Corus Entertainment posts net profit, higher revenues in its second quarter

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TORONTO – Corus Entertainment Inc. (TSX:CJR.B) says its net income attributable to shareholders was $6.1 million in its second quarter or seven cents per share, compared with $5.9 million and seven cents EPS in the same quarter last year.

Revenues were up 11 per cent to $191.4 million in the quarter from $172.6 million in the second quarter of 2013.

Adjusted net income, excluding acquisition and restructuring costs and impairment charges, was $26.7 million, up 10 per cent from $24.4 million year-over-year. Adjusted earnings per share was 32 cents versus 29 cents year-over-year.

Revenue for the company’s TV segment was $58 million in the quarter, up from $48 million in the period last year. Revenue in the radio segment was down at $8.4 million, compared with $9.6 million year-over-year.

Toronto-based Corus is the owner of several specialty television channels, radio stations and the Nelvana animation studio.

Corus recently acquired the full ownership of Teletoon from its partner Astral Media, now owned by BCE Inc. (TSX:BCE).

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