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Corus swings to quarterly loss despite higher revenue

File photo of Corus Entertainment president and CEO John Cassaday.

Jeff McIntosh/The Globe and Mail

Corus Entertainment is reporting a third-quarter net loss of $30.3-million, but its revenues increased in the quarter helped by newly acquired television channels and radio stations.

Revenues were up 14 per cent to $214-million, compared with $187.1-million in the same quarter of 2013.

The Toronto-based company said it had a loss of 36 cents per share, compared with a net profit of $89.9-million, or $1.07 per share, year-over-year.

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Excluding items such as radio broadcast license and goodwill impairment charges of $75-million, Corus says it had an adjusted net income of $41.6-million, or 49 cents per share, missing analysts' expectations.

Analysts had estimated adjusted net income of $43.17-million on 51 cents of earnings per share, according to data compiled by Thomson Reuters. Analysts had estimated revenue of $228-million in the quarter.

Corus was given regulatory approval late last year to acquire the remaining 50 per cent interest in Teletoon that it did not already own, as well as the acquisition of channels Historia and Series+. In January, Corus was given approval to acquire Ottawa-based radio stations CKQB-FM and CJOT-FM.

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