TVA Group Reports $9.2 Million Net Income Attributable to Shareholders in Q4 2017

Consolidated operating revenues amounted to $589,707,000 in fiscal 2017, compared with $590,866,000 in the previous year, a slight 0.2% decrease. The Corporation's net loss attributable to shareholders for the year totalled $15,951,000 or $0.37 per share, compared with $39,855,000 or $0.92 per share in 2016.

In the third quarter of 2017, the Corporation recognized a $29,993,000 non‑cash goodwill impairment charge in the Magazines segment, including $1,489,000 without any tax consequences ($40,100,000 without any tax consequences in 2016) and a $12,412,000 non‑cash charge for impairment of intangible assets, including $3,103,000 without any tax consequences (nil in 2016).

Definition

¹ Adjusted operating income (loss) ("Adjusted operating results")

In its analysis of operating results, the Corporation defines adjusted operating income (loss) as net income (loss) before depreciation of property, plant and equipment, amortization of intangible assets, financial expenses, impairment of goodwill and of intangible assets, operational restructuring costs and others, income taxes and share of income of associated corporations. Adjusted operating income (loss) as defined above is not a measure of results that is consistent with International Financial Reporting Standards ("IFRS"). Neither is it intended to be regarded as an alternative to other financial performance measures or to the statement of cash flows as a measure of liquidity. This measure should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS. This measure is used by management and the Board of Directors to evaluate the Corporation's consolidated results and the results of its segments. This measure eliminates the significant level of impairment, depreciation and amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of the Corporation and its segments. Adjusted operating income (loss) is also relevant because it is a significant component of the Corporation's annual incentive compensation programs. The Corporation's definition of adjusted operating income (loss) may not be identical to similarly titled measures reported by other companies.

Conference call for investors

TVA Group will hold a conference call to discuss its fourth quarter and full‑year 2017 results on March 2, 2018, at 10:00 a.m. EST. There will be a question period reserved for financial analysts. To access the call, please dial 1‑877‑293‑8052, access code for participants 66581#. A tape recording of the call will be available from March 2 to June 2, 2018 by dialling 1-877-293‑8133, conference number 1228603#, access code for participants 66581#.

Forward‑looking information disclaimer

The statements in this news release that are not historical facts may be forward‑looking statements and are subject to important known and unknown risks, uncertainties and assumptions which could cause the Corporation's actual results for future periods to differ materially from those set forth in the forward‑looking statements. Forward‑looking statements generally can be identified by the use of the conditional, the use of forward‑looking terminology such as "propose," "will," "expect," "may," "anticipate," "intend," "estimate," "plan," "foresee," "believe" or the negative of these terms or variations of them or similar terminology. Certain factors that may cause actual results to differ from current expectations include seasonality, operational risks (including pricing actions by competitors and the risk of loss of key customers in the Film Production & Audiovisual Services segment), programming, content and production cost risks, credit risk, government regulation risks, government assistance risks, changes in economic conditions, fragmentation of the media landscape, risk related to the Corporation's ability to adapt to fast‑paced technological change and to new delivery and storage methods, and labour relation risks.

Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward‑looking statements. For more information on the risks, uncertainties and assumptions that could cause the Corporation's actual results to differ from current expectations, please refer to the Corporation's public filings, available at www.sedar.com and http://groupetva.ca, including in particular the "Risks and Uncertainties" section of the Corporation's annual Management's Discussion and Analysis for the year ended December 31, 2017 and the "Risk Factors" section in the Corporation's 2017 annual information form.

The forward‑looking statements in this news release reflect the Corporation's expectations as of March 1^st, 2018 and are subject to change after this date. The Corporation expressly disclaims any obligation or intention to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise, unless required to do so by the applicable securities laws.

TVA GROUP

TVA Group Inc., a subsidiary of Quebecor Media Inc., is a communications company engaged in the broadcasting, film and audiovisual production, and magazine publishing industries. TVA Group Inc. is North America's largest broadcaster of French‑language entertainment, information and public affairs programming and one of the largest private‑sector producers of French‑language content. It is also the largest publisher of French‑language magazines and publishes some of the most popular English‑language titles in Canada. The Corporation's Class B shares are listed on the Toronto Stock Exchange under the ticker symbol TVA.B. 

_______________________________
¹ See definition of adjusted operating income (loss) below.
² Source: Numeris, French Quebec, October 1 to December 31, 2017, Mon‑Sun, 2 am–2 am, t2+
³ Source: Numeris, French Quebec, Sunday, November 19, 2017, 7 pm–9 pm

TVA GROUP INC.
Consolidated statements of income (loss)
(unaudited)
(in thousands of Canadian dollars, except per‑share amounts)
		Three-month periods ended December 31							Years ended December 31
				2017		2016			2017		2016
Revenues		$		155,256	$	169,522	$		589,707	$	590,866
Purchases of goods and services				96,968		104,603			373,404		384,349
Employee costs				35,320		42,935			149,922		161,116
Depreciation of property, plant and equipment and amortization of intangible assets				8,365		9,639			34,874		35,961
Financial expenses				480		804			2,449		3,378
Impairment of goodwill and intangible assets				−		−			42,405		40,100
Operational restructuring costs and others				1,408		4,163			6,390		5,940
Income (loss) before tax expense (recovery) and share of income of associated corporations				12,715		7,378			(19,737)		(39,978)
Tax expense (recovery)				3,493		1,946			(3,631)		542
Share of income of associated corporations				(117)		(226)			(445)		(829)
Net income (loss)		$		9,339	$	5,658	$		(15,661)	$	(39,691)
Net income (loss) attributable to:
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