Astral defies the economy with 50th consecutive growth Q
While revenue was up last Q, consolidated net earnings from Astral's continuing operations for the quarter were flat at $28.9 million, due in part to a $2.7 million restructuring of its radio division following its purchase of Standard in 2007.
Revenue and earnings were up at Astral Media last quarter, though the media conglom’s books were dampened by the after effects of buying Standard Radio. Consolidated revenues for the quarter reached $209.3 million for the three months ending Feb. 28, up 2% from the same period last year. EBITDA inched up by 1.3% to $61.9 million.
Consolidated net earnings from Astral’s continuing operations for the quarter were flat at $28.9 million, due in part to $2.7 million spent on restructuring its radio division following its purchase of Standard in 2007.
‘While some of our media platforms or geographic operations faced increased volatility, other segments of the company performed very strongly, thus allowing us to record a 50th consecutive quarter of growth,’ said Astral president and CEO Ian Greenberg in the report.
From Playback Daily