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| Astral Media shows continuous growth in the second quarter for fiscal 2009 |
| Posted
on Thursday, April 09, 2009 - 03:15 PM |
Astral Media Inc. today reported its financial results for the second quarter ended February 28, 2009, which saw continued growth in revenues, EBITDA(1), EPS(2) and cash flow from continuing operations(3).
Consolidated revenues for the second quarter totalled $209.3 million, a 2% increase over the $205.9 million reported last year for the same period. Consolidated revenues totalled $453.8 million for the first half(4) of the year, an increase of 12% over the $403.6 million recorded last year for the same period. For the second quarter, EBITDA(1) rose to $61.9 million from $61.1 million for the same period last year. EBITDA(1) for the first six months(4) increased by 12% to $141.4 million from $126.5 million for the same period last year.
Consolidated net earnings from continuing operations for the second quarter were flat against the same quarter last year at $28.9 million(2), while basic earnings per share from continuing operations grew to $0.52 from $0.51(2) last year. Consolidated net earnings from continuing operations for the first six months of Fiscal 2009 increased by 7%(2) over last year, rising to $71.3 million ($1.27 per share) from $66.5 million(2) ($1.19 per share(2)) last year. These results, for both the second quarter and the six-month period ended February 28, 2009, include $2.7 million of restructuring charges incurred by our Radio Group in the second quarter as a result of the integration of the assets acquired from Standard Radio.
"The strength and resilience of these second quarter results are another illustration of the importance of having a diversified and balanced revenue mix under challenging economic conditions. While some of our media platforms or geographic operations faced increased volatility, other segments of the Company performed very strongly, thus allowing us to record a 50th consecutive quarter of growth," said Ian Greenberg, President and Chief Executive Officer.
"While maintaining our very healthy balance sheet, we continue to invest in the future of our core business sectors as we navigate through these difficult times. HBO Canada, Virgin Radio and the recent announcement of an innovative Digital outdoor advertising network are examples of such a commitment and the positive results it continues to yield for the Company," continued Mr. Greenberg.
OPERATIONAL HIGHLIGHTS
- The announcement of the Company's new Digital outdoor advertising
network, the first of its kind in Canada, comprised of ten 14-feet high
by 48-feet wide LED faces in the Montréal area;
- The launch, in January 2009, of three additional Virgin Radio stations
in Vancouver, Ottawa and Montréal, taking the network of Virgin Radio
stations to four, including Virgin Radio 999 in Toronto, launched in
August 2008.
The unaudited interim consolidated financial statements with related notes and Management's Discussion and Analysis are available on the Company's website: www.astralmedia.com.
1. EBITDA is defined as earnings before interest, taxes, depreciation and
amortization, and excludes the restructuring charges. See Appendix 1.
2. Excluding the favourable impact of the future income tax recovery of
$28.3 million recorded in the second quarter of Fiscal 2008, resulting
from income tax rate changes enacted during the quarter (See
Appendix 1).
3. Excluding restructuring charges.
4. The six-month period of Fiscal 2009 includes six months of operations
of the assets acquired from Standard Radio as compared to only four
months for Fiscal 2008.
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