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Astral delivers solid third quarter results
Montréal, July 15, 2010 - Astral Media Inc. (TSX: ACM.A/ACM.B) today reported solid financial results for the third quarter ended May 31, 2010, which saw continued growth in revenues, EBITDA1, net earnings, EPS, and cash flow from operations5. "I am delighted with Astral’s performance in the third quarter and by the strong growth displayed by each of our business units. I am particularly pleased that our advertising revenues increased 11% and that our subscription revenues grew a strong 7%, contributing to Astral’s 55th consecutive quarter of profitable growth," said Ian Greenberg, President and Chief Executive Officer. "While we still operate in a slowly recovering economic and advertising market environment, we continue to reinforce our relationship with key partners such as Disney, HBO, NRJ and Virgin and sustain our strategic investments to further strengthen our offering to consumers and advertisers." In the third quarter, consolidated revenues reached $253.6 million, a 9% increase from the $232.5 million reported last year for the same period. EBITDA1 grew 4% in the third quarter to $84.9 million from $81.8 million for the same period last year.Consolidated net earnings for the third quarter increased 9% over the same quarter last year, rising to $48.5 million ($0.86 per share) from $44.3 million ($0.79 per share). Cash flow from operations5 for the third quarter increased 10% to $64.6 million from $58.6 million for the same period last year.
In the first nine months of Fiscal 2010, consolidated revenues totalled
$722.6 million, an increase of 5% over the $686.3 million recorded last year for
the same period. EBITDA1 for the first nine months increased 13% to
$244.3 million4 from $216.5 million2 for the same period
last year. Consolidated net earnings for the first nine months increased by 25%
over last year, to $138.3 million3,4 ($2.45 per share3,4)
from $111.0 million2 ($1.98 per share2). Cash flow from
operations5 rose 15% to $169.9 million3,4 for the first
nine months of the year compared to $147.4 million2 for the same
period last year. FINANCIAL AND OPERATIONAL HIGHLIGHTS Television
Radio
Out-of-Home
Corporate
The unaudited interim consolidated financial statements with related notes and Management’s Discussion and Analysis are available on the Company’s website: www.astral.com. There will be a conference call with analysts and media at 10:30 a.m. on Thursday, July 15, 2010. To access the conference call dial 1-877-974-0445. The conference call will also be broadcast live and archived for a three-month period on the Astral website at www.astral.com. Astral is one of Canada’s largest media companies. It operates several of the country’s most popular pay and specialty television, radio, out-of-home advertising and digital media properties. Astral plays a central role in community life across the country by offering diverse, rich and vibrant programming that meets the tastes and needs of consumers and advertisers. To learn more about Astral, visit www.astral.com. This press release contains certain forward-looking statements concerning the future performance of the Company. These forward-looking statements are based on current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including technological change, economic conditions, regulatory change, competitive factors and changes in accounting rules or standards, many of which are beyond the Company's control. We disclaim any intention or obligation to update or revise any forward-looking statements.
- 30 - Media: Hugues Mousseau Analysts : Claude Gagnon |