Corus Entertainment Announces Fiscal 2014 First Quarter Results

Corus Entertainment Announces Fiscal 2014 First Quarter Results


-- Monthly dividend increased 6.9%
-- Consolidated revenue up 8%
-- Consolidated segment profit up 9%
-- Adjusted basic earnings per share attributable to shareholders
of $0.65 per share
-- Strong segment profit margins for Television (46%) and Radio
(33%)
-- Fiscal 2014 results include 100% interest in TELETOON Canada
Inc. and fiscal 2013 is adjusted to equity account for Corus'
50% economic interest in TELETOON Canada Inc.


TORONTO, Jan. 14, 2014 /PRNewswire/ - Corus Entertainment Inc. (TSX: CJR.B) announced its first quarter financial results today.



"We have again benefited from our disciplined focus on cost controls,
delivering excellent margins this quarter in the face of slow economic
growth and tough year-over-year comparables in our merchandising
business," said John Cassaday, President and Chief Executive Officer of
Corus Entertainment. "This is a pivotal year for us. With our
recently closed acquisition of TELETOON, Séries+ and Historia, combined
with continued strong ratings on our core TV brands and increases from
several of our newer brands, we are confident that Corus will see a
return to solid growth in fiscal 2014."






Financial Highlights

Three months ended

November 30,

(unaudited - in thousands of Canadian dollars
except per share amounts) 2013 2012 (3)

Revenues

Television 177,949 157,622

Radio 48,056 52,324

226,005 209,946



Segment profit (1)

Television 82,524 70,522

Radio 15,837 18,956

Corporate (6,085) (4,961)

92,276 84,517



Net income attributable to shareholders 150,891 52,159

Adjusted net income attributable to
shareholders (1) (2) 55,177 52,159



Basic earnings per share $ 1.78 $ 0.63

Adjusted basic earnings per share (1) (2) $ 0.65 $ 0.63

Diluted earnings per share $ 1.78 $ 0.62



Free cash flow (1) 49,636 39,824







(1) See definitions and discussion under the Key Performance Indicators
section of the 2014 Report to Shareholders.

(2) For the quarter ended November 30, 2013, excludes the impact of
$127.9 million ($1.51 per share) gain on remeasurement to fair
value of the Company's 50% interest in TELETOON which was held
prior to consolidation on September 1, 2013, business acquisition,
integration and restructuring costs of $21.9 million ($0.25 per
share), an increase in the purchase price obligation of $7.3
million ($0.09 per share), and investment impairment related
charges of $3.3 million ($0.04 per share).

(3) Prior period figures have been restated to reflect the changes in
accounting standards described in note 3 to the interim condensed
consolidated financial statements contained in the 2014 Report to
Shareholders.









Consolidated Results from Operations


For fiscal 2014, the operating results of TELETOON Canada Inc.
("TELETOON"), as well as its assets and liabilities, have been fully
consolidated effective September 1, 2013 as a consequence of meeting
the definition of control under IFRS 10 - Consolidated Financial Statements. Accordingly, a business combination had occurred in accordance with IFRS
3 - Business Combinations and as a result, TELETOON must be accounted for by applying the
acquisition method.The Company held a 50% equity ownership interest in TELETOON as at
November 30, 2013 and on December 20, 2013, received Canadian
Radio-television and Telecommunication Commission ("CRTC") approval to
complete the acquisition of the remaining 50% interest in TELETOON that
it did not already own. The acquisition closed on January 1, 2014
(refer to 2014 Report to Shareholders note 15 for further details).



For fiscal 2013, as a result of retroactive application of IFRS 11 - Joint Arrangements, the Company is no longer permitted to proportionately consolidate the
operations of TELETOON up to August 31, 2013 (i.e. prior to the
business combination on September 1, 2013) and is required to account
for this investment using the equity method of accounting. As a
consequence, the Television segment's revenue and segment profit for
the first quarter of fiscal 2013 were reduced by $16.2 million and $8.2
million, respectively and instead, Corus' share of TELETOON's net
income of $6.0 million was reported as Other expense (income) in the Consolidated Statements of Income and Comprehensive Income. The
restatement did not change reported net income for fiscal 2013.



