Revenue up, earnings down at Corus in Q4
Cassaday says improved ad climate means the mediaco is well-positioned for fiscal 2011, despite lower earnings this quarter.
Despite higher revenue from an improved ad climate, Corus Entertainment on Wednesday posted lower fourth quarter earnings on restructuring charges.
Toronto-based Corus saw earnings to Aug. 31 fall to $6.8 million, against a profit of $18.7 million in 2009, on overall revenue rising 4% to $202.8 million.
‘The advertising recovery continued in the fourth quarter, particularly for our specialty assets,’ Corus president and CEO John Cassaday said in a statement.
Specialty ad revenue rose 22% during the latest quarter, and 9% for full-year 2010, Corus reported.
The bottom line was dented by a higher interest expense, a $12.92 million one-time charge for a corporate restructuring, and a $7.62 million expense for radio tariffs.
Cassaday added Corus was well positioned to meet its full-year guidance for fiscal 2011.
From Playback Daily