Corus Entertainment Announces Fiscal 2016 Second Quarter Results

  • Consolidated revenues up 3% for the quarter and 2% for the year-to-date
  • Consolidated segment profit(1) up 33% (10% adjusted(1)(2)) for the quarter and 15% (4% adjusted(1)(2)) for the year-to-date
  • Net earnings attributable to shareholders of $102.2 million ($1.17 per share basic) for the quarter and $143.6 million ($1.64 per share basic) for the year-to-date
  • Adjusted basic earnings per share(1)(2) of $0.24 per share for the quarter and $0.72 per share for the year-to-date
  • Completed Shaw Media Inc. acquisition on April 1, 2016

TORONTO, April 13, 2016 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) announced its second quarter financial results today.

"We have delivered revenue and segment profit growth for the second consecutive quarter, driven by the launch of new specialty television services and digital distribution revenues," said Doug Murphy, President and Chief Executive Officer, Corus Entertainment. "With the completion of our transformational acquisition of Shaw Media on April 1st, we are fully focused on quickly integrating our operations, capturing significant synergies and unlocking the future growth potential of these powerful media assets."


Financial Highlights 






Three months ended

Six months ended 


February 29,

February 28,

February 29,

February 28, 

(unaudited - in thousands of Canadian dollars except per share amounts) 

2016

2015

2016

2015

Revenues 






Television

163,432

155,175

347,150

336,665


Radio

34,273

36,309

78,873

81,930


197,705

191,484

426,023

418,595






Segment profit(1)






Television

81,405

59,700

169,440

143,479


Radio

5,182

6,227

17,985

19,047


Corporate

(7,008)

(6,208)

(11,968)

(9,531)


79,579

59,719

175,457

152,995






Net income (loss) attributable to shareholders 

102,232

(86,786)

143,552

(34,880)

Adjusted net income attributable to shareholders(1) (2)

20,944

28,499

63,428

80,405






Basic earnings (loss) per share 

$ 1.17

$ (1.01)

$ 1.64

$ (0.41)

Adjusted basic earnings per share(1) (2)

$ 0.24

$ 0.33

$ 0.72

$ 0.93

Diluted earnings (loss) per share 

$ 1.17

$ (1.01)

$ 1.63

$ (0.41)






Free cash flow(1)

24,284

59,242

58,821

92,624

(1)

Segment profit, adjusted segment profit, adjusted net income (loss) attributable to shareholders, adjusted basic earnings per share, and free cash flow do not have standardized meanings prescribed by IFRS. The Company believes these non-IFRS measures are frequently used as key measures to evaluate performance. For definitions and explanations, see discussion under the Key Performance Indicators section of the Fiscal 2016 Report to Shareholders.

(2)

For the three months ended February 29, 2016, segment profit has been adjusted to include amortization of disposed Pay TV programming assets of $14.2 million ($0.12 per share), while adjusted net income attributable to shareholders includes the preceding as well as excludes business acquisition, integration and restructuring charges of $6.0 million ($0.06 per share) and a gain on the disposal of the Pay TV disposal group of $86.2 million ($0.87 per share). For the six months ended February 29, 2016, segment profit has been adjusted to include amortization of disposed Pay TV programming assets of $15.6 million ($0.13 per share), while adjusted net income attributable to shareholders includes the preceding as well as excludes business acquisition, integration and restructuring charges of $8.4 million ($0.08 per share) and a gain on the disposal of the Pay TV disposal group of $86.2 million ($0.87 per share). For the three and six months ended February 28, 2015, adjusted net income attributable to shareholders excludes radio broadcast license and goodwill impairment charges of $130.0 million ($1.44 per share), business acquisition, integration and restructuring charges of $8.0 million ($0.07 per share), offset by a gain on distribution of investment of $17.0 million ($0.17 per share).

