Corus Entertainment announces fiscal 2011 third quarter results
- Monthly dividend increase of 16%
- Consolidated revenues up 7% and segment profit up 11%
- Television specialty ad growth of 15%
- Radio revenue growth of 4% in Ontario offset by a 7% decline in the West
- Basic earnings per share from continuing operations of $0.48 for the quarter compared to $0.35 last year
TORONTO, July 14, 2011 /PRNewswire/ - Corus Entertainment Inc. (TSX: CJR.B) announced its third quarter financial results today.
"We are very pleased to have achieved double digit segment profit growth for the third consecutive quarter. The successful conversion of strong top line growth and cost containment initiatives resulted in outstanding operating leverage," said John Cassaday, President and CEO of Corus Entertainment. "Once again, this growth was powered by our core television business and demonstrates strength across our Kids, Pay, Women's and Merchandising brands."
Financial Highlights | |||||||||||||||
(unaudited) | Three months ended | Nine months ended | |||||||||||||
(in thousands of Canadian dollars except per share amounts) | May 31, | May 31, | |||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
Revenues | |||||||||||||||
Radio | 50,745 | 51,374 | 148,031 | 144,852 | |||||||||||
Television | 161,043 | 147,013 | 476,989 | 435,242 | |||||||||||
211,788 | 198,387 | 625,020 | 580,094 | ||||||||||||
Segment profit | |||||||||||||||
Radio | 16,000 | 17,506 | 44,186 | 44,230 | |||||||||||
Television | 68,535 | 59,452 | 205,652 | 179,724 | |||||||||||
Corporate | (7,258) | (7,511) | (22,948) | (19,502) | |||||||||||
77,277 | 69,447 | 226,890 | 204,452 | ||||||||||||
Net income from continuing operations | 39,229 | 28,255 | 110,344 | 112,486 | |||||||||||
Basic earnings per share | |||||||||||||||
From continuing operations | $ 0.48 | $ 0.35 | $ 1.35 | $ 1.40 | |||||||||||
From discontinued operations | $ — | $ 0.04 | $ 0.08 | $ 0.09 | |||||||||||
$ 0.48 | $ 0.39 | $ 1.43 | $ 1.49 |
Consolidated Results from Continuing Operations
Consolidated revenues for the three months ended May 31, 2011 were $211.8 million, up 7% from $198.4 million last year. Consolidated segment profit was $77.3 million, up 11% from $69.4 million last year. Net income for the quarter was $39.2 million ($0.48 basic and $0.47 diluted), compared to $28.3 million ($0.35 basic and diluted) last year.
Consolidated revenues for the nine months ended May 31, 2011 were $625.0 million, up 8% from $580.1 million last year. Consolidated segment profit was $226.9 million, up 11% from $204.5 million last year. Net income for the nine month period was $110.3 million ($1.35 basic and $1.34 diluted), compared to a net income of $112.5 million ($1.40 basic and $1.39 diluted) last year. Net income for the nine month period for the prior year includes a debt refinancing cost of $14.3 million, a $14.0 million reversal of a disputed regulatory fee accrual and a $14.2 million recovery due to income tax rate changes. Removing the impact of these items results in an adjusted nine month basic earnings per share of $1.22 in the prior year.
Operational Results - Highlights
Television
- Segment revenues increased 10% in both the third quarter and year-to-date
- Segment profit increased 15% in the third quarter and 14% year-to-date
- Specialty advertising revenues increased 15% both in the third quarter and year-to-date
- Subscriber revenues increased 5% in the third quarter and 7% year-to-date
- Movie Central finished the quarter with 1,024,000 subscribers, up 6% from the third quarter of 2010
Radio
- Segment revenues decreased 1% in the third quarter and increased 2% year-to-date
- Revenues for the quarter increased 4% in Ontario and declined in the West by 7%
- Segment profit decreased 9% in the third quarter and was flat year-to-date
Corus Entertainment Inc. reports in Canadian dollars.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, television broadcasting, children's book publishing and children's animation. The company's multimedia entertainment brands include YTV, Treehouse, Nickelodeon (Canada), W Network, OWN: Oprah Winfrey Network (Canada), CosmoTV, Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana, Kids Can Press and radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B). Experience Corus on the web at www.corusent.com.
