Corus Entertainment’s Q4 earnings dip on tax charge
Specialty channel ad revenue was up and subscriber revenue was down, as combined TV revenue at the Canadian broadcaster fell 3% in the fourth quarter to $147.8 million.
A one-time tax charge led Corus Entertainment on Thursday to post lower fourth quarter earnings.
The profit for the three months to August 31 dropped to $24.9 million, from $27.9 million in 2011, as combined revenue also fell two percent to $195.6 million.
Stripping out the $6.8 million tax charge, Corus recorded adjusted net income attributable to shareholders up 9% to $30.1 million during the latest quarter.
TV revenue was down 3% in the fourth quarter to $147.8 million in Q4, against a year-earlier $152.5 million, but up 3% for the full year to $651 million, compared to $629.5 million in 2011.
At the same time, Corus produced a Q4 segment profit of $54.5 million for TV, up 7% from a year-earlier $50.9 million, and a flat year-end segment profit for TV of $262.1 million.
Specialty ad revenue was up 7% in Q4, while subscriber revenues were down 1%.
“Corus finished the year with strong gains in specialty advertising revenues and segment profit for the fourth quarter,” Corus president and CEO John Cassaday said in a statement Thursday.
“Looking ahead, we are confident that disciplined cost controls, coupled with our portfolio of assets, position us well for continued growth in fiscal 2013,” he added.