CBC faced lower revenues due to NHL lockout in 2012

At the pubcaster's annual public meeting, Suzanne Morris, VP and CFO, says revenues were hit hard by the lockout but that "hockey has returned stronger than ever."

The CBC faced a drop in revenues due to last year’s hockey lockout, the pubcaster revealed Wednesday as it held a public meeting in Toronto.

“Revenues were lower than in 2011–2012 following the hockey lockout. However, hockey has since returned stronger than ever with robust viewership and strong hockey revenues,” Suzanne Morris, VP and CFO, told the meeting about the fiscal year to June 30, 2013.

Overall expenses were down last year due to lower production costs and spending on sports rights during the NHL lockout, and the CBC cut costs to deal with a chop to its annual Parliamentary appropriation and Local Programming Improvement Fund reductions.

“Overall, through sound management of expenses, we achieved a modest increase in net results for 2012–2013,” Morris said.

CBC president and CEO Hubert Lacroix said the CBC was adapting to a fast-changing digital landscape and becoming more regional and Canadian as a broadcaster.

“We are a part of the communities we serve, and we believe we have to play as big a part in Canada’s future as we’ve played in its past,” Lacroix said.