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Corus' Revenue, Profits Up, Income Down for Q2

Corus Ent. announced its second quarter financial results today.

Consolidated revenues for the three months ended February 28, 2009 were $181.4 million, up 1% from $178.7 million last year. Consolidated segment profit was $51.0 million, up 3% from $49.7 million last year. Net income for the quarter was $29.0 million ($0.36 basic and diluted), compared to net income of $35.4 million ($0.42 basic and $0.41 diluted) last year.

The current year's quarter was positively impacted by a gain of $7.2 million related to the disposition of a residential audio business, while the prior year's quarter benefited from $13.2 million in recoveries related to income tax changes. Removing the impact of these items results in adjusted basic earnings per share of $0.29 in the current year, and $0.26 in the prior year.

Corus Television contributed quarterly revenues of $123.4 million, up 5% from $117.3 million last year, led by subscriber revenue growth of 12% and continued strong growth in advertising targeted to women. Quarterly segment profit increased to $47.5 million, up 7% from $44.2 million last year.

Corus Radio revenues were $57.9 million, down 6% from $61.5 million last year. Segment profit was $7.1 million, down 31% from $10.3 million last year.