DHX Media said Monday that higher revenues from distribution and proprietary production helped boost earnings for the company in the latest quarter.
The Halifax-based producer, distributor and licensor of mainly children’s film and television shows reported net income of $739,000, or a penny per basic and diluted share, for the period ended June 30. This compared with $348,000, or a penny per basic and diluted share, for the same period a year earlier.
Revenues for the quarter came in at $26.2 million, up 82% from $14.4 million in Q4 of 2012.
The company said the bump was generally due to new digital buyers and the acquisition of Cookie Jar Entertainment.
“The Cookie Jar Acquisition has significantly strengthened DHX’s industry position in television production and distribution, interactive content and entertainment licensing,” DHX said in a release.
The acquisition resulted in DHX obtaining nearly 6,000 half-hour television episodes of children’s shows including Richard Scarry’s Busytown Mysteries, Caillou, The Doodlebops, Inspector Gadget and Johnny Test.
DHX said net earnings for the full fiscal year ended June 30 were $1.86 million, down from $3.05 million in fiscal 2012. That translated into basic and diluted earnings of two cents per share compared with five cents a year earlier.
Revenues for 2013 were $97.3 million, compared with $72.6 million in 2012.
“Fiscal 2013 was a transformative year for DHX Media, thanks to our October 2012 acquisition of Cookie Jar and the proliferation of new digital distribution customers in our industry,” chief executive Michael Donovan said in a statement.
“Our other core areas of proprietary production and licensing also experienced both organic growth and benefits due to the Cookie Jar acquisition. We look forward to an exciting year ahead as we continue to leverage the benefits of our platform, in particular against our newly acquired Teletubbies and In The Night Garden brands.”
Earlier this month, DHX acquired 12 British television series for kids, including 365 episodes of Teletubbies, through the purchase of Ragdoll Worldwide Ltd. in an estimated $28.4-million cash deal. The Teletubbies franchise has been a worldwide hit, broadcast in more than 120 countries, including Canada.