 

Consolidated Results from Operations

Consolidated revenues for the three months ended February 29, 2016 were $197.7 million, up 3% from $191.5 million last year.  Consolidated segment profit was $79.6 million, up 33% from $59.7 million last year, however, excludes amortization of disposed Pay TV program and film rights of $14.2 million.  Adjusting for this, segment profit would be $65.4 million, up 10% from last year.  Net income attributable to shareholders for the quarter was $102.2 million ($1.17 per share basic and diluted), as compared to a net loss of $86.8 million ($1.01 loss per share basic and diluted) last year.  Net income attributable to shareholders for the second quarter of fiscal 2016 includes business acquisition, integration and restructuring costs of $6.0 million ($0.06 per share), a gain on the disposal of the Pay Television disposal group of $86.2 million ($0.87 per share), and excludes amortization of Pay Television program and film rights of $14.2 million ($0.12 per share).  Adjusting for the impact of these items results in an adjusted net income attributable to shareholders of $20.9 million ($0.24 per share basic) in the quarter.  Net loss attributable to shareholders for the prior year quarter includes radio broadcast license and goodwill impairment charges of $130.0 million ($1.44 per share), business acquisition, integration and restructuring costs of $8.0 million ($0.07 per share), offset by a gain on disposition of investment of $17.0 million ($0.17 per share).  Removing the impact of these items results in an adjusted net income attributable to shareholders of $28.5 million ($0.33 per share) in the prior year quarter.

Consolidated revenues for the six months ended February 29, 2016 were $426.0 million, up 2% from $418.6 million last year.  Consolidated segment profit was $175.5 million, up 15% from $153.0 million last year, however, excludes amortization of disposed Pay TV program rights of $15.6 million.  Adjusting for this, segment profit would be $159.9 million, up 4% from last year.  Net income attributable to shareholders for the six months ended February 29, 2016 was $143.6 million ($1.64 per share basic and diluted), compared to a net loss of $34.9 million ($0.41 loss per share basic and diluted) last year. Net income attributable to shareholders for the six months ended February 29, 2016 includes business acquisition, integration and restructuring costs of $8.4 million ($0.08 per share), a gain on the disposal of the Pay Television disposal group of $86.2 million ($0.87 per share), and excludes amortization of Pay Television program and film rights of $15.6 million ($0.13 per share).  Adjusting for the impact of these items results in an adjusted net income attributable to shareholders of $63.4 million ($0.72 per share basic) for the current year-to-date.  Net loss attributable to shareholders for the six months ended February 28, 2015 includes Radio broadcast license and goodwill impairment charges of $130.0 million ($1.44 per share), business acquisition, integration and restructuring costs of $8.0 million ($0.07 per share), offset by a gain on disposition of investment of $17.0 million ($0.17 per share).  Removing the impact of these items results in an adjusted net income attributable to shareholders of $80.4 million ($0.93 per share) for the prior year-to-date.

For fiscal 2016, certain of Corus' Pay Television business ("Pay TV") assets and liabilities were reclassified as held for disposal effective November 19, 2015 as a consequence of meeting the definition of assets held for sale under International Financial Reporting Standard 5 – Non-current Assets Held for Sale and Discontinued Operations.  The Company's business activities are conducted through two operating segments, Television and Radio.  The disposal group, Pay TV, is not a separate operating segment, but it is included as part of the Television operating segment.  Accordingly, the disposal group, Pay TV, did not qualify for discontinued operations presentation, and as a result, its operating results remained in continuing operations in the consolidated statement of income and comprehensive income for the six months ended February 29, 2016.  On February 29, 2016, the Pay TV disposition was completed and the related proceeds associated with this disposal group were recognized.  Further discussion is provided in note 16 of the Company's interim consolidated financial statements for the period ended February 29, 2016. 