Consolidated revenues for the three months ended November 30, 2013 were
$226.0 million, up 8% from $209.9 million last year. Consolidated
segment profit was $92.3 million, up 9% from $84.5 million last year.
Net income attributable to shareholders for the quarter was $150.9
million ($1.78 both basic and diluted per share), compared to $52.2
million ($0.63 basic and $0.62 diluted per share) last year. Net
income attributable to shareholders for the first quarter includes a
non-cash gain of $127.9 million resulting from the remeasurement to
fair value of the Company's 50% interest in TELETOON which was held
prior to consolidation on September 1, 2013, business acquisition,
integration and restructuring costs of $21.9 million, an increase in
the purchase price obligation of $7.3 million and investment impairment
related charges of $3.3 million. Removing the impact of these items
results in an adjusted basic earnings per share of $0.65 in the
quarter.


Operational Results - Highlights

Television


-- Fiscal 2014 reflects consolidation of 100% interest in
TELETOON; Fiscal 2013 retroactively restated to apply IFRS 11 -
Joint Arrangements, resulting in equity accounting for Corus'
50% economic interest in TELETOON
-- Segment revenues increased 13%
-- Specialty advertising revenues increased 35%
-- Subscriber revenues increased 14%
-- Merchandising, distribution and other revenues declined 33%
-- Segment profit(1) increased 17%
-- Segment profit margin of 46%
-- Movie Central finished the quarter with 974,000 subscribers



Radio


-- Segment revenues decreased 8%
-- Segment profit(1) decreased 16%
-- Segment profit margin of 33%

Other


-- Completed the acquisition of Historia, Séries+ and the
remaining 50% interest in TELETOON Canada Inc. on January 1,
2014
-- Awaiting CRTC approval on the acquisition of two Ottawa-based
radio stations, CKQB-FM and CJOT-FM





(1) See definitions and discussion under the Key Performance Indicators
section of the 2014 Report to Shareholders.






Corus Entertainment Inc. reports in Canadian dollars.


About Corus Entertainment Inc.


Corus Entertainment Inc. is a Canadian-based media and entertainment
company that creates, broadcasts and licenses content across a variety
of platforms for audiences around the world. The Company's portfolio
of multimedia offerings encompasses specialty television and radio with
additional assets in pay television, television broadcasting,
children's book publishing, children's animation and animation
software. Corus' brands include YTV, TELETOON, ABC Spark, W Network,
OWN: Oprah Winfrey Network (Canada), HBO Canada, Historia, Séries+, as
well as Nelvana, Kids Can Press, Toon Boom and 37 radio stations
including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Fresh FM
London, Q107 and 102.1 the Edge. A publicly traded company, Corus is
listed on the Toronto Stock Exchange (CJR.B). Experience Corus on the
web at www.corusent.com.



The unaudited consolidated financial statements and accompanying notes
for the three months ended November 30, 2013 and Management's
Discussion and Analysis are available on the Company's website at www.corusent.com in the Investor Relations section.



A conference call with Corus senior management is scheduled for January
14, 2014 at 4:30 p.m. ET. While this call is directed at analysts and
investors, members of the media are welcome to listen in. The dial-in
number for the conference call for North America is 1.800.745.9476 and
for local/international callers is 1.416.641.6705. PowerPoint slides
for the call will be posted 15 minutes prior to the start of the call
and can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.


This press release contains forward-looking information and should be
read subject to the following cautionary language:

