April 8, 2009 / 3:06 PM / 9 years ago

UPDATE 1-Corus Entertainment reports lower profit

* Second quarter EPS C$0.36 vs C$0.41

* Without items, EPS C$0.29 vs C$0.26

* Revenue up 1 pct at C$181.4 million

TORONTO, April 8 (Reuters) - Specialty TV and radio group Corus Entertainment Inc (CJRb.TO) posted a drop in quarterly profit on Wednesday, largely because of a big income tax recovery the company booked a year earlier.

Corus, which also owns the Nelvana animation house, said it earned C$29 million ($23.4 million), or 36 Canadian cents per share, in the three months ended Feb. 28. That was down from a profit of C$35.4 million, or 41 Canadian cents a share, in the same period a year earlier.

The quarter included a C$7.2 million gain on the sale of a residential audio business, while the company booked C$13.2 million in tax-related recoveries a year earlier.

Without those items, earnings in the latest quarter were 29 Canadian cents a share, compared with 26 Canadian cents a share a year earlier, Corus said.

Corus said revenue rose to C$181.4 million from C$178.7 million.

“Strong brands, superior programming, rigorous cost controls and multiple revenue streams helped offset the effects of a cyclically soft Canadian advertising market,” Chief Executive John Cassaday said in a statement.

In January, the company cut its 2009 profit outlook, citing the impact of a difficult ad market, especially on its radio business.

Corus shares were down 3 Canadian cents at C$13.80 on the Toronto Stock Exchange.

$1=$1.24 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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