Corus reports higher second quarter profits of $31.6 million as revenues rise

Corus Entertainment Inc. says a combination of strong growth in both advertising and revenue from subscribers helped the media company more than double its second quarter profits.

Corus Entertainment Inc. says a combination of strong growth in both advertising and revenue from subscribers helped the media company more than double its second quarter profits.

The Toronto-based company, which owns specialty television and radio operations across Canada, said that net income rose to $31.6 million or 38 cents per share. That compares with $14.6 million or 18 cents per share a year ago.

Net income per share from its continuing operations was 33 cents, in line with average analyst expectations according to a poll by Thomson Reuters.

Overall revenues increased to $191.1 million from $177.5 million.

Corus said the results were helped by its own corporate restructuring plans that took place last summer.

“Strong advertising and subscriber revenue growth continued in the second quarter,” said president and CEO John Cassaday in a release.

“Coupled with our cost containment initiatives, we delivered double digit segment profit growth in both our radio and television divisions, demonstrating the power of operating leverage.”

The company said its advertising revenues jumped to $82.2 million from $77.4 million in the comparable period.

Fees paid by subscribers to its television services grew to $75.6 million from $71.5 million.

Media Articles

30 Under 30 is back with a new name, new outlook

No more age limit! The New Establishment brings 30 Under 30 in a new direction, starting with media professionals.

As Prime Minister, Kellie Leitch would scrap CBC

Tory leadership hopefuls are outlining their views on national broadcaster's future

‘Your Morning’ embarks on first travel partnership

Sponsored giveaway supported by social posts directed at female-skewing audience

KitchenAid embraces social for breast cancer campaign

Annual charitable campaign taps influencers and the social web for the first time

Netflix debates contributions with Canadian Heritage

Netflix remains wary of regulation as some tout 'Anne' and 'Alias Grace' partnerships

Canadians warm up to social commerce

PayPal and Ipsos research shows "Shop Now" buttons are gaining traction

Online ad exchange AppNexus cuts off Breitbart

Popular online ad exchange bans site for violating hate speech policy

Robert Jenkyn is back at Media Experts

Former Microsoft and Globe and Mail exec returns to the agency world

2016 Media Innovation Awards: The complete winners list

All the winning agencies from media's biggest night out!