The unaudited consolidated financial statements and accompanying notes for the three months ended May 31, 2011 and Management's Discussion and Analysis are available on the Company's website at www.corusent.com in the Investor Relations section.
A conference call with Corus senior management is scheduled for July 14, 2011 at 2 p.m. ET. While this call is directed at analysts and investors, members of the media are welcome to listen in. The dial-in number for the conference call for North America is 1.800.679.0308 and for local/international callers is 416.981.9080. PowerPoint slides for the call will be posted at 1:45 p.m. ET on July 14, 2011 and can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.
This press release contains forward-looking information and should be read subject to the following cautionary language:
To the extent any statements made in this report contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). These forward-looking statements related to, among other things, our objectives, goals, strategies, intentions, plans, estimates and outlook, including advertising, program, merchandise and subscription revenues, operating costs and tariffs, taxes and fees, and can generally be identified by the use of the words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Although Corus believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, including without limitation factors and assumptions regarding advertising, program, merchandise and subscription revenues, operating costs and tariffs, taxes and fees and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: our ability to attract and retain advertising revenues; audience acceptance of our television programs and cable networks; our ability to recoup production costs, the availability of tax credits and the existence of co-production treaties; our ability to compete in any of the industries in which we do business; the opportunities (or lack thereof) that may be presented to and pursued by us; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations; our ability to integrate and realize anticipated benefits from our acquisitions and to effectively manage our growth; our ability to successfully defend ourselves against litigation matters arising out of the ordinary course of business; and changes in accounting standards. Additional information about these factors and about the material assumptions underlying such forward-looking statements may be found in our Annual Information Form. Corus cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward-looking statements whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.
CORUS ENTERTAINMENT INC. | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
(unaudited) | As at May 31, | As at August 31, | ||||||
(in thousands of Canadian dollars) | 2011 | 2010 | ||||||
ASSETS | ||||||||
Current | ||||||||
Cash and cash equivalents | 60,425 | 7,969 | ||||||
Accounts receivable | 189,909 | 161,645 | ||||||
Income taxes recoverable | — | 1,781 | ||||||
Prepaid expenses and other | 9,797 | 17,040 | ||||||
Program and film rights | 146,039 | 159,526 | ||||||
Future tax asset | 5,482 | 6,129 | ||||||
Current assets of discontinued operations | — | 14,951 | ||||||
Total current assets | 411,652 | 369,041 | ||||||
Tax credits receivable | 47,992 | 39,597 | ||||||
Investments and other assets | 44,595 | 22,595 | ||||||
Property, plant and equipment | 168,541 | 147,905 | ||||||
Program and film rights | 111,696 | 88,484 | ||||||
Film investments | 103,975 | 100,454 | ||||||
