Corus Entertainment swings to third quarter loss
One-time items dented the broadcaster's bottom line, despite overall revenues rising 14%.
Canadian broadcaster Corus Entertainment on Thursday swung to a third quarter loss as it continues to face a soft radio and TV advertising market.
Overall revenue was up 14% to $214 million as Corus consolidated its 100% interests in Teletoon, Historia and Séries+.
At the same time, the broadcaster recorded a number of one-time items to dent its bottom line.
During the third quarter, Corus posted radio broadcast licence and goodwill impairment charges of $75 million, and business acquisition, integration and restructuring costs of $600,000, as well as capital asset impairment charges of $1.2 million.
Excluding those unusual items, Corus posted adjusted earnings of $41.6 million.
Corus also reported rising specialty advertising revenues and subscriber revenues offset by merchandising, distribution and other revenues declining.
From Playback Daily