Revenue declines drive Corus Entertainment’s lower Q1 earnings and adjusted profit
Corus Entertainment Inc. reported a significant drop in first-quarter profit and revenue compared to the same period last year, according to BNN Bloomberg.
The company recorded a profit attributable to shareholders of $11.9m, equal to six cents per diluted share, for the quarter ending November 30.
“Our strong fall schedule across Global and our specialty portfolio delivered share gains in linear viewing and impressive digital audience growth in our first quarter,” stated Troy Reeb, co-chief executive officer.
This represents a sharp decline from the $32.7m profit, or 16 cents per diluted share, reported in the same quarter a year ago.
Revenue for the quarter totalled $327.2m, down 12 percent from $369.9m in the prior year.
The overall decrease was driven by lower television revenue, which dropped to $303.6m from $342.4m. Radio revenue also declined, totalling $23.5m compared to $27.5m in the same period last year.
John Gossling, co-chief executive officer and chief financial officer, remarked, “We are encouraged by the emerging strength of our product and audiences.”
He further emphasized that, given the current industry and economic conditions, the organization remains committed to pursuing cost reductions as part of a broader plan to focus on high-margin assets and strengthen its balance sheet.
On an adjusted basis, Corus earned 14 cents per share in the latest quarter, down from an adjusted profit of 20 cents per share a year earlier.
