TORONTO, Sept. 25 /CNW/ - Corus Entertainment Inc. (TSX:CJR.B; NYSE: CJR)
updates investors today on the Company's fiscal year 2009 strategic priorities
and provides near-term financial guidance for the 2009 fiscal year.
"We have the plans in place to deliver solid results once again in 2009.
We have excellent growth prospects within our women's specialty business with
the addition of CosmoTV and CLT and, within our pay television service, with
the addition of HBO Canada," said John Cassaday, President and Chief Executive
Officer, Corus Entertainment.
"For fiscal year 2009, we are targeting free cash flow of $70 to
$90 million and consolidated segment profit of $270 to $280 million," said
The Company also announced today that it would implement a Dividend
Reinvestment Plan (DRIP) effective November 1, 2008 and that the Plan will be
managed by CIBC Mellon, the Company's transfer agent.
"Our Dividend Reinvestment Plan is an excellent opportunity for investors
who share our confidence in the growth of Corus to invest their dividends back
into the Company," added Cassaday.
A meeting with analysts and investors will take place at 9 a.m. ET today
to review 2009 strategic priorities. A live audiocast of the presentation
along with the accompanying PowerPoint slides can be accessed through the
company's website www.corusent.com in the Investor Relations section.
The full audio presentation and PowerPoint slides will also be archived
on the Company's website under "Investor Relations".
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, advertising and digital audio services,
television broadcasting, children's book publishing and children's animation.
The company's multimedia entertainment brands include YTV, Treehouse,
W Network, Movie Central, Nelvana, Kids Can Press and radio stations including
CKNW, CKOI and Q107. Corus creates engaging branded entertainment experiences
for its audiences across multiple platforms. A publicly traded company, Corus
is listed on the Toronto (CJR.B) and New York (CJR) exchanges. Experience
Corus on the web at www.corusent.com.
This statement contains forward-looking information and should be read
subject to the following cautionary language:
To the extent any statements made in this press release contain
information that is not historical; these statements are forward-looking
statements within the meaning of applicable securities laws. These
forward-looking statements related to, among other things, our objectives,
goals, strategies, intentions, plans, estimates and outlook 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 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 arises after the date thereof or otherwise.
For further information:
For further information: John Cassaday, President and Chief Executive
Officer, Corus Entertainment Inc., (416) 642-3770; Tom Peddie, Senior Vice
President and Chief Financial Officer, Corus Entertainment Inc., (416)
642-3780; Tracy Ewing, Vice President, Communications, Corus Entertainment
Inc., (416) 642-3792