Canwest releases Q3 results
In its final pre-sale report, Canwest's media operations show a rebound, with net earnings and operating profits up significantly.
Canwest released its third-quarter report today for the period ending May 31, showing improved performance over the same period in 2009.
The report, the last that Canwest releases as its former corporate self, shows the mediaco increased its consolidated revenue to $557 million from $543 million in the same quarter last year. Operating profits for the third quarter were reported to be $150 million, up from $74 million in the same quarter last year. Net earnings were reported at $16 million, up from a $98 million loss during the same period last year.
The mediaco’s television business – recently purchased by Shaw Communications – reported a 5% increase in its third-quarter revenue over the same period last year, earning $287 million. Conventional television earned $169 million (down from $173 million in ’09), while specialty channel division CW Media, reported $117 million in revenue, up from $101 million in the same quarter last year. Operating profits for the television business in total were $101 million, up from $73 million in the same quarter of ’09.
Publishing division Canwest LP – which is now known as the Postmedia Network under its new ownership – reported $270 million in revenue, a 1% increase over 2009′s third quarter. The overall profit for the division was $51 million, up from $46 million last year.
While the sale of the mediaco’s publishing division to Postmedia was finalized this week, Shaw Communications’ purchase of Canwest’s speciality and conventional television assets is still moving through creditor and court approval. A creditor meeting is scheduled for July 19 and if the plan for the transaction is approved, it will move forward for court review on July 28.