"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). |
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