WatchCorus Entertainment posts net profit higher revenues in its second quarter

TORONTO — Corus Entertainment Inc. said Thursday it had an $86.8-million net loss in its second quarter, mostly because of a writedown of the value of some of its assets and because it didn’t see an expected improvement in advertiser confidence.The company — which has one of Canada’s largest collections of specialty television channels and radio stations — said that it won’t meet one of the targets provided to investors in November, when it expected advertising demand would improve.Corus said it was hit during the December-February quarter with “further economic headwinds” that affected advertising market confidence. It listed a number of factors including a weaker Canadian dollar since Jan. 1, continued low oil prices and the closure of large retail stores such as Target Canada, which announced in January it would close all its stores.“In summary, the company does not expect to achieve the low end of the segment profit guidance for the fiscal year (ending Aug. 31); however, free cash flow guidance remains unchanged,” Corus said in its report to shareholders.The Toronto-based company said its overall revenue during the quarter ended Feb. 28 was about the same as a year ago, with a decline in its radio segment offsetting an improvement at its television segment.Total revenue was $191.48 million, compared with $191.41 million a year before. Television revenue was $155.2 million, up from $152.1 million, while radio revenue dropped to $36.3 million from $39.3 million.The second-quarter loss amounted to $1.01 per share and compared with a profit of seven cents per share or $6.1 million in the second quarter of 2014.Much of the loss was due to a total of $130-million in writedowns of the value of goodwill — an asset related to past acqusitions — and its radio licences.“For the second quarter, certain radio clusters had actual results and revised cash flow projections tha fell short of previous estimates, which indicated that iterim broadcast licence and goodwill impairment testing was required in the radio segment,” the company said in a report to shareholders.“As a result of these tests, the company recorded broadcast licence impairment charges of $23 million and a goodwill impairment charge of $107 million in the second quarter of fiscal 2015.”Excluding the writedowns, restructuring costs and an investment gain, Corus had $28.5 million of adjusted net income, or 33 cents per share, up slightly from $26.8 million or 32 cents per share in the second quarter of the 2014 financial year.The Canadian Press read more

131 growth in October bus and coach market

Total bus and coach registrations increased 13.1% in October, with a 2.9% rise in the rolling year.Registrations for the overall market in the year-to-date remain down with a 3.0% drop this month.October’s growth was driven by purpose-built coaches, which increased 63.3% in the month.“Continued rising demand for purpose-built coaches, up 63.3% in October, drove a strong month for the overall bus and coach market,” said Mike Hawes, SMMT Chief Executive. “This follows the gradual stabilisation seen in the sector over recent months, and marks an end to the slower summer period for the market.” Click through to download the October 2014 bus and coach registrations news release and data tables.Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window) read more

Prosecutors seek death penalty for Boston marathon bombing suspect

first_imgUS FEDERAL PROSECUTORS say they will seek the death penalty against Boston marathon bombing suspect Dzhokhar Tsarnaev.The final decision was made by Attorney General Eric Holder and was announced this afternoon.The twin blasts in April killed three people and wounded more than 260 in one of the most prominent terrorist attacks in the US since 9/11.Prosecutors allege that Tsarnaev and his brother, Tamerlan, ethnic Chechens from Russia who had lived in the Boston area for about a decade, planted two pressure cooker bombs near the finish line.Tamerlan Tsarnaev died in a shootout with police.Seventeen of 30 charges against Tsarnaev carry the possibility of the death penalty, including using a weapon of mass destruction to kill.The 20-year-old Tsarnaev has pleaded not guilty. No trial date has been set.Read: New images of the bloodied Boston Marathon bombing suspect’s capture >Read: Boston bombing suspect had multiple gunshot wounds and fractured skull >last_img read more