Operational Results - Highlights

Television

  • Specialty advertising revenues decreased 8% in Q2 2016 and 7% for the year-to-date
  • Subscriber revenues increased 5% in Q2 2016, and increased 3% for the year-to-date
  • Merchandising, distribution and other revenues increased 40% in Q2 2016 and 37% for the year-to-date
  • Segment profit(1) increased 36% in Q2 2016 and 18% for the year-to-date
  • Adjusted segment profit(1)(2) increased 13% in Q2 2016 and 7% for the year-to-date
  • Ceased Pay TV operations February 29, 2016

Radio

  • Segment revenues decreased 6% in Q2 2016 and 4% for the year-to-date
  • Segment profit(1) decreased 17% in Q2 2016 and 6% for the year-to-date
  • Segment profit margin(1) of 15% in Q2 2016 and 23% for the year-to-date

Corporate

  • Free cash flow(1) of $58.8 million for the year-to-date
  • Completed acquisition of Shaw Media Inc. on April 1, 2016

(1)

Segment profit, adjusted segment profit, segment profit margin and free cash flow do not have standardized meanings prescribed by IFRS. . The Company believes these non-IFRS measures are frequently used as key measures to evaluate performance. For definitions and explanations, see discussion under the Key Performance Indicators section of the 2016 Report to Shareholders.

(2)

For the three and six months ended February 29, 2016, segment profit has been adjusted to include amortization of disposed Pay TV programming assets of $14.2 million and $15.6 million, respectively.

 

Corus Entertainment Inc. reports in Canadian dollars.

The unaudited consolidated financial statements and accompanying notes for the three and six months ended February 29, 2016 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 April 13, 2016 at 2:00 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 local and international callers is 1.416.981.9019 and for North America is 1.800.920.5564.  More information can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.

Use of Non-IFRS Financial Measures

This press release includes the non-IFRS financial measures of adjusted segment profit, adjusted net income, adjusted basic earnings per share and free cash flow that are not in accordance with, nor an alternate to, International Financial Reporting Standards ("IFRS") and may be different from non-IFRS measures used by other companies.  In addition, these non-IFRS measures are not based on any comprehensive set of accounting rules or principles.

Non-IFRS financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with IFRS. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-IFRS financial measures are meant to supplement, and to be viewed in conjunction with, IFRS financial results.  A reconciliation of the Company's non-IFRS measures is included in the Company's most recent Report to Shareholders which is available on Corus' website at www.corusent.com as well as on SEDAR.

Caution Concerning Forward-Looking Statements

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 relate to, among other things, our objectives, goals, strategies, intentions, plans, estimates and outlook, including advertising, distribution, 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, distribution, 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, Corus disclaims 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.

About Corus Entertainment Inc.

Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that creates and delivers high quality brands and content across platforms for audiences around the world. The company's portfolio of multimedia offerings encompasses 45 specialty television services, 39 radio stations, 15 conventional television stations, a global content business, digital assets, live events, children's book publishing, animation software, technology and media services. Corus' roster of premium brands include Global Television, W Network, OWN: Oprah Winfrey Network Canada, HGTV Canada, Food Network Canada, HISTORY®, Showcase, National Geographic, Q107, CKNW, Fresh Radio, Disney Channel Canada, YTV and Nickelodeon Canada. Visit Corus at www.corusent.com.

Follow Corus PR @CorusPR

CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION





As at February 29,

As at August 31,

(unaudited - in thousands of Canadian dollars)

