HALIFAX – Children’s programming company DHX Media (TSX:DHX) is reporting a third-quarter profit increase of 98 per cent to $1.8 million, or two cents per share.
That’s up from $900,000, or a penny a share, in the same quarter of last year.
Revenues decreased by seven per cent to $29 million in the quarter. The company said the decrease was due to a decision to rest and refresh the children’s entertainment Yo Gabba Gabba! Live! tour.
Normalized net income decreased slightly to $2.6 million, or two cents per share, from $2.7 million, or three cents per share, year-over-year.
The Halifax company has said platforms like Netflix and other licensing revenues are expected to drive its growth.
Video-sharing website YouTube is also an important customer of DHX Media, which creates, sells and licenses programs such as “Caillou,” “Teletubbies” and “Yo Gabba Gabba.” DHX Media also sells content to Apple’s iTunes.
DHX Media has about 500 employees with sales teams in Toronto and Paris and was planning to add to the company’s ranks this year.
Last November, DHX bought the popular Family Channel from Bell Media, giving it a platform to create and sell more shows globally.