Corus Entertainment Inc. saw its first-quarter revenue increase by 8% over last year to $240.6 million, with both its television and radio operations contributing to the growth.
Television accounted for $167.5 million of the total, up 11% from $151.2 million a year earlier, while radio advanced by a more modest 3% to $72.1 million.
“Our advertising sales momentum continued in our first quarter and, in combination with our cost control initiatives, we delivered double digit segment profit growth,” Corus president and CEO John Cassaday said in a statement.
As expected, the Toronto-based media company’s profit for the quarter fell compared with the year-earlier period, when Corus recorded more than $30 million in one-time items that boosted the bottom line.
In the three months ended Nov. 30, Corus net income was $46.2 million or 56 cents per share on a diluted basis–in line with analyst estimates.
A year earlier, Corus earned $73.9 million or 91 cents per share including one-time items or 61 cents per share on an adjusted basis.
Analysts expected Corus would earn 57 cents per share for the first quarter of fiscal 2011, according to six estimates compiled by Thomson Reuters.
Revenue was expected to be about $244 million according to one analyst estimate.
Last month, the Toronto-based company got regulatory approval to sell 11 radio stations in Quebec to Cogeco Inc. of Montreal. The $80-million dollar deal was announced in April as Corus admitted that it had been unable to make its Quebec radio business adequately profitable after a decade of trying.
The Canadian Radio-television and Telecommunications Commission gave its approval for the sale on Dec. 17.
