Corus Entertainment Inc. has reported a drop in fourth-quarter profits as the specialty TV channel and radio station operator also saw revenues shrink in its most recent period.
Corus, controlled by the Shaw family through multiple voting shares, said its net income attributable to shareholders for the three months ended Aug. 31 was $23.3 million or 28 cents per diluted share.
That was down from $27.7 million or 33 cents diluted share in the same 2011 period as consolidated revenue fell to $195.6 million from $200.2 million.
Corus says adjusted earnings for the period totalled $30.2 million or 36 cents per share, up from $27.7 million or 34 cents per share.
That met the expectations of analysts polled by Thomson Reuters who, on average, had expected adjusted earnings of 36 cents per share on slightly higher revenue of $201.8 million.
For the full year, Corus said net income attributable to shareholders was $148.7 million or $1.78 per diluted share, up from $141.5 million or $1.72 per diluted share.
Full-year consolidated revenue was also up at $842.3 million from $825.2 million.
“Corus finished the year with strong gains in specialty advertising revenues and segment profit for the fourth quarter,” president and CEO John Cassaday said of the results.
“Looking ahead, we are confident that disciplined cost controls, coupled with our portfolio of assets, position us well for continued growth in fiscal 2013,” Cassaday added.
Corus operates specialty cable channels such as the Canadian version of OWN: the Oprah Winfrey Network, Teletoon, kids’ channels YTV and Nickelodeon Canada, W Network, country music lifestyle channel CMT Canada, Sundance Channel Canada and CosmoTV.
The Shaw family, which controls the company through its multiple voting Class A shares, also controls Shaw Communications, Canada’s second-largest cable TV operator.
Corus also owns radio stations across the country and children’s animated content producer Nelvana.