"Fiscal 2013 was a challenging year, but we made progress on a number of fronts, creating the foundation for strong growth moving forward," said John Cassaday, President and Chief Executive Officer of Corus Entertainment. "We were pleased to see an increase in specialty advertising revenue across all of our core Television networks, ongoing ratings momentum, and continued gains in our Pay television business. These gains were offset by a decline in the fourth quarter in our Radio division and higher corporate costs. Our outlook for 2014 is positive and the fundamentals are in place for a strong year ahead. The recent reorganization of our leadership team will support our growth objectives and we are excited about the significant value that our pending acquisitions will bring to the business."
| Financial Highlights | |||||||||
| Three months ended | Year ended | ||||||||
| August 31, | August 31, | ||||||||
| (unaudited - in thousands of Canadian dollars except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||
| Revenues | |||||||||
| Television | 149,622 | 147,874 | 619,850 | 650,949 | |||||
| Radio | 44,012 | 47,750 | 183,691 | 191,327 | |||||
| 193,634 | 195,624 | 803,541 | 842,276 | ||||||
| Segment profit (1) | |||||||||
| Television | 56,469 | 54,490 | 248,779 | 262,138 | |||||
| Radio | 11,664 | 14,995 | 55,148 | 57,427 | |||||
| Corporate | (13,688) | (8,623) | (33,915) | (29,586) | |||||
| 54,445 | 60,862 | 270,012 | 289,979 | ||||||
| Net income attributable to shareholders | 11,879 | 23,341 | 159,895 | 148,681 | |||||
| Adjusted net income attributable to shareholders (1) (2) | 25,816 | 31,519 | 138,573 | 158,556 | |||||
| Basic earnings per share | $ 0.14 | $ 0.28 | $ 1.91 | $ 1.79 | |||||
| Adjusted basic earnings per share (1) (2) | $ 0.31 | $ 0.38 | $ 1.65 | $ 1.90 | |||||
| Diluted earnings per share | $ 0.14 | $ 0.28 | $ 1.90 | $ 1.78 | |||||
| Free cash flow (1) | 25,704 | 24,962 | 154,136 | 155,147 | |||||
| (1) | See definitions and discussion under Key Performance Indicators in MD&A. | ||||
| (2) |
For the year ended August 31, 2013, excludes the impact of $25.0 million
($0.22 per share) debt refinancing costs,
gain on disposition of the Company's non-controlling interest in Food Network Canada of $55.4 million ($0.66 per share), broadcast license impairment of $5.7 million ($0.05 per share), business acquisition, integration and restructuring costs of $7.3 million ($0.06 per share) and investment impairment charges of $7.1 million ($0.07 per share). |
||||
Consolidated Results from Operations
Consolidated revenues for the three months ended August 31, 2013 were $193.6 million, down 1% from $195.6 million last year. Consolidated segment profit was $54.4 million, down 11% from $60.9 million last year as Corporate costs were up $5.1 million due primarily to achievement of performance incentives and higher share-based compensation. Net income attributable to shareholders for the quarter was $11.9 million ($0.14 per share basic and diluted), down 49% compared to $23.3 million ($0.28 per share basic and diluted) last year. Net income attributable to shareholders for the fourth quarter includes an impairment charge related to broadcast license impairments of $5.7 million, business acquisition, integration and restructuring costs of $5.2 million and investment impairment charges of $7.1 million. Removing the impact of these items results in adjusted basic earnings per share attributable to shareholders of $0.31 per share in the quarter. Net income attributable to shareholders for the fourth quarter of the prior year includes a charge due to an income tax rate change of $6.8 million and business acquisition, integration and restructuring costs of $1.8 million. Removing the impact of these items results in an adjusted basic earnings per share attributable to shareholders of $0.38 per share in the prior quarter.
