Corus Entertainment Inc. reports a loss of $935.9 million in its latest quarter. (Photo by THE CANADIAN PRESS)

Corus Entertainment slashes dividend, reports $935.9M third-quarter loss

TORONTO — Corus Entertainment Inc. slashed its dividend as part of a plan to reduce its debt as it reported a loss of $935.9 million in its latest quarter as it took a $1.01-billion non-cash impairment charge related to broadcast licenses and goodwill.

The company said Wednesday it will pay a quarterly dividend of six cents per class B share starting in September compared with its current dividend which is a monthly payment to shareholders of 9.5 cents per class B share.

“We have positioned Corus for the future with our revised capital allocation policy,” Corus chief executive Doug Murphy said in a statement.

“Our focus on deleveraging will ensure that we create the balance sheet strength to continue to make these important investments in support of the ongoing transformation of our business model.”

The reduction in the dividend came as Corus says the loss amounted to $4.49 per share for the quarter ended May 31 compared with a profit of $66.7 million or 33 cents per share a year ago.

Revenue in what was the company’s third quarter totalled $441.4 million, down from $461.6 million in the same quarter last year.

Television revenue fell to $403 million compared with $422.3 million a year ago, while radio revenue fell to $38.4 million compared with $39.3 million in the same quarter last year.

On an adjusted basis, which excludes the impairment charge and other one-time items, Corus says it earned $78.1 million or 37 cents per share for the quarter compared with an adjusted profit of $70.1 million or 35 cents per share a year ago. Analysts on average had expected a profit of 36 cents per share, according to Thomson Reuters Eikon.

Corus owns radio stations as well as conventional and specialty television services across the country including Global Television.

Just Posted

PHOTOS: Day 1 of the 2019 Canada Winter Games in Red Deer

Here’s a look at what happened during the first day of the… Continue reading

Calgarian takes gold in women’s speedskating

Brooklyn McDougall competed in long track 1,500-metre speedskating event

Speedskaters pick up Alberta’s first Winter Games medals

Calgary’s Brooklyn McDougall wins gold and Lethbridge’s Kaleb Muller wins silver

Red Deer gymnast hopes to flip his way to a personal best

Zach Blakely is looking forward to the ‘community’ aspect of Games

Youngest Alberta athlete at Red Deer’s Canada Winter Games focuses on the win

Emily Liu, 10, beats much larger table tennis players

VIDEO: Community ‘comes together’ at opening ceremonies

The nation will focus its eyes on Red Deer for the next… Continue reading

South African activists try to protect endangered pangolins

JOHANNESBURG — As World Pangolin Day is marked around the globe, Saturday,… Continue reading

Fourteen ‘dream’ homes ordered evacuated as sinkholes open in Sechelt, B.C.

Greg and Gerry Latham spent Friday morning scrambling to pack up family… Continue reading

Former B.C. premier Gordon Campbell accused of sexual assault: British newspaper

LONDON — A British newspaper says police in London are investigating an… Continue reading

Graham: U.S. should be stronger on Canadians detained in China

MUNICH — U.S. Sen. Lindsey Graham said Friday the response by the… Continue reading

Conservative leaders to attend pro-pipeline rally in Saskatchewan

By Stephanie Taylor THE CANADIAN PRESS MOOSOMIN, Sask. — Federal Tory leader… Continue reading

Games athletes making themselves at home at RDC

Red Deer College’s campus will be home for the athletes during the 2019 Canada Winter Games

Alix resident captures beams of light near Lacombe

Lacombe, Blackfalds, Red Deer photos have since gone viral around the world

Welcome message from the mayor

On behalf of Red Deer city council, the City of Red Deer… Continue reading

Most Read