One-time charges weigh on Corus Q3 results, revenue drops as advertising slows

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TORONTO — Television and radio broadcaster Corus Entertainment Inc. lost $752.3 million in its latest quarter as it took a one-time impairment charge related its to broadcast licenses and goodwill.

The media company, which includes Global Television, says the loss amounted to $3.61 per diluted share for the quarter ended May 31 compared with a profit of $66.4 million or 31 cents per share in the same quarter a year earlier.

Revenue totalled nearly $349 million in what was the company’s third quarter, down from $458.4 million a year earlier, as advertising revenue plunged amid the COVID-19 pandemic.

The most recent quarter included $786.8 million in broadcast license and goodwill impairment charges and $2.6 million in integration, restructuring and other costs.

Excluding those charges, Corus says its adjusted profit for the quarter amounted to nearly $19 million or nine cents per share, down from an adjusted profit of $66.1 million or 31 cents per share a year ago.

The average analyst estimate had been for an adjusted profit of 15 cents per share and $377 million in revenue, according to financial markets data firm Refinitiv.

Companies in this story: (TSX:CJR.B)