Consolidated revenues for the year ended August 31, 2013 were $803.5 million, down 5% from $842.3 million last year. Consolidated segment profit was $270.0 million, down 7% from $290.0 million last year. Net income attributable to shareholders for the year was $159.9 million ($1.91 per share basic and $1.90 per share diluted), up 8% compared to $148.7 million ($1.79 per share basic and $1.78 per share diluted) last year. Net income attributable to shareholders for the current fiscal year includes a charge for debt refinancing of $25.0 million, the gain related to the sale of the Company's non-controlling interest in Food Network Canada of $55.4 million, broadcast license impairments of $5.7 million, business acquisition, integration and restructuring costs of $7.3 million and investment impairment charges of $7.1 million. Removing the impact of these items results in an adjusted net income attributable to shareholders of $138.6 million ($1.65 basic earnings per share attributable to shareholders) in the current year. Net income attributable to shareholders for the prior fiscal year includes a charge due to an income tax rate change of $6.8 million and business acquisition, integration and restructuring costs of $4.2 million. Removing the impact of these items results in an adjusted basic earnings per share attributable to shareholders of $1.90 per share in the prior year. Free cash flow for the year ended August 31, 2013 was $154.1 million compared to $155.1 million in the prior year.
Operational Results - Highlights
Television
- Segment revenues increased 1% in Q4 and decreased 5% for the fiscal year
- Specialty advertising revenue increased 6% in Q4 and 2% for the fiscal year
- Subscriber revenues increased 1% for Q4 and were flat for the fiscal year
- Merchandising, distribution and other revenues declined 3% in Q4 and 24% for the fiscal year
- Segment profit(1) increased 4% in Q4 and decreased 5% for the fiscal year
- Segment profit margin of 40% for the fiscal year
- Movie Central finished the fiscal year with 996,000 subscribers, up 20,000 from the prior year
Radio
- Segment revenues decreased 8% in Q4 and 4% for the fiscal year
- Segment profit(1) decreased 22% in Q4 and 4% for the fiscal year
- Segment profit margin of 30% for the fiscal year
Other
- Corporate expenses were up $5.1 million in Q4 and $4.3 million for the fiscal year due to higher share-based compensation and achievement of performance incentives.
(1) See definitions and discussion under Key Performance Indicators in MD&A.
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, television broadcasting, children's book publishing, children's animation and animation software. The Company's multimedia entertainment brands include YTV, Treehouse, Nickelodeon (Canada), ABC Spark, W Network, OWN: Oprah Winfrey Network (Canada), Cosmopolitan TV, Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana, Kids Can Press, Toon Boom and 37 radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B). Experience Corus on the web at www.corusent.com.
The unaudited consolidated financial statements and accompanying notes for the three months and year ended August 31, 2013 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 October 24, 2013 at 12:30 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 Canada is 1.866.229.4144 and for international callers is 1.847.585.4422. Please note that the audience passcode for both dial-in numbers is 7565 565. PowerPoint slides for the call will be posted 15 minutes prior to the start of the call and can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.
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 related 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, 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 arise after the date thereof or otherwise.
