Corus Radio/TV Revenues Up 1%
Net 2Q income was $29 million
By Jeffrey Yorke
Updated 10 Hour(s) 33 Minute(s) ago
Things could be a little better in Canada. Maybe. Toronto-based media giant Corus Entertainment, which trades on the New York Stock Exchange as CJR, said Wednesday (April 8) that combined revenues for its radio and television divisions were up 1% to $181.4 million in its fiscal second quarter, which ended Feb. 28. The company said its net income for the quarter was $29 million, or 36 cents per diluted share, down from $35.4 million, or 42 cents, last year at this time.
"We are proud to have delivered both revenue and segment profit growth in such challenging economic times," said president/CEO John Cassaday. "Strong brands, superior programming, rigorous cost controls and multiple revenue streams helped offset the effects of a cyclically soft Canadian advertising market."
Corus Radio owns and operates 52 stations that reach about 8 million Canadians.
Meanwhile, the company's board of directors declared monthly dividends of 4.9585 cents per class A share and 5 cents per class B share, payable on May 29, June 30 and July 31 to shareholders of record at the close of business on May 15, June 15 and July 15, respectively.
Shares of CJR closed up 40 cents Thursday (April 9), at $12 a share.