Broadcast licenses | 541,248 | 541,248 | ||||||
Goodwill | 671,827 | 671,827 | ||||||
Long-term assets of discontinued operations | — | 78,104 | ||||||
2,101,526 | 2,059,255 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current | ||||||||
Accounts payable and accrued liabilities | 211,357 | 193,342 | ||||||
Income taxes payable | 14,667 | 336 | ||||||
Current liabilities of discontinued operations | — | 9,744 | ||||||
Total current liabilities | 226,024 | 203,422 | ||||||
Long-term debt | 620,114 | 691,891 | ||||||
Other long-term liabilities | 98,256 | 88,003 | ||||||
Future tax liability | 93,336 | 89,651 | ||||||
Long-term liabilities of discontinued operations | — | 12,285 | ||||||
Total liabilities | 1,037,730 | 1,085,252 | ||||||
Non-controlling interest | 18,947 | 18,055 | ||||||
SHAREHOLDERS' EQUITY | ||||||||
Share capital | 879,058 | 856,655 | ||||||
Contributed surplus | 9,142 | 11,780 | ||||||
Retained earnings | 169,663 | 98,669 | ||||||
Accumulated other comprehensive loss | (13,014) | (11,156) | ||||||
Total shareholders' equity | 1,044,849 | 955,948 | ||||||
2,101,526 | 2,059,255 |
CORUS ENTERTAINMENT INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
(unaudited) | May 31, | May 31, | ||||||||||||||
(in thousands of Canadian dollars except per share amounts) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Revenues | 211,788 | 198,387 | 625,020 | 580,094 | ||||||||||||
Direct cost of sales, general and | ||||||||||||||||
administrative expenses | 134,511 | 128,940 | 398,130 | 375,642 | ||||||||||||
Depreciation | 6,203 | 4,716 | 18,364 | 13,365 | ||||||||||||
Interest expense | 14,693 | 15,002 | 45,883 | 34,549 | ||||||||||||
Disputed regulatory fees | — | — | — | (14,015) | ||||||||||||
Debt refinancing | — | — | — | 14,256 | ||||||||||||
Restructuring | 93 | — | 2,342 | — | ||||||||||||
Other expense (income), net | (969) | 6,421 | (2,211) | 7,788 | ||||||||||||
Income from continuing operations before income taxes | ||||||||||||||||
and non-controlling interest | 57,257 | 43,308 | 162,512 | 148,509 | ||||||||||||
Income tax expense | 14,900 | 13,093 | 45,212 | 31,555 | ||||||||||||
Non-controlling interest | 3,128 | 1,960 | 6,956 | 4,468 | ||||||||||||
Net income for the period from continuing operations | 39,229 | 28,255 | 110,344 | 112,486 | ||||||||||||
Net income for the period from discontinued operations | — | 3,156 | 6,743 | 7,436 | ||||||||||||
Net income for the period | 39,229 | 31,411 | 117,087 | 119,922 | ||||||||||||
Basic earnings per share | ||||||||||||||||
From continuing operations | $ 0.48 | $ 0.35 | $ 1.35 | $ 1.40 | ||||||||||||
From discontinued operations | $ — | $ 0.04 | $ 0.08 | $ 0.09 | ||||||||||||
$ 0.48 | $ 0.39 | $ 1.43 | $ 1.49 | |||||||||||||
Diluted earnings per share | ||||||||||||||||
From continuing operations | $ 0.47 | $ 0.35 | $ 1.34 | $ 1.39 | ||||||||||||
From discontinued operations | $ — | $ 0.04 | $ 0.08 | $ 0.09 | ||||||||||||
$ 0.47 | $ 0.39 | $ 1.42 | $ 1.48 | |||||||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
(unaudited) | May 31, | May 31, | ||||||||||||||
(in thousands of Canadian dollars) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
Net income for the period | 39,229 | 31,411 | 117,087 | 119,922 | ||||||||||||
Other comprehensive income (loss), net of tax | ||||||||||||||||
Unrealized foreign currency translation adjustment | 4 | (16) | (1,857) | (540) | ||||||||||||
Unrealized change in fair value of available-for-sale | ||||||||||||||||
