Revenue, profit up at Corus
Corus CEO John Cassaday calls the company's third-quarter performance 'exceptional.'
Corus announced its third quarter results this morning, highlighting revenue growth in its radio and television divisions.
In the period ending May 31, the mediaco saw its consolidated revenues from the three months ending May 31 rise 12% to $218.4 million over last year. Consolidated segment profit was also up over 2009, rising 20% to $73.8 million.
Revenues for the company’s radio division increased by 9% in Q3, but remained flat for the year-to-date, while segment profit increased $36% in the third quarter and 16% for the year-to-date. The revenue increases were highest in Ontario (19%) and Quebec (10%), and the company reported a return to growth in the West.
For the company’s television business, revenues were up 13% in Q3, and up 10% for the year-to-date, while segment profit increased by 17% in Q3 and 11% for the year-to-date. Revenues from advertising were up 11% in the quarter, and 4% in the year-to-date; speciality ad rev was up 14%.
‘This was an exceptional quarter for Corus,’ John Cassaday, president and CEO, Corus Entertainment, said in a release. ‘Ad sales continue to pace well ahead in our fourth quarter as the overall economy continues to recover.’