Reports Increases in EBITDA and Revenues
WINNIPEG, April 1 /CNW/ - CanWest Global Communications Corp. announced
today that CanWest MediaWorks (NZ) Limited, its 70% owned New Zealand
television and radio operation, reported that consolidated revenue for the
second quarter increased by 5% to NZ$59.8 million, compared to NZ$56.7 million
for Q2 last year. Consolidated EBITDA for the second quarter was
NZ$12.0 million, a 14% increase over EBITDA for the same period last year.
For the six months ended February 28, 2007 the company reported an
increase in consolidated revenues of 4% to NZ$134.3 million and a 7% increase
in consolidated EBITDA to NZ$36.3 million as compared to results for the first
six months of F2006.
The company also announced an interim dividend of NZ4.8 cents per share
payable in May 2007, which will result in a distribution to CanWest of
NZ$7.6 million or approximately C$6.1 million.
"We are very pleased with the financial results for the first half of the
fiscal year," said Tom Strike, President of CanWest MediaWorks International.
"The results are significantly ahead of our expectations and reflect the
strong 'bounce back' that the New Zealand economy has enjoyed after a somewhat
challenging winter period last year."
"The company's radio and television brands have both been performing
well; however, television is always more sensitive to economic movements.
TVWorks' revenue was up 5% in the first half of this fiscal year to
NZ$76.1 million, compared with NZ$72.6 million in the corresponding period
last year. Its EBITDA increased by 14% from NZ$17.8 million in the first six
months of last year's fiscal to NZ$20.3 million for the corresponding period
this year," said Mr. Strike.
The company remains cautiously optimistic about the outlook for the
remainder of the fiscal year. "Forward looking advertising bookings across the
company's operations, but particularly in television, look very encouraging,"
said Brent Impey, the company's CEO.
These results are recorded in accordance with New Zealand Equivalents to
International Financial Reporting Standards and will be subject to foreign
currency translation and adjustment to Canadian GAAP upon consolidation with
CanWest's other operations.
This news release contains certain comments or forward-looking statements
about the objectives, strategies, financial conditions, and results of
operations and businesses of CanWest. Statements that are not historical facts
are forward-looking and are subject to important risks, uncertainties and
assumptions. These statements are based on our current expectations about our
business and the markets in which we operate, and upon various estimates and
assumptions. The results or events predicted in these forward-looking
statements may differ materially from actual results or events if known or
unknown risks, trends or uncertainties affect our business, or if our
estimates or assumptions turn out to be inaccurate. As a result, there is no
assurance that the circumstances described in any forward-looking statement
will materialize. Significant and reasonably foreseeable factors that could
cause our results to differ materially from our current expectations are
discussed in the section entitled "Risk Factors" contained in our Annual
Information Form for the year ended August 31, 2006 dated November 29, 2006
filed by CanWest Global Communications Corp. with the Canadian securities
commissions (available on SEDAR at www.sedar.com) and with the U.S. Securities
and Exchange Commission under Form 40-F (available on EDGAR at www.sec.gov).
We disclaim any intention or obligation to update any forward-looking
statement even if new information becomes available, as a result of future
events or for any other reason.
CanWest Global Communications Corp. (www.canwestglobal.com), (TSX: CGS
and CGS.A, NYSE: CWG) an international media company, is Canada's largest
media company. CanWest is Canada's largest publisher of daily newspapers and
also owns, operates and/or holds substantial interests in conventional
television, out-of-home advertising, specialty cable channels, web sites and
radio stations and networks in Canada, New Zealand, Australia, Turkey,
Singapore, the United Kingdom and the United States.
For further information:
For further information: Deb Hutton, Senior Vice President, Corporate
Communications, CanWest Global Communications Corp., (416) 383-2442,