Corus Entertainment Announces Fiscal 2013 Fourth Quarter and Year-End Results
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CORUS ENTERTAINMENT INC.
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CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
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Three months ended
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Year ended
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August 31,
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August 31,
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(unaudited - in thousands of Canadian dollars except per share amounts)
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2013
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2012
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2013
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2012
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Revenues
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193,634
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195,624
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803,541
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842,276
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Direct cost of sales, general and administrative expenses
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139,189
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134,762
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533,529
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552,297
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Depreciation and amortization
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6,031
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6,408
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26,903
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25,639
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Interest expense
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10,473
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12,242
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46,332
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52,269
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Broadcast license and goodwill impairment
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5,734
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—
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5,734
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—
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Debt refinancing
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—
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—
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25,033
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—
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Business acquisition, integration and restructuring costs
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5,196
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1,841
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7,343
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4,166
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Gain on sale of associated company
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—
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—
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(55,394)
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—
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Other expense (income), net
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8,391
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(785)
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8,553
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(5,487)
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Income before income taxes
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18,620
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41,156
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205,508
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213,392
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Income tax expense
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5,279
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16,171
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39,759
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57,241
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Net income for the period
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13,341
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24,985
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165,749
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156,151
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Net income attributable to:
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Shareholders
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11,879
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23,341
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159,895
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148,681
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Non-controlling interest
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1,462
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1,644
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5,854
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7,470
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13,341
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24,985
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165,749
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156,151
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Earnings per share attributable to shareholders:
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Basic
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$ 0.14
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$ 0.28
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$ 1.91
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$ 1.79
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Diluted
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$ 0.14
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$ 0.28
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$ 1.90
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$ 1.78
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Net income for the period
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13,341
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24,985
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165,749
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156,151
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Other comprehensive income (loss), net of tax
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Items that may be reclassified subsequently to income:
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Unrealized foreign currency translation adjustment
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648
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(1,485)
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2,333
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486
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Unrealized change in fair value of available-for-sale investments
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174
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31
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132
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(223)
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Actuarial gain (loss) on employee future benefits
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616
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(2,950)
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616
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(2,950)
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1,438
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(4,404)
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3,081
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(2,687)
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Comprehensive income for the period
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14,779
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20,581
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168,830
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153,464
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Comprehensive income attributable to:
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Shareholders
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13,317
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18,937
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162,976
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145,994
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Non-controlling interest
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1,462
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1,644
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5,854
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7,470
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14,779
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20,581
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168,830
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153,464
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