Corus Entertainment is reporting a third-quarter net loss of $30.3 million, but its revenues increased in the quarter helped by newly acquired television channels and radio stations.
Revenues were up 14% to $214 million, compared with $187.1 million in the same quarter of 2013.
The Toronto-based company said it had a loss of 36 cents per share, compared with a net profit of $89.9 million, or $1.07 per share, year-over-year.
Excluding items such as radio broadcast license and goodwill impairment charges of $75 million, Corus says it had an adjusted net income of $41.6 million, or 49 cents per share, missing analysts’ expectations.
Analysts had estimated adjusted net income of $43.17 million on 51 cents of earnings per share, according to data compiled by Thomson Reuters. Analysts had estimated revenue of $228 million in the quarter.
Corus was given regulatory approval late last year to acquire the remaining 50% interest in Teletoon that it did not already own, as well as the acquisition of channels Historia and Series+. In January, Corus was given approval to acquire Ottawa-based radio stations CKQB-FM and CJOT-FM.