| CORUS ENTERTAINMENT INC. | |||||||
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | |||||||
| As at August 31, | |||||||
| (unaudited - in thousands of Canadian dollars) | 2013 | 2012 | |||||
| ASSETS | |||||||
| Current | |||||||
| Cash and cash equivalents | 86,081 | 24,588 | |||||
| Accounts receivable | 176,504 | 173,421 | |||||
| Promissory note receivable | 47,759 | — | |||||
| Income taxes recoverable | 341 | 9,542 | |||||
| Prepaid expenses and other | 16,416 | 12,664 | |||||
| Total current assets | 327,101 | 220,215 | |||||
| Tax credits receivable | 41,564 | 43,865 | |||||
| Intangibles, investments and other assets | 42,975 | 42,390 | |||||
| Property, plant and equipment | 151,398 | 163,563 | |||||
| Program and film rights | 289,181 | 271,244 | |||||
| Film investments | 62,734 | 67,983 | |||||
| Broadcast licenses | 563,771 | 569,505 | |||||
| Goodwill | 674,393 | 674,393 | |||||
| Deferred tax assets | 39,463 | 28,327 | |||||
| 2,192,580 | 2,081,485 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
| Current | |||||||
| Accounts payable and accrued liabilities | 172,663 | 185,991 | |||||
| Provisions | 3,941 | 2,322 | |||||
| Total current liabilities | 176,604 | 188,313 | |||||
| Long-term debt | 538,966 | 518,258 | |||||
| Other long-term liabilities | 105,020 | 87,853 | |||||
| Deferred tax liabilities | 151,157 | 150,971 | |||||
| Total liabilities | 971,747 | 945,395 | |||||
| SHAREHOLDERS' EQUITY | |||||||
| Share capital | 937,183 | 910,005 | |||||
| Contributed surplus | 7,221 | 7,835 | |||||
| Retained earnings | 256,517 | 198,445 | |||||
| Accumulated other comprehensive income (loss) | 1,653 | (812) | |||||
| Total equity attributable to shareholders | 1,202,574 | 1,115,473 | |||||
| Equity attributable to non-controlling interest | 18,259 | 20,617 | |||||
| Total shareholders' equity | 1,220,833 | 1,136,090 | |||||
| 2,192,580 | 2,081,485 | ||||||
| CORUS ENTERTAINMENT INC. | |||||||||||||
| CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME | |||||||||||||
| Three months ended | Year ended | ||||||||||||
| August 31, | August 31, | ||||||||||||
| (unaudited - in thousands of Canadian dollars except per share amounts) | 2013 | 2012 | 2013 | 2012 | |||||||||
| Revenues | 193,634 | 195,624 | 803,541 | 842,276 | |||||||||
| Direct cost of sales, general and administrative expenses | 139,189 | 134,762 | 533,529 | 552,297 | |||||||||
| Depreciation and amortization | 6,031 | 6,408 | 26,903 | 25,639 | |||||||||
| Interest expense | 10,473 | 12,242 | 46,332 | 52,269 | |||||||||
| Broadcast license and goodwill impairment | 5,734 | — | 5,734 | — | |||||||||
| Debt refinancing | — | — | 25,033 | — | |||||||||
| Business acquisition, integration and restructuring costs | 5,196 | 1,841 | 7,343 | 4,166 | |||||||||
| Gain on sale of associated company | — | — | (55,394) | — | |||||||||
| Other expense (income), net | 8,391 | (785) | 8,553 | (5,487) | |||||||||
| Income before income taxes | 18,620 | 41,156 | 205,508 | 213,392 | |||||||||
| Income tax expense | 5,279 | 16,171 | 39,759 | 57,241 | |||||||||
| Net income for the period | 13,341 | 24,985 | 165,749 | 156,151 | |||||||||
| Net income attributable to: | |||||||||||||
| Shareholders | 11,879 | 23,341 | 159,895 | 148,681 | |||||||||
| Non-controlling interest | 1,462 | 1,644 | 5,854 | 7,470 | |||||||||
| 13,341 | 24,985 | 165,749 | 156,151 | ||||||||||
| Earnings per share attributable to shareholders: | |||||||||||||