investments, net of tax | (77) | 277 | (1) | 289 | ||||||||||||
Unrealized change in fair value of cash flow hedges, | ||||||||||||||||
net of tax | — | — | — | 3,431 | ||||||||||||
Recognition of change in fair value of cash flow | ||||||||||||||||
hedge in net income, net of tax | — | — | — | 9,244 | ||||||||||||
(73) | 261 | (1,858) | 12,424 | |||||||||||||
Comprehensive income for the period | 39,156 | 31,672 | 115,229 | 132,346 |
CORUS ENTERTAINMENT INC. | |||||||||||||||
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY | |||||||||||||||
Three months ended | Nine months ended | ||||||||||||||
(unaudited) | May 31, | May 31, | |||||||||||||
(in thousands of Canadian dollars) | 2011 | 2010 | 2011 | 2010 | |||||||||||
Share capital | |||||||||||||||
Balance, beginning of period | 869,622 | 846,747 | 856,655 | 840,602 | |||||||||||
Issuance of shares under stock option plan | 5,043 | 5,779 | 12,954 | 10,510 | |||||||||||
Other | 4,393 | 1,307 | 9,449 | 2,721 | |||||||||||
Balance, end of period | 879,058 | 853,833 | 879,058 | 853,833 | |||||||||||
Contributed surplus | |||||||||||||||
Balance, beginning of period | 10,274 | 15,177 | 11,780 | 17,303 | |||||||||||
Stock-based compensation | 288 | (1,181) | 810 | 672 | |||||||||||
Settlement and modification of long-term incentive plan | — | (1,186) | — | (4,659) | |||||||||||
Exercise of stock options | (1,420) | (909) | (3,448) | (1,415) | |||||||||||
Balance, end of period | 9,142 | 11,901 | 9,142 | 11,901 | |||||||||||
Retained earnings | |||||||||||||||
Balance, beginning of period | 145,915 | 84,785 | 98,669 | 20,380 | |||||||||||
Net income for the period | 39,229 | 31,411 | 117,087 | 119,922 | |||||||||||
Dividends | (15,481) | (12,169) | (46,093) | (36,275) | |||||||||||
Balance, end of period | 169,663 | 104,027 | 169,663 | 104,027 | |||||||||||
Accumulated other comprehensive loss | |||||||||||||||
Balance, beginning of period | (12,941) | (11,844) | (11,156) | (24,007) | |||||||||||
Other comprehensive income (loss), net of tax | (73) | 261 | (1,858) | 12,424 | |||||||||||
Balance, end of period | (13,014) | (11,583) | (13,014) | (11,583) |
CORUS ENTERTAINMENT INC. | ||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
(unaudited) | May 31, | May 31, | ||||||||||||||
(in thousands of Canadian dollars) | 2011 | 2010 | 2011 | 2010 | ||||||||||||
OPERATING ACTIVITIES | ||||||||||||||||
Net income for the period | 39,229 | 31,411 | 117,087 | 119,922 | ||||||||||||
Net income from discontinued operations | — | (3,156) | (6,743) | (7,436) | ||||||||||||
Add (deduct) non-cash items: | ||||||||||||||||
Depreciation | 6,203 | 4,716 | 18,364 | 13,365 | ||||||||||||
Amortization of program rights | 44,301 | 40,901 | 129,528 | 123,974 | ||||||||||||
Amortization of film investments | 8,830 | 10,984 | 30,941 | 26,126 | ||||||||||||
Future income taxes | 2,541 | (777) | 3,365 | (14,629) | ||||||||||||
Non-controlling interest | 3,128 | 1,960 | 6,956 | 4,468 | ||||||||||||
Stock option expense | 288 | 216 | 810 | 672 | ||||||||||||
Imputed interest | 2,827 | 2,458 | 7,911 | 5,926 | ||||||||||||
Debt refinancing | — | — | — | 14,256 | ||||||||||||
Other | (809) | (60) | (2,403) | (448) | ||||||||||||
Net change in non-cash working capital | ||||||||||||||||
balances related to operations | 7,353 | 14,489 | (6,439) | 18,688 | ||||||||||||
Payment of program and film rights | (41,686) | (41,272) | (114,814) | (125,545) | ||||||||||||
Net additions to film investments | (23,131) | (13,846) | (56,251) | (46,843) | ||||||||||||
