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Consolidated Revenue: Just under $1.3 billion for fiscal 2024, a decrease of 16% from the prior year.
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Cost Reductions: 21% reduction in direct cost of sales, 7% reduction in employee costs, and 15% reduction in other general and administrative costs for the year.
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Consolidated Segment Profit: $283 million for the year.
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Free Cash Flow: $114 million for fiscal 2024, a 7% increase over the prior year.
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Net Debt to Segment Profit: 3.84 times as of August 31, 2024, up from 3.6 times at the end of 2023.
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TV Segment Revenue: $1.177 billion for the year, down 16% from last year.
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TV Advertising Revenue Decline: 15% for the year.
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Subscriber Revenue Decline: 6% for the year.
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Radio Segment Revenue: $94 million for the year, a decrease of 9% from the prior year.
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Radio Segment Profit Margin: 10% for the year, down from 13% last year.
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Cash and Cash Equivalents: $82 million at the end of the fourth quarter.
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Available Credit: $30 million available under the revolving credit facility.
Release Date: October 25, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Corus Entertainment Inc (CJREF) achieved a 21% reduction in direct cost of sales, a 7% reduction in employee costs, and a 15% reduction in other general and administrative costs for fiscal 2024.
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The company delivered a free cash flow of $114 million in fiscal 2024, marking a 7% increase over the prior year.
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Corus Entertainment Inc (CJREF) announced the launch of two new lifestyle brands, Flavour Network and Home Network, with positive reception and strong advertiser interest.
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Global’s prime time ratings increased by 16% over the previous fall in the key demographic of adults 25-54, indicating strong audience engagement.
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The company reduced bank debt by $39 million in fiscal 2024, demonstrating effective debt management.
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Consolidated revenue for fiscal 2024 decreased by 16% to $1.271 billion, reflecting challenges in the advertising market.
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Television advertising revenue declined by 16% in the fourth quarter and 15% for the year, impacting overall financial performance.
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Subscriber revenue was lower by 7% in Q4 and 6% for the year, indicating challenges in maintaining subscription levels.
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The company faces ongoing disruptions in advertising markets and an oversupply of digital advertising inventory, exerting pressure on revenue.
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Net debt to segment profit increased to 3.84 times at the end of fiscal 2024, up from 3.6 times at the end of 2023, indicating increased leverage.
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