To the extent any statements made in this report contain information
that is not historical, these statements are forward-looking statements
and may be forward-looking information within the meaning of applicable
securities laws (collectively, "forward-looking statements"). These
forward-looking statements related to, among other things, our
objectives, goals, strategies, intentions, plans, estimates and
outlook, including advertising, distribution, merchandise and
subscription revenues, operating costs and tariffs, taxes and fees, and
can generally be identified by the use of the words such as "believe",
"anticipate", "expect", "intend", "plan", "will", "may" and other
similar expressions. In addition, any statements that refer to
expectations, projections or other characterizations of future events
or circumstances are forward-looking statements. Although Corus
believes that the expectations reflected in such forward-looking
statements are reasonable, such statements involve risks and
uncertainties and undue reliance should not be placed on such
statements. Certain material factors or assumptions are applied in
making forward-looking statements, including without limitation factors
and assumptions regarding advertising, distribution, merchandise and
subscription revenues, operating costs and tariffs, taxes and fees and
actual results may differ materially from those expressed or implied in
such statements. Important factors that could cause actual results to
differ materially from these expectations include, among other things:
our ability to attract and retain advertising revenues; audience
acceptance of our television programs and cable networks; our ability
to recoup production costs, the availability of tax credits and the
existence of co-production treaties; our ability to compete in any of
the industries in which we do business; the opportunities (or lack
thereof) that may be presented to and pursued by us; conditions in the
entertainment, information and communications industries and
technological developments therein; changes in laws or regulations or
the interpretation or application of those laws and regulations; our
ability to integrate and realize anticipated benefits from our
acquisitions and to effectively manage our growth; our ability to
successfully defend ourselves against litigation matters arising out of
the ordinary course of business; and changes in accounting standards.
Additional information about these factors and about the material
assumptions underlying such forward-looking statements may be found in
our Annual Information Form. Corus cautions that the foregoing list of
important factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with
respect to Corus, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. Unless
otherwise required by applicable securities laws, we disclaim any
intention or obligation to publicly update or revise any
forward-looking statements whether as a result of new information,
events or circumstances that arise after the date thereof or otherwise.









CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION



As at November As at August As at September
30, 31, 1,

(unaudited - in
thousands of
Canadian
dollars) 2013 2013 (1) 2012 (1)

ASSETS

Current

Cash and cash
equivalents 109,044 81,266 19,198

Restricted cash 6,407 -- --

Accounts
receivable 218,268 164,302 163,345

Promissory note
receivable 47,759 47,759 --

Income taxes
recoverable -- 351 9,542

Prepaid
expenses and
other 15,928 16,392 12,619



Total current
assets 397,406 310,070 204,704



Tax credits
receivable 43,290 41,564 43,865

Intangibles,
investments and
other assets 41,963 42,975 42,390

Investment in
joint venture -- 125,931 121,704

Property, plant
and equipment 147,958 151,192 163,280

Program and
film rights 297,604 232,587 229,306

Film
investments 67,869 62,274 67,847

Broadcast
licenses 799,036 515,036 520,770

Goodwill 863,026 646,045 646,045

Deferred tax
assets 38,904 39,463 28,327

2,697,056 2,167,137 2,068,238



LIABILITIES AND
SHAREHOLDERS'
EQUITY

Current

Accounts
payable and
accrued
liabilities 201,258 164,443 177,367

Purchase price
obligation 261,159 -- --

Income taxes
payable 4,053 -- 1,303

Provisions 4,881 3,941 2,322

Total current
liabilities 471,351 168,384 180,992



Long-term debt 539,465 538,966 518,258

Other long-term
liabilities 130,226 93,241 87,588

Deferred tax
liabilities 201,607 145,713 145,310

Total
liabilities 1,342,649 946,304 932,148



Share capital 943,203 937,183 910,005

Contributed
surplus 7,654 7,221 7,835

Retained
earnings 385,806 256,517 198,445

Accumulated
other
comprehensive
income (loss) 2,102 1,653 (812)

Total equity
attributable to
shareholders 1,338,765 1,202,574 1,115,473

Equity
attributable to
non-controlling
interest 15,642 18,259 20,617

Total
shareholders'
equity 1,354,407 1,220,833 1,136,090



2,697,056 2,167,137 2,068,238







(1) Prior period figures have been restated to reflect the changes in
accounting standards described in note 3 to the interim condensed
consolidated financial statements contained in the 2014 Report to
Shareholders.











CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME



Three months ended

November 30,

(unaudited - in thousands of Canadian
dollars except per share amounts) 2013 2012 (1)

Revenues 226,005 209,946

Direct cost of sales, general and
administrative expenses 133,729 125,429

Depreciation and amortization 5,735 6,406

Interest expense 9,270 12,132

Business acquisition, integration and
restructuring costs 21,922 --

Gain on acquisition (127,884) --

Other expense (income), net 9,711 (5,529)



Income before income taxes 173,522 71,508

Income tax expense 21,180 17,492



Net income for the period 152,342 54,016



Net income attributable to:

Shareholders 150,891 52,159

Non-controlling interest 1,451 1,857

152,342 54,016



Earnings per share attributable to
shareholders:

Basic $ 1.78 $ 0.63

Diluted $ 1.78 $ 0.62



Net income for the period 152,342 54,016

Other comprehensive income (loss), net of
tax:

Items that may be reclassified
subsequently to income:

Unrealized foreign currency translation
adjustment 375 290

Unrealized change in fair value of
available-for-sale investments 74 290

449 580



Comprehensive income for the period 152,791 54,596



Comprehensive income attributable to:

Shareholders 151,340 52,739

Non-controlling interest 1,451 1,857

152,791 54,596







(1) Prior period figures have been restated to reflect changes in
accounting standards described in note 3 to the interim condensed
consolidated financial statements contained in the 2014 Report to
Shareholders.











CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY



(unaudited - Accumulated Total equity
in thousands other attributable Non-
of Canadian Share Contributed Retained comprehensive to controlling Total
dollars) capital surplus earnings income (loss) shareholders interest equity

At August 31,
2013 937,183 7,221 256,517 1,653 1,202,574 18,259 1,220,833

Comprehensive
income -- -- 150,891 449 151,340 1,451 152,791

Dividends
declared -- -- (21,602) -- (21,602) (4,068) (25,670)

Issuance of
shares under
stock option
plan 160 (24) -- -- 136 -- 136

Issuance of
shares under
dividend
reinvestment
plan 5,860 -- -- -- 5,860 -- 5,860

Share-based
compensation
expense -- 457 -- -- 457 -- 457



At November
30, 2013 943,203 7,654 385,806 2,102 1,338,765 15,642 1,354,407



At August 31,
2012 910,005 7,835 198,445 (812) 1,115,473 20,617 1,136,090

Comprehensive
income -- -- 52,159 580 52,739 1,857 54,596

Dividends
declared -- -- (20,050) -- (20,050) (5,013) (25,063)

Issuance of
shares under
dividend
reinvestment
plan 6,788 -- -- -- 6,788 -- 6,788

Shares
repurchased (708) -- (756) -- (1,464) -- (1,464)

Share-based
compensation
expense -- 340 -- -- 340 -- 340



At November
30, 2012 916,085 8,175 229,798 (232) 1,153,826 17,461 1,171,287











CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS



Three months ended
November 30,

(unaudited - in thousands of Canadian
dollars) 2013 2012 (1)

OPERATING ACTIVITIES

Net income for the period 152,342 54,016

Add (deduct) non-cash items:

Depreciation and amortization 5,735 6,406

Amortization of program and film rights 50,531 41,128

Amortization of film investments 3,912 6,207

Deferred income taxes 2,455 (1,294)

Increase in purchase price obligation 7,344 --

Share-based compensation expense 457 340

Imputed interest 3,036 2,525

Business acquisition, integration and
restructuring costs 20,023 --

Gain on acquisition (127,884) --

Other 1,255 (6,330)

Net change in non-cash working capital
balances related to operations (22,659) (24,478)

Payment of program and film rights (28,091) (24,625)

Net additions to film investments (10,066) (16,074)

Increase in restricted cash (6,407) --

Cash provided by operating activities 51,983 37,821



INVESTING ACTIVITIES

Additions to property, plant and equipment (1,936) (3,535)

Dividends from joint venture -- 4,890

Net cash flows for intangibles, investments
and other assets (1,907) 73

Other (67) (88)

Cash used in investing activities (3,910) 1,340



FINANCING ACTIVITIES

Increase in bank loans -- 9,985

Issuance of shares under stock option plan 136 --

Shares repurchased -- (1,464)

Dividends paid (15,698) (13,223)

Dividends paid to non-controlling interest (4,068) (4,313)

Other (665) (2,312)

Cash used in financing activities (20,295) (11,327)

Net change in cash and cash equivalents
during the period 27,778 27,834

Cash and cash equivalents, beginning of the
period 81,266 19,198

Cash and cash equivalents, end of the period 109,044 47,032







(1) Prior period figures have been restated to reflect changes in
accounting standards described in note 3 to the interim condensed
consolidated financial statements contained in the 2014 Report to
Shareholders.