2016

2015

ASSETS



Current



Cash and cash equivalents

55,449

37,422

Cash held in escrow

280,346

Accounts receivable

218,140

164,600

Income taxes recoverable

12,439

Prepaid expenses and other

18,544

13,855




Total current assets

572,479

228,316




Tax credits receivable

25,121

25,958

Intangibles, investments and other assets

163,690

60,589

Property, plant and equipment

135,230

139,140

Program and film rights

442,717

315,899

Film investments

47,458

36,549

Broadcast licenses

906,590

956,984

Goodwill

775,687

827,859

Deferred tax assets

40,272

40,815


3,109,244

2,632,109




LIABILITIES AND SHAREHOLDERS' EQUITY



Current



Accounts payable and accrued liabilities

241,501

210,971

Current portion of long-term debt

550,000

150,000

Income taxes payable

25,876

Provisions

5,983

8,930

Total current liabilities

823,360

369,901




Long-term debt

63,037

651,002

Other long-term liabilities

380,764

138,833

Liabilities for subscription receipts

280,346

Deferred tax liabilities

240,194

252,462

Total liabilities

1,787,701

1,412,198




SHAREHOLDERS' EQUITY



Share capital

1,004,312

994,571

Contributed surplus

9,927

9,471

Retained earnings

284,700

191,182

Accumulated other comprehensive income

8,014

7,353

Total equity attributable to shareholders

1,306,953

1,202,577

Equity attributable to non-controlling interest

14,590

17,334

Total shareholders' equity

1,321,543

1,219,911


3,109,244

2,632,109

 

CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)







Three months ended

Six months ended


February 29,

February 28,

February 29,

February 28,

(unaudited - in thousands of Canadian dollars except per share amounts)

2016

2015

2016

2015

Revenues

197,705

191,484

426,023

418,595

Direct cost of sales, general and administrative expenses

118,126

131,765

250,566

265,600

Depreciation and amortization

10,606

6,089

21,608

11,863

Interest expense

18,487

12,746

37,377

25,427

Broadcast license and goodwill impairment

130,000

130,000

Business acquisition, integration and restructuring costs

6,014

8,002

8,375

8,002

Gain on disposition

(86,151)

(86,151)

Other (income) expense, net

5,129

(15,902)

9,054

(14,096)






Income (loss) before income taxes

125,494

(81,216)

185,194

(8,201)

Income tax expense

22,360

4,643

39,237

24,476






Net income (loss) for the period

103,134

(85,859)

145,957

(32,677)






Net income (loss) attributable to:





Shareholders

102,232

(86,786)

143,552

(34,880)

Non-controlling interest

902

927

2,405

2,203


103,134

(85,859)

145,957

(32,677)






Earnings (loss) per share attributable to shareholders:






Basic

$ 1.17

$ (1.01)

$ 1.64

$ (0.41)


Diluted

$ 1.17

$ (1.01)

$ 1.63

$ (0.41)






Net income (loss) for the period

103,134

(85,859)

145,957

(32,677)

Other comprehensive income (loss), net of tax





Items that may be reclassified subsequently to income:






Unrealized foreign currency translation adjustment

167

2,437

466

3,667


Unrealized change in fair value of available-for-sale investments

(8)

170

(124)

(140)


Realized change in fair value of cash flow hedges

105

(416)

319

(454)


264

2,191

661

3,073






Comprehensive income (loss) for the period

103,398

(83,668)

146,618

(29,604)






Comprehensive income (loss) attributable to:






Shareholders

102,496

(84,595)

144,213

(31,807)


Non-controlling interest

902

927

2,405

2,203


103,398

(83,668)

146,618

(29,604)

 

CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY









(unaudited - in thousands of Canadian dollars)

Share capital

Contributed surplus

Retained earnings

Accumulated
other
comprehensive income

Total equity
attributable
to shareholders

Non-
controlling interest

Total equity









At August 31, 2015

994,571

9,471

191,182

7,353

1,202,577

17,334

1,219,911

Comprehensive income

143,552

661

144,213

2,405

146,618

Dividends declared

(50,034)

(50,034)

(5,149)

(55,183)

Issuance of shares under dividend reinvestment plan

9,741

9,741

9,741

Share-based compensation expense

456

456

456

At February 29, 2016

1,004,312

9,927

284,700

8,014

1,306,953

14,590

1,321,543

















At August 31, 2014

967,330

8,385

313,361

3,767

1,292,843

17,283

1,310,126

Comprehensive income (loss)

(34,880)

3,073

(31,807)

2,203

(29,604)

Dividends declared

(48,113)

(48,113)

(4,553)

(52,666)