Cash provided by operating activities from | ||||||||||||||||
continuing operations | 49,074 | 48,024 | 128,312 | 132,496 | ||||||||||||
Cash provided by (used in) operating activities from | ||||||||||||||||
discontinued operations | — | 325 | (2,542) | 715 | ||||||||||||
Cash provided by operating activities | 49,074 | 48,349 | 125,770 | 133,211 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||||
Additions to property, plant and equipment | (5,387) | (21,846) | (32,602) | (51,352) | ||||||||||||
Business combinations | — | — | — | (36,000) | ||||||||||||
Net cash flows for investments and other assets | 210 | (580) | (4,057) | 2,284 | ||||||||||||
Decrease in public benefits associated with | ||||||||||||||||
acquisitions | (350) | (601) | (932) | (1,079) | ||||||||||||
Cash used in investing activities from | ||||||||||||||||
continuing operations | (5,527) | (23,027) | (37,591) | (86,147) | ||||||||||||
Cash provided by (used in) investing activities from | ||||||||||||||||
discontinued operations | — | (322) | 74,996 | (715) | ||||||||||||
Cash provided by (used in) investing activities | (5,527) | (23,349) | 37,405 | (86,862) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||||
Decrease in bank loans | (28,458) | (24,895) | (73,222) | (454,576) | ||||||||||||
Issuance of senior unsecured guaranteed notes | — | — | — | 500,000 | ||||||||||||
Financing and swap termination fees | (718) | — | (718) | (30,997) | ||||||||||||
Issuance of shares under stock option plan | 3,622 | 4,870 | 9,506 | 9,095 | ||||||||||||
Dividends paid | (11,023) | (11,078) | (34,572) | (33,725) | ||||||||||||
Dividends paid to non-controlling interest | (741) | — | (5,107) | (9,260) | ||||||||||||
Other | (2,282) | 265 | (6,606) | (3,179) | ||||||||||||
Cash used in financing activities from continuing operations | (39,600) | (30,838) | (110,719) | (22,642) | ||||||||||||
Net change in cash and cash equivalents during the period | ||||||||||||||||
from continuing operations | 3,947 | (5,841) | (19,998) | 23,707 | ||||||||||||
Net change in cash and cash equivalents during the period | ||||||||||||||||
from discontinued operations | — | 3 | 72,454 | — | ||||||||||||
Net change in cash and cash equivalents | ||||||||||||||||
during the period | 3,947 | (5,838) | 52,456 | 23,707 | ||||||||||||
Cash and cash equivalents, beginning of period | 56,478 | 40,467 | 7,969 | 10,922 | ||||||||||||
Cash and cash equivalents, end of period | 60,425 | 34,629 | 60,425 | 34,629 |
CORUS ENTERTAINMENT INC. | ||||||||||||||||
BUSINESS SEGMENT INFORMATION | ||||||||||||||||
(unaudited) | ||||||||||||||||
(in thousands of Canadian dollars except per share amounts) | ||||||||||||||||
Three months ended May 31, 2011 | ||||||||||||||||
Radio | Television | Corporate | Consolidated | |||||||||||||
Revenues | 50,745 | 161,043 | — | 211,788 | ||||||||||||
Direct cost of sales, general and administrative expenses | 34,745 | 92,508 | 7,258 | 134,511 | ||||||||||||
Segment profit (loss) | 16,000 | 68,535 | (7,258) | 77,277 | ||||||||||||
Depreciation | 817 | 736 | 4,650 | 6,203 | ||||||||||||
Interest expense | (74) | 6,182 | 8,585 | 14,693 | ||||||||||||
Restructuring | 79 | 6 | 8 | 93 | ||||||||||||
Other expense (income), net | (515) | 396 | (850) | (969) | ||||||||||||
Income (loss) before income taxes and non-controlling interest | 15,693 | 61,215 | (19,651) | 57,257 | ||||||||||||
Three months ended May 31, 2010 | ||||||||||||||||
Radio | Television | Corporate | Consolidated | |||||||||||||
Revenues | 51,374 | 147,013 | — | 198,387 | ||||||||||||
