* Earnings high at Cinar

Montreal-based Cinar Corporation reports the delivery of 59 new half-hours of animation and live-action programming during the quarter ending May 31, bringing its library total to 1,532 half-hours.

Highlights in the period include a production commitment of 40 half-hours on the kiddies’ series Caillou, picked up by pbs, and the delivery of 27 half-hours of animation including The Country Mouse and The City Mouse Adventures, The Little Lulu Show, Ripley’s Believe it or Not!, Mona the Vampire and Patrol 03, in addition to 32 half-hours of live-action programs consisting of Emily of New Moon, Are You Afraid of the Dark?, Sci Squad and the miniseries coproduction Revenge of the Land, licensed by both cbc and cbs.

Cinar has also announced the appointment of Michael Legare to the newly created position of vp, online. Legare previously worked with Microsoft Canada.

In financial news, revenues for the second quarter of 1999 increased 41.2% to $51 million from $36.1 million for the comparable period in 1998, with Cinar Education accounting for 38.2% of total revenues. ebitda is $14.7 million, an increase of 55.1%, compared to $9.5 million last year. Net earnings for the quarter rose 52.5% to $7.8 million, or $0.20 per share, from $5.1 million, or $0.16 per share, for the second quarter of 1998.

For the first six months of the current fiscal exercise, revenues are up 35.3% to $87.5 million from $64.6 million last year. Cinar Education’s share is one-third of total revenues. Net earnings for the first six months rose to $12.4 million, a 40% increase over last year, or $0.34 per share.

* TVA earnings keep growing

TVA Group, Montreal, reports a 17% increase in net earnings for the first nine months of fiscal 1999. The increase excludes a net gain of $2 million in ’98 from the sale of ckmi-tv; otherwise profits are up a strapping 27% to $28.9 million, or $1.01 a share, for the nine-month period. Revenues after three quarters are also up, a 13% increase over last year to $195.6 million, while operating cash flow totaled $38 million, or $1.32 a share.

For the third quarter (ending May 30), revenues are up 8.3% to $66.3 million and include an 11.2% increase in broadcast sales, while revenues from other sectors, primarily home shopping, doubled to $6.8 million.

tva president and ceo Daniel Lamarre says quarterly highlights include the addition of tva Class b shares to the TSE 300 Composite Index, the implementation of a quarterly cash dividend payment policy, and the licensing of a new travel-themed specialty channel, Canal Evasion. tva’s broadcast and production centre in Montreal will host the new channel, majority owned (50.1%) by Bell Satellite.

* Astral takes Radiomutuel shares

Montreal-based Astral Communications has completed the share acquisition phase of its $224-million buyout of media company Radiomutuel, picking up 100% of the outstanding variable voting shares and 98.3% of the outstanding Class a subordinate voting shares.

Pursuant to the Canada Business Corporations Act, Astral says it intends to acquire shares held by persons who have not accepted the buying offer. The company already held more than 36% of Radiomutuel’s Class a subordinate voting shares.

In financing the deal, Astral undertook a road show, raising gross proceeds of $120 million based on the sale of five million subscription receipts at $24 each. Each receipt is convertible to one Class a non-voting share issued from treasury.

In tv, Radiomutuel owns and operates lifestyle channel Canal Vie, newly licensed Canal z, a technology specialty service, and holds a 50% share along with CHUM Ltd. in MusiquePlus and MusiMax.

Astral a shares (acm.a) closed trading July 6 on the tse at $25.50.