| Basic | $ 0.14 | $ 0.28 | $ 1.91 | $ 1.79 | |||||||||
| Diluted | $ 0.14 | $ 0.28 | $ 1.90 | $ 1.78 | |||||||||
| Net income for the period | 13,341 | 24,985 | 165,749 | 156,151 | |||||||||
| Other comprehensive income (loss), net of tax | |||||||||||||
| Items that may be reclassified subsequently to income: | |||||||||||||
| Unrealized foreign currency translation adjustment | 648 | (1,485) | 2,333 | 486 | |||||||||
| Unrealized change in fair value of available-for-sale investments | 174 | 31 | 132 | (223) | |||||||||
| Actuarial gain (loss) on employee future benefits | 616 | (2,950) | 616 | (2,950) | |||||||||
| 1,438 | (4,404) | 3,081 | (2,687) | ||||||||||
| Comprehensive income for the period | 14,779 | 20,581 | 168,830 | 153,464 | |||||||||
| Comprehensive income attributable to: | |||||||||||||
| Shareholders | 13,317 | 18,937 | 162,976 | 145,994 | |||||||||
| Non-controlling interest | 1,462 | 1,644 | 5,854 | 7,470 | |||||||||
| 14,779 | 20,581 | 168,830 | 153,464 | ||||||||||
| 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 (loss) |
Total equity
attributable to shareholders |
Non-
controlling interest |
Total equity | |||||||||||||||||||||
| At August 31, 2012 | 910,005 | 7,835 | 198,445 | (812) | 1,115,473 | 20,617 | 1,136,090 | |||||||||||||||||||||
| Comprehensive income | — | — | 159,895 | 3,081 | 162,976 | 5,854 | 168,830 | |||||||||||||||||||||
| Actuarial gain transfer | — | — | 616 | (616) | — | — | — | |||||||||||||||||||||
| Dividends declared | — | — | (84,452) | — | (84,452) | (6,331) | (90,783) | |||||||||||||||||||||
| Issuance of shares under stock option plan | 1,155 | (2,200) | — | — | (1,045) | — | (1,045) | |||||||||||||||||||||
| Issuance of shares under dividend reinvestment plan | 26,731 | — | — | — | 26,731 | — | 26,731 | |||||||||||||||||||||
| Shares repurchased | (708) | — | (756) | — | (1,464) | — | (1,464) | |||||||||||||||||||||
| Share-based compensation expense | — | 1,586 | — | — | 1,586 | — | 1,586 | |||||||||||||||||||||
| Acquisition of non-controlling interest | — | — | (17,231) | — | (17,231) | (1,881) | (19,112) | |||||||||||||||||||||
| At August 31, 2013 | 937,183 | 7,221 | 256,517 | 1,653 | 1,202,574 | 18,259 | 1,220,833 | |||||||||||||||||||||
| At August 31, 2011 | 882,679 | 10,299 | 143,717 | (1,075) | 1,035,620 | 19,200 | 1,054,820 | |||||||||||||||||||||
| Comprehensive income | — | — | 148,681 | (2,687) | 145,994 | 7,470 | 153,464 | |||||||||||||||||||||
| Actuarial loss transfer | — | — | (2,950) | 2,950 | — | — | — | |||||||||||||||||||||
| Dividends declared | — | — | (78,143) | — | (78,143) | (6,053) | (84,196) | |||||||||||||||||||||
| Issuance of shares under stock option plan | 13,668 | (3,622) | — | — | 10,046 | — | 10,046 | |||||||||||||||||||||
| Issuance of shares under dividend reinvestment plan | 25,982 | — | — | — | 25,982 | — | 25,982 | |||||||||||||||||||||
| Shares repurchased | (12,435) | — | (12,860) | — | (25,295) | — | (25,295) | |||||||||||||||||||||
| Share-based compensation expense | — | 1,158 | — | — | 1,158 | — | 1,158 | |||||||||||||||||||||
| Repayment of executive stock purchase loans | 111 | — | — | — | 111 | — | 111 | |||||||||||||||||||||
| At August 31, 2012 | 910,005 | 7,835 | 198,445 | (812) | 1,115,473 | 20,617 | 1,136,090 | |||||||||||||||||||||
| CORUS ENTERTAINMENT INC. | ||||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
|
Three months ended
August 31, |
Year ended
