Corus Entertainment’s Q2 profit down

Lower TV and radio station revenue reduced earnings at the Canadian broadcaster.
Copied from Playback - money

Lower TV revenues helped reduce second quarter earnings at broadcaster Corus Entertainment.

The company posted net income attributable to shareholders of  $5.9 million for the three months ending Feb. 28, compared to $31.6 million for the same period in 2012.

Overall revenue was down to $183.7 million, against a year-earlier’s $205.6 million.

Broken down, TV revenue was $143.4 million, down 12% from $163.2 million in 2012, while radio station revenue also fell 5% to $40.2 million, against $42.3 million in 2012.

Toronto-based Corus also recorded a pre-tax debt refinancing cost of $25 million in the second quarter.

“The second quarter business results were soft, as expected, but we were able to end the first half of the year with significant increases in year-to-date free cash flow and improved margins,” John Cassaday, president and CEO of Corus Entertainment, said in a statement Thursday.

From Playback Daily