolution und Jahresumsatz von 50 Mio. $ weiterlesen» Anzeige wo-site-teaser-box-16764_site-teaser-box_2024-04-26_09%253A00%253A00_2024-04-27_09%253A00%253A59