August 31, |
|||||||||||
| (unaudited - in thousands of Canadian dollars) | 2013 | 2012 | 2013 | 2012 | ||||||||
| OPERATING ACTIVITIES | ||||||||||||
| Net income for the period | 13,341 | 24,985 | 165,749 | 156,151 | ||||||||
| Add (deduct) non-cash items: | ||||||||||||
| Depreciation and amortization | 6,031 | 6,408 | 26,903 | 25,639 | ||||||||
| Broadcast license and goodwill impairment | 5,734 | — | 5,734 | — | ||||||||
| Amortization of program and film rights | 48,099 | 46,543 | 190,176 | 186,348 | ||||||||
| Amortization of film investments | 8,360 | 10,052 | 25,759 | 32,001 | ||||||||
| Deferred income taxes | (1,356) | 8,186 | (11,332) | 12,921 | ||||||||
| Investment impairments | 7,121 | — | 7,121 | — | ||||||||
| Share-based compensation expense | 424 | 268 | 1,586 | 1,158 | ||||||||
| Imputed interest | 4,137 | 2,444 | 11,816 | 11,348 | ||||||||
| Debt refinancing | — | — | 25,033 | — | ||||||||
| Gain on sale of associated company | — | — | (55,394) | — | ||||||||
| Gain on acquisition | — | — | — | (2,383) | ||||||||
| Other | 818 | 738 | 700 | (2,052) | ||||||||
| Net change in non-cash working capital balances related to operations | 12,609 | (3,939) | 4,584 | (13,199) | ||||||||
| Payment of program and film rights | (79,000) | (65,422) | (185,327) | (196,689) | ||||||||
| Net additions to film investments | 2,869 | (569) | (46,074) | (40,933) | ||||||||
| Cash provided by operating activities | 29,187 | 29,694 | 167,034 | 170,310 | ||||||||
| INVESTING ACTIVITIES | ||||||||||||
| Additions to property, plant and equipment | (2,715) | (5,658) | (13,043) | (19,243) | ||||||||
| Business combinations | — | — | — | (4,104) | ||||||||
| Net cash flows for intangibles, investments and other assets | (1,568) | (7,431) | (10,855) | (11,290) | ||||||||
| Other | (238) | (75) | (652) | (635) | ||||||||
| Cash used in investing activities | (4,521) | (13,164) | (24,550) | (35,272) | ||||||||
| FINANCING ACTIVITIES | ||||||||||||
| Decrease in bank loans | — | (9,973) | (29,925) | (84,750) | ||||||||
| Issuance of notes | — | — | 550,000 | — | ||||||||
| Redemption of notes | — | — | (500,000) | — | ||||||||
| Financing fees | — | — | (26,732) | — | ||||||||
| Issuance of shares under stock option plan | — | — | 884 | 10,046 | ||||||||
| Shares repurchased | — | (21,407) | (1,464) | (25,295) | ||||||||
| Dividends paid | (15,112) | (13,258) | (56,696) | (50,783) | ||||||||
| Dividends paid to non-controlling interest | (616) | (1,630) | (6,331) | (6,053) | ||||||||
| Other | (1,138) | (2,310) | (10,727) | (9,537) | ||||||||
| Cash used in financing activities | (16,866) | (48,578) | (80,991) | (166,372) | ||||||||
| Net change in cash and cash equivalents during the period | 7,800 | (32,048) | 61,493 | (31,334) | ||||||||
| Cash and cash equivalents, beginning of the period | 78,281 | 56,636 | 24,588 | 55,922 | ||||||||
| Cash and cash equivalents, end of the period | 86,081 | 24,588 | 86,081 | 24,588 | ||||||||
| CORUS ENTERTAINMENT INC. | ||||||||||||
| BUSINESS SEGMENT INFORMATION | ||||||||||||
| (unaudited - in thousands of Canadian dollars) | ||||||||||||
| Three months ended August 31, 2013 | ||||||||||||
| Television | Radio | Corporate | Consolidated | |||||||||
| Revenues | 149,622 | 44,012 | — | 193,634 | ||||||||
| Direct cost of sales, general and administrative expenses | 93,153 | 32,348 | 13,688 | 139,189 | ||||||||
| Segment profit (loss)(1) | 56,469 | 11,664 | (13,688) | 54,445 | ||||||||
