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

 
 
CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
                       
    Three months ended
August 31,
    Year ended
August 31,
(unaudited - in thousands of Canadian dollars)   2013     2012     2013     2012
OPERATING ACTIVITIES                      
Net income for the period   13,341     24,985     165,749     156,151
Add (deduct) non-cash items:                      
  Depreciation and amortization   6,031     6,408     26,903     25,639
  Broadcast license and goodwill impairment   5,734     —      5,734     — 
  Amortization of program and film rights   48,099     46,543     190,176     186,348
  Amortization of film investments   8,360     10,052     25,759     32,001
  Deferred income taxes   (1,356)     8,186     (11,332)     12,921
  Investment impairments   7,121         7,121    
  Share-based compensation expense   424     268     1,586     1,158
  Imputed interest   4,137     2,444     11,816     11,348
  Debt refinancing   —      —      25,033     — 
  Gain on sale of associated company   —      —      (55,394)     — 
  Gain on acquisition   —      —      —      (2,383)
  Other   818     738     700     (2,052)
Net change in non-cash working capital balances related to operations   12,609     (3,939)     4,584     (13,199)
Payment of program and film rights   (79,000)     (65,422)     (185,327)     (196,689)
Net additions to film investments   2,869     (569)     (46,074)     (40,933)
Cash provided by operating activities   29,187     29,694     167,034     170,310
                       
INVESTING ACTIVITIES                      
Additions to property, plant and equipment   (2,715)     (5,658)     (13,043)     (19,243)
Business combinations   —      —      —      (4,104)
Net cash flows for intangibles, investments and other assets   (1,568)     (7,431)     (10,855)     (11,290)
Other   (238)     (75)     (652)     (635)
Cash used in investing activities   (4,521)     (13,164)     (24,550)     (35,272)
                       
FINANCING ACTIVITIES                      
Decrease in bank loans   —      (9,973)     (29,925)     (84,750)
Issuance of notes   —      —      550,000     — 
Redemption of notes   —      —      (500,000)     — 
Financing fees   —      —      (26,732)     — 
Issuance of shares under stock option plan   —      —      884     10,046
Shares repurchased   —      (21,407)     (1,464)     (25,295)
Dividends paid   (15,112)     (13,258)     (56,696)     (50,783)
Dividends paid to non-controlling interest   (616)     (1,630)     (6,331)     (6,053)
Other   (1,138)     (2,310)     (10,727)     (9,537)
Cash used in financing activities   (16,866)     (48,578)     (80,991)     (166,372)
Net change in cash and cash equivalents during the period   7,800     (32,048)     61,493     (31,334)
Cash and cash equivalents, beginning of the period   78,281     56,636     24,588     55,922
Cash and cash equivalents, end of the period   86,081     24,588     86,081     24,588

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