News

Corus CEO says Q1 results fell short of expectations due to weak TV advertising

Corus CEO says Q1 results fell short of expectations due to weak TV advertising
Canada
August 18/2010 -- The Corus building sits at the foot of Sherbourne Street along the Toronto waterfront, surrounded by a promenade which features wooden benches and maple trees on August 18, 2010

Photo by Sarah Dea/The Globe and Mail Digital Image

TORONTO – Corus Entertainment Inc. says its first-quarter results fell short of expectations as it was hurt by a weak television advertising market.

As of end of day Tuesday, Corus shares were down $1.87, or 17 per cent.

Chief executive Doug Murphy says the weakness more than offset gains in other parts of its business.

The company reported a first-quarter profit attributable to shareholders of $77.7 million or 38 cents per diluted share for the quarter ended Nov. 30, up from $71.1 million or 36 cents per share a year ago.

However, on an adjusted basis, Corus says it earned a profit attributable to shareholders of $78.9 million or 38 cents per share for the quarter, down from an adjusted profit of $80.8 million or 41 cents per share a year ago.

Revenue at the television and radio media company totalled $457.4 million, down from $468.0 million in the quarter a year ago.

Television revenue fell to $415.5 million compared with $425.6 million a year ago, while radio revenue slipped to $41.9 million compared with $42.4 million in the same quarter a year earlier.
Read more on globalnews.ca
News Topics :
Similar Articles :
Business
Corus Entertainment Inc. says its first quarter results fell short of expectations as it was hurt by a weak television advertising market. Chief executive Doug Murphy says the weakness more than...
Business
Corus Entertainment Inc. says its first quarter results fell short of expectations as it was hurt by a weak television advertising market. Chief executive Doug Murphy says the weakness more than...
Business
TORONTO Corus Entertainment Inc. beat expectations as it reported its second quarter revenue rose compared with a year ago, boosted by gains in its television business. The company, which owns...
Business
The television, radio and production company says its profit attributable to shareholders fell to $60.4 million or 28 cents per diluted share for the quarter ended Nov. 30 as amortization...
Business
Shares of Corus Entertainment Inc. soared in trading Thursday after the company beat expectations as it reported a second quarter profit of $40 million. The shares were up about 20 per...