Corus Entertainment Announces Fiscal 2013 Fourth Quarter and Year-End Results

(PRNewswire) — Corus Entertainment Inc. (TSX: CJR.B) announced its fourth quarter and year-end financial results today.

"Fiscal 2013 was a challenging year, but we made progress on a number of fronts, creating the foundation for strong growth moving forward," said John Cassaday, President and Chief Executive Officer of Corus Entertainment. "We were pleased to see an increase in specialty advertising revenue across all of our core Television networks, ongoing ratings momentum, and continued gains in our Pay television business. These gains were offset by a decline in the fourth quarter in our Radio division and higher corporate costs. Our outlook for 2014 is positive and the fundamentals are in place for a strong year ahead. The recent reorganization of our leadership team will support our growth objectives and we are excited about the significant value that our pending acquisitions will bring to the business."

Financial Highlights              
  Three months ended   Year ended
  August 31,   August 31,
(unaudited - in thousands of Canadian dollars except per share amounts) 2013   2012   2013   2012
Revenues              
  Television 149,622   147,874   619,850   650,949
  Radio 44,012   47,750   183,691   191,327
  193,634   195,624   803,541   842,276
               
Segment profit (1)              
  Television 56,469   54,490   248,779   262,138
  Radio 11,664   14,995   55,148   57,427
  Corporate (13,688)   (8,623)    (33,915)   (29,586)
  54,445   60,862   270,012   289,979
               
Net income attributable to shareholders 11,879   23,341   159,895   148,681
Adjusted net income attributable to shareholders (1) (2) 25,816   31,519    138,573   158,556
               
               
Basic earnings per share $ 0.14   $ 0.28   $ 1.91   $ 1.79
Adjusted basic earnings per share (1) (2) $ 0.31   $ 0.38   $ 1.65   $ 1.90
Diluted earnings per share $ 0.14   $ 0.28   $ 1.90   $ 1.78
               
Free cash flow (1) 25,704   24,962   154,136   155,147
               
(1) See definitions and discussion under Key Performance Indicators in MD&A.
(2) For the year ended August 31, 2013, excludes the impact of $25.0 million ($0.22 per share) debt refinancing costs,
gain on disposition of the Company's non-controlling interest in Food Network Canada of $55.4 million ($0.66 per share),
broadcast license impairment of $5.7 million ($0.05 per share), business acquisition, integration and restructuring costs
of $7.3 million ($0.06 per share) and investment impairment charges of $7.1 million ($0.07 per share).

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