Corus Entertainment reports 4th quarter profits down

Corus Entertainment Inc. says it earned $22.9 million in its latest quarter, down from nearly $33.7 million in the same quarter a year ago, as its revenue edged lower.

The parent company of Global Television, specialty TV channels and radio stations says the profit amounted to 11 cents per diluted share for the quarter ended Aug. 31, down from 16 cents in the same quarter last year.

Revenue in what was the company's fourth quarter totalled nearly $377.5 million compared with nearly $379.1 million a year ago.

Television revenue totalled nearly $343.8 million in the quarter, down from $344.6 million, while radio revenue slipped to $33.7 million from $34.4 million.

On an adjusted basis, Corus says it earned $27.9 million or 13 cents per share for the quarter, down from an adjusted profit of $39.5 million or 19 cents per share in the same quarter last year.

Analysts on average had expected a profit of 12 cents per share for the quarter, according to financial markets data firm Refinitiv.

For its full year, Corus earned nearly $156.1 million or 74 cents per diluted share on nearly $1.69 billion in revenue, compared with a loss of $784.5 million or $3.77 per diluted share on nearly $1.65 billion in revenue a year earlier.

On an adjusted basis, the company says it earned $181.0 million or 85 cents per share for its most recent financial year, compared with an adjusted profit of $238.4 million or $1.14 per share a year ago.