Direct cost of sales, general and administrative expenses | 33,868 | 87,561 | 7,511 | 128,940 | ||||||||||||
Segment profit (loss) | 17,506 | 59,452 | (7,511) | 69,447 | ||||||||||||
Depreciation | 1,001 | 1,819 | 1,896 | 4,716 | ||||||||||||
Interest expense | 670 | 1,296 | 13,036 | 15,002 | ||||||||||||
Other expense (income), net | 411 | 1,256 | 4,754 | 6,421 | ||||||||||||
Income (loss) before income taxes and non-controlling interest | 15,424 | 55,081 | (27,197) | 43,308 | ||||||||||||
Nine months ended May 31, 2011 | ||||||||||||||||
Radio | Television | Corporate | Consolidated | |||||||||||||
Revenues | 148,031 | 476,989 | — | 625,020 | ||||||||||||
Direct cost of sales, general and administrative expenses | 103,845 | 271,337 | 22,948 | 398,130 | ||||||||||||
Segment profit (loss) | 44,186 | 205,652 | (22,948) | 226,890 | ||||||||||||
Depreciation | 2,313 | 3,255 | 12,796 | 18,364 | ||||||||||||
Interest expense | 2,398 | 18,459 | 25,026 | 45,883 | ||||||||||||
Restructuring | 750 | 9 | 1,583 | 2,342 | ||||||||||||
Other expense (income), net | (1,009) | (1,822) | 620 | (2,211) | ||||||||||||
Income (loss) before income taxes and non-controlling interest | 39,734 | 185,751 | (62,973) | 162,512 | ||||||||||||
Nine months ended May 31, 2010 | ||||||||||||||||
Radio | Television | Corporate | Consolidated | |||||||||||||
Revenues | 144,852 | 435,242 | — | 580,094 | ||||||||||||
Direct cost of sales, general and administrative expenses | 100,622 | 255,518 | 19,502 | 375,642 | ||||||||||||
Segment profit (loss) | 44,230 | 179,724 | (19,502) | 204,452 | ||||||||||||
Depreciation | 3,079 | 5,596 | 4,690 | 13,365 | ||||||||||||
Interest expense | 2,816 | 3,651 | 28,082 | 34,549 | ||||||||||||
Disputed regulatory fees | (6,722) | (7,293) | — | (14,015) | ||||||||||||
Debt refinancing | — | — | 14,256 | 14,256 | ||||||||||||
Other expense (income), net | 512 | 563 | 6,713 | 7,788 | ||||||||||||
Income (loss) before income taxes and non-controlling interest | 44,545 | 177,207 | (73,243) | 148,509 |
Revenues by segment | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Radio | |||||||||||||||||||
West | 23,499 | 25,142 | 69,301 | 71,219 | |||||||||||||||
Ontario | 27,246 | 26,232 | 78,730 | 73,633 | |||||||||||||||
50,745 | 51,374 | 148,031 | 144,852 | ||||||||||||||||
Television | |||||||||||||||||||
Kids | 65,986 | 57,425 | 208,812 | 182,071 | |||||||||||||||
Specialty and Pay | 95,057 | 89,588 | 268,177 | 253,171 | |||||||||||||||
161,043 | 147,013 | 476,989 | 435,242 | ||||||||||||||||
Segment profit | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Radio | |||||||||||||||||||
West | 7,918 | 9,208 | 21,526 | 23,962 | |||||||||||||||
Ontario | 8,082 | 8,298 | 22,660 | 20,268 | |||||||||||||||
16,000 | 17,506 | 44,186 | 44,230 | ||||||||||||||||
Television | |||||||||||||||||||
Kids | 27,961 | 23,233 | 92,323 | 78,799 | |||||||||||||||
Specialty and Pay | 40,574 | 36,219 | 113,329 | 100,925 | |||||||||||||||
68,535 | 59,452 | 205,652 | 179,724 | ||||||||||||||||
Revenues by type | |||||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||||
May 31, | May 31, | ||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||
Advertising | 104,374 | 99,739 | 306,873 | 288,222 | |||||||||||||||
Subscriber fees | 76,176 | 72,328 | 225,537 | 211,225 | |||||||||||||||
Other | 31,238 | 26,320 | 92,610 | 80,647 | |||||||||||||||
211,788 | 198,387 | 625,020 | 580,094 |
SOURCE Corus Entertainment Inc.
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