Issuance of shares under stock option plan

5,781

(945)

4,836

4,836

Issuance of shares under dividend reinvestment plan

11,347

11,347

11,347

Share-based compensation expense

1,466

1,466

1,466

At February 28, 2015

984,458

8,906

230,368

6,840

1,230,572

14,933

1,245,505









CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS







Three months ended

Six months ended


February 29,

February 28,

February 29,

February 28,

(unaudited - in thousands of Canadian dollars)

2016

2015

2016

2015

OPERATING ACTIVITIES





Net income (loss) for the period

103,134

(85,859)

145,957

(32,677)

Adjustments to reconcile net income (loss) to cash provided by operating activities:






Depreciation and amortization

10,606

6,089

21,608

11,863


Broadcast license and goodwill impairment

130,000

130,000


Amortization of program and film rights

43,990

53,366

98,253

107,703


Amortization of film investments

4,213

6,692

7,544

13,613


Deferred income taxes

(13,845)

(3,864)

(11,907)

(1,017)


Share-based compensation expense

189

937

456

1,466


Imputed interest

10,780

3,481

21,231

6,977


Gain on disposition of investment

(16,964)

(533)

(16,964)


Gain on disposition

(86,151)

(86,151)


Business acquisition costs paid

2,718

2,718


Other

3,031

1,406

3,229

1,888

Net change in non-cash working capital balances related to operations

29,062

11,594

(763)

(14,855)

Payment of program and film rights

(67,385)

(46,064)

(112,514)

(96,481)

Net additions to film investments

(8,854)

(10,031)

(18,681)

(23,846)

Cash provided by operating activities

31,488

50,783

70,447

87,670






INVESTING ACTIVITIES





Additions to property, plant and equipment

(4,153)

(4,931)

(6,856)

(7,754)

Net proceeds from disposition

188,374

209,474

Business combinations

(2,476)

Business acquisition costs paid

(2,718)

(2,718)

Proceeds from disposition of investment

18,490

1,684

18,490

Net cash flows for intangibles, investments and other assets

(4,488)

(2,425)

(7,151)

(17,586)

Other

(1,952)

(4,737)

(4,280)

(5,248)

Cash provided by (used in) investing activities

175,063

6,397

187,677

(12,098)






FINANCING ACTIVITIES





Decrease in bank loans

(168,735)

(29,688)

(188,734)

(9,897)

Financing fees

(3,428)

(750)

(3,428)

(750)

Issuance of shares under stock option plan

3,417

4,836

Dividends paid

(18,818)

(17,982)

(40,116)

(35,901)

Dividends paid to non-controlling interest

(1,000)

(419)

(5,149)

(4,553)

Issue of subscription receipts

280,346

280,346

Other

(1,291)

(1,385)

(2,670)

(2,679)

Cash provided by (used in) financing activities

87,074

(46,807)

40,249

(48,944)

Net change in cash and cash equivalents






during the period

293,625

10,373

298,373

26,628

Less: cash held in escrow

(280,346)

(280,346)

Cash and cash equivalents, beginning of the period

42,170

27,840

37,422

11,585

Cash and cash equivalents, end of the period

55,449

38,213

55,449

38,213

 

CORUS ENTERTAINMENT INC.

BUSINESS SEGMENT INFORMATION


(unaudited - in thousands of Canadian dollars)







Three months ended February 29, 2016



Television

Radio

Corporate

Consolidated

Revenues

163,432

34,273

197,705

Direct cost of sales, general and administrative expenses

82,027

29,091

7,008

118,126

Segment profit (loss)(1)

81,405

5,182

(7,008)

79,579

Depreciation and amortization




10,606

Interest expense




18,487

Business acquisition, integration and restructuring costs




6,014

Gain on disposition




(86,151)

Other expense, net




5,129

Income before income taxes




125,494







Three months ended February 28, 2015



Television

Radio

Corporate

Consolidated

Revenues

155,175

36,309

191,484

Direct cost of sales, general and administrative expenses

95,475

30,082

6,208

131,765

Segment profit (loss)(1)

