Corus Entertainment revenue beats on strong TV business
(Reuters) - Canadian media company Corus Entertainment Inc (CJRb.TO: Quote) reported a better-than-expected revenue, helped by the launch of new specialty television services and increased digital distribution revenues.
Corus, which was spun off from Shaw more than 15 years ago, posted merchandising, distribution and other revenues of C$33 million for the quarter, up 32.5 percent from last year.
The company's revenue from television business, which accounted for about 83 percent of its total revenue for the quarter ended Feb. 29, rose 5.3 percent to C$163.4 million.
Corus, which operates a network of Canadian radio stations and television channels, announced a C$2.65 billion ($1.9 billion) acquisition of Shaw Communications Inc's (SJRb.TO: Quote) media unit in January.
The deal helped Corus add channels like National Geographic, Food Network Canada, and HGTV Canada.
Net income attributable to shareholders was C$102.2 million ($79.88 million), or C$1.17 per share, compared with a net loss of C$86.8 million, or C$1.01 per share, a year earlier.
Excluding items, company earned 24 Canadian cents per basic share in line with the average analyst estimate, according to Thomson Reuters I/B/E/S.
Revenue rose to C$197.7 million from C$191.5 million, beating the average analyst estimate of C$176.8 million.