Source: Corus Entertainment Inc.
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  • Corus Entertainment (CJR.B) announced its financial results for Q1 2023
  • The company earned $31.4 million in net income ($0.16 cents per share) for the three months ended November 30, 2022, down 60 per cent from a profit of $76.2 million in the same quarter of 2021
  • Revenue in the latest quarter totalled $431.2 million, a 7 per cent decline from $463.9 million last year
  • Corus Entertainment Inc. (CJR.B) is down 13.72 per cent, trading at $1.95 per share at 10:35 a.m. ET

Corus Entertainment (CJR.B) announced its financial results for Q1 2023.

The company earned $31.4 million in net income ($0.16 cents per share) for the three months ended November 30, 2022, down 60 per cent from a profit of $76.2 million in the same quarter of 2021.

Revenue in the latest quarter totalled $431.2 million, a 7 per cent decline from $463.9 million last year. Television revenue fell 8 per cent to $401.5 million compared to $434.7 million in 2022.

Free cash flow was $20.8 million in Q1 compared to $80.0 million in the prior year’s quarter. The decrease in free cash flow was because of a decrease in cash provided by operating activities of $14.1 million and higher cash used in investing activities.

The company’s President and Chief Executive Officer, Doug Murphy, explained that while the team navigates recent macroeconomic headwinds, Corus continues to pursue long-term business growth.

“Our recent launch of Pluto TV with Paramount Global redefines the FAST-channel business in Canada. We have bolstered the value proposition of STACKTV with the addition of our suite of Disney channels. Our owned content business is gearing up for a significant increase in episodic deliveries in the year ahead. Importantly, we have implemented a rigorous cost review to address recent revenue weakness while remaining focused on advancing our strategic plan and priorities.”

Corus Entertainment Inc. (CJR.B) is a media and content company that operates in the diversified media industry. The company has two business segments, which include television and radio. The television business segment has a portfolio of television channels. The radio business segment controls several stations that cater to the music, news, and talk radio markets. The television segment is the key revenue driver for the group. The company generates most of its revenue in Canada.

Corus Entertainment Inc. (CJR.B) is down 13.72 per cent, trading at $1.95 per share at 10:35 a.m. ET.


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