59,700

6,227

(6,208)

59,719

Depreciation and amortization




6,089

Interest expense




12,746

Broadcast license and goodwill impairment




130,000

Business acquisition, integration and restructuring costs




8,002

Other income, net




(15,902)

Loss before income taxes




(81,216)







Six months ended February 29, 2016







Television

Radio

Corporate

Consolidated

Revenues

347,150

78,873

426,023

Direct cost of sales, general and administrative expenses

177,710

60,888

11,968

250,566

Segment profit (loss)(1)

169,440

17,985

(11,968)

175,457

Depreciation and amortization




21,608

Interest expense




37,377

Business acquisition, integration and restructuring costs




8,375

Gain on disposition




(86,151)

Other expense, net




9,054

Income before income taxes




185,194







Six months ended February 28, 2015







Television

Radio

Corporate

Consolidated

Revenues

336,665

81,930

418,595

Direct cost of sales, general and administrative expenses

193,186

62,883

9,531

265,600

Segment profit (loss)(1)

143,479

19,047

(9,531)

152,995

Depreciation and amortization




11,863

Interest expense




25,427

Broadcast license and goodwill impairment




130,000

Business acquisition, integration and restructuring costs




8,002

Other income, net




(14,096)

Loss before income taxes




(8,201)

(1)

Segment profit does not have a standardized meaning prescribed by IFRS. For definitions and explanations, see discussion under the Key Performance Indicators section of the 2015 Report to Shareholders.

 


Revenues by type






Three months ended

Six months ended


February 29,

February 28,

February 29,

February 28,


2016

2015

2016

2015

Advertising

75,039

81,309

190,380

202,275

Subscriber fees

89,645

85,245

176,599

170,659

Merchandising, distribution and other

33,021

24,930

59,044

45,661


197,705

191,484

426,023

418,595

 


CORUS ENTERTAINMENT INC.



Non-IFRS Financial Measures






Three months ended

Six months ended




February 29,

February 28,

February 29,

February 28,

 Adjusted segment profit

2016

2015

2016

2015







Segment profit

79,579

59,719

175,457

152,995


Adjustments:







Amortization of disposed programming assets

(14,185)

(15,585)


Adjusted segment profit

65,394

59,719

159,872

152,995

 

 Adjusted net income attributable to shareholders






Net income (loss) attributable to shareholders

102,232

(86,786)

143,552

(34,880)


Adjustments, net of tax:







Gain on disposal of Pay TV disposal group

(76,631)

(76,631)



Amortization of disposed programming assets

(10,426)

(11,455)



Impact of business acquisition, integration and restructuring charges

5,769

6,017

7,962

6,017



Broadcast license and goodwill impairment charges

123,984

123,984



Gain from disposition of investment

(14,716)

(14,716)


Adjusted net income attributable to shareholders

20,944

28,499

63,428

80,405







Adjusted basic EPS

$0.24

$0.33

$0.72

$0.93

Free cash flow




Cash provided by (used in):






Operating activities

31,488

50,783

70,447

87,670


Investing activities

175,063

6,397

187,677

(12,098)



206,551

57,180

258,124

75,572


Add back:  Cash used for business combinations and strategic investments (1)

6,107

2,062

10,171

17,052



Net proceeds from disposition

(188,374)

(209,474)


Free cash flow

24,284

59,242

58,821

92,624


(1) Strategic investments are comprised of investments in venture funds and associated companies.

 

SOURCE Corus Entertainment Inc.

For further information: Doug Murphy, President and Chief Executive Officer, Corus Entertainment Inc., 416.479.6649; Tom Peddie, Executive Vice President and Chief Financial Officer, Corus Entertainment Inc., 416.479.6080; Sally Tindal, Vice President, Communications, Corus Entertainment Inc., 416.479.6107

RELATED LINKS
www.corusent.com

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