| Depreciation and amortization | 6,031 | |||||||||||
| Interest expense | 10,473 | |||||||||||
| Broadcast license and goodwill impairment | 5,734 | |||||||||||
| Business acquisition, integration and restructuring costs | 5,196 | |||||||||||
| Other expense (income), net | 8,391 | |||||||||||
| Income before income taxes | 18,620 | |||||||||||
| Three months ended August 31, 2012 | ||||||||||||
| Television | Radio | Corporate | Consolidated | |||||||||
| Revenues | 147,874 | 47,750 | — | 195,624 | ||||||||
| Direct cost of sales, general and administrative expenses | 93,384 | 32,755 | 8,623 | 134,762 | ||||||||
| Segment profit (loss)(1) | 54,490 | 14,995 | (8,623) | 60,862 | ||||||||
| Depreciation and amortization | 6,408 | |||||||||||
| Interest expense | 12,242 | |||||||||||
| Business acquisition, integration and restructuring costs | 1,841 | |||||||||||
| Other expense (income), net | (785) | |||||||||||
| Income before income taxes | 41,156 | |||||||||||
| Year ended August 31, 2013 | ||||||||||||
| Television | Radio | Corporate | Consolidated | |||||||||
| Revenues | 619,850 | 183,691 | — | 803,541 | ||||||||
| Direct cost of sales, general and administrative expenses | 371,071 | 128,543 | 33,915 | 533,529 | ||||||||
| Segment profit (loss)(1) | 248,779 | 55,148 | (33,915) | 270,012 | ||||||||
| Depreciation and amortization | 26,903 | |||||||||||
| Interest expense | 46,332 | |||||||||||
| Broadcast license and goodwill impairment | 5,734 | |||||||||||
| Debt refinancing | 25,033 | |||||||||||
| Business acquisition, integration and restructuring costs | 7,343 | |||||||||||
| Gain on sale of associated company | (55,394) | |||||||||||
| Other expense (income), net | 8,553 | |||||||||||
| Income before income taxes | 205,508 | |||||||||||
| Year ended August 31, 2012 | ||||||||||||
| Television | Radio | Corporate | Consolidated | |||||||||
| Revenues | 650,949 | 191,327 | — | 842,276 | ||||||||
| Direct cost of sales, general and administrative expenses | 388,811 | 133,900 | 29,586 | 552,297 | ||||||||
| Segment profit (loss)(1) | 262,138 | 57,427 | (29,586) | 289,979 | ||||||||
| Depreciation and amortization | 25,639 | |||||||||||
| Interest expense | 52,269 | |||||||||||
| Business acquisition, integration and restructuring costs | 4,166 | |||||||||||
| Other expense (income), net | (5,487) | |||||||||||
| Income before income taxes | 213,392 | |||||||||||
| (1) | See definitions and discussion under Key Performance Indicators in MD&A. |
| Revenues by type | |||||||||||
| Three months ended | Year ended | ||||||||||
| August 31, | August 31, | ||||||||||
| 2013 | 2012 | 2013 | 2012 | ||||||||
| Advertising | 84,035 | 85,650 | 381,475 | 386,045 | |||||||
| Subscriber fees | 74,268 | 73,577 | 298,971 | 297,927 | |||||||
| Merchandising, distribution and other | 35,331 | 36,397 | 123,095 | 158,304 | |||||||
| 193,634 | 195,624 | 803,541 | 842,276 | ||||||||
SOURCE Corus Entertainment Inc.
| Contact: |
| Corus Entertainment Inc.
<p> <b>John Cassaday </b><br/> <b>President and Chief Executive Officer</b><br/> <b>Corus Entertainment Inc. </b><br/> <b>416.479.6018</b><br/> </p> <p> <b>Tom Peddie </b><br/> <b>Executive Vice President and Chief Financial Officer</b><br/> <b>Corus Entertainment Inc.</b><br/> <b>416.479.6080</b><br/> </p> <p> <b>Sally Tindal</b><br/> <b>Director, Communications</b><br/> <b>Corus Entertainment Inc.</b><br/> <b>416.479.6107</b> </p> |