CORUS ENTERTAINMENT INC.

BUSINESS SEGMENT INFORMATION



(unaudited - in thousands of Canadian dollars)



Three months ended November 30, 2013

Television Radio Corporate Consolidated

Revenues 177,949 48,056 -- 226,005

Direct cost of
sales, general
and
administrative
expenses 95,425 32,219 6,085 133,729

Segment profit
(loss)(1) 82,524 15,837 (6,085) 92,276

Depreciation
and
amortization 5,735

Interest
expense 9,270

Business
acquisition,
integration
and
restructuring
costs 21,922

Gain on
acquisition (127,884)

Other expense,
net 9,711

Income before
income taxes 173,522



Three months ended November 30, 2012

Television Consolidated
(2) Radio Corporate (2)

Revenues 157,622 52,324 -- 209,946

Direct cost of
sales, general
and
administrative
expenses 87,100 33,368 4,961 125,429

Segment profit
(loss)(1) 70,522 18,956 (4,961) 84,517

Depreciation
and
amortization 6,406

Interest
expense 12,132

Other income,
net (5,529)

Income before
income taxes 71,508





Revenues by
type

Three months ended

November 30,

2013 2012(2)

Advertising 123,372 107,493

Subscriber
fees 79,115 69,412

Merchandising,
distribution
and other 23,518 33,041

226,005 209,946







(1) See definitions and discussion under the Key Performance Indicators
section of the 2014 Report to Shareholders.

(2) Prior period figures have been restated to reflect the changes in
accounting standards described in note 3 to the interim condensed
consolidated financial statements contained in the 2014 Report to
Shareholders.








The following statements provide a reconciliation of changes related to
the retroactive adoption of IFRS 11 - Joint Arrangements in the consolidated statements of financial position, income and
comprehensive income, and cash flows for the periods indicated.






Consolidated Statements of Financial Position





(in thousands
of Canadian
dollars) August 31, 2013 September 1, 2012

Originally IFRS 11 Originally IFRS 11
Published Adjustment Restated Published Adjustment Restated

Assets

Cash and cash
equivalents 86,081 (4,815) 81,266 24,588 (5,390) 19,198

Accounts
receivable 176,504 (12,202) 164,302 173,421 (10,076) 163,345

Promissory note
receivable 47,759 -- 47,759 -- -- --

Income taxes
recoverable 341 10 351 9,542 -- 9,542

Prepaid
expenses and
other 16,416 (24) 16,392 12,664 (45) 12,619

Total current
assets 327,101 (17,031) 310,070 220,215 (15,511) 204,704



Tax credits
receivable 41,564 -- 41,564 43,865 -- 43,865

Intangibles,
investments and
other assets 42,975 -- 42,975 42,390 -- 42,390

Investments in
joint venture -- 125,931 125,931 -- 121,704 121,704

Property, plant
and equipment 151,398 (206) 151,192 163,563 (283) 163,280

Program and
film rights 289,181 (56,594) 232,587 271,244 (41,938) 229,306

Film
investments 62,734 (460) 62,274 67,983 (136) 67,847

Broadcast
licenses 563,771 (48,735) 515,036 569,505 (48,735) 520,770

Goodwill 674,393 (28,348) 646,045 674,393 (28,348) 646,045

Deferred tax
assets 39,463 -- 39,463 28,327 -- 28,327



2,192,580 (25,443) 2,167,137 2,081,485 (13,247) 2,068,238



Liabilities and
Shareholders'
Equity

Accounts
payable and
accrued
liabilities 172,663 (8,220) 164,443 185,991 (8,624) 177,367

Income taxes
payable -- -- -- -- 1,303 1,303

Provisions 3,941 -- 3,941 2,322 -- 2,322

Total current
liabilities 176,604 (8,220) 168,384 188,313 (7,321) 180,992

Long-term debt 538,966 -- 538,966 518,258 -- 518,258

Other long-term
liabilities 105,020 (11,779) 93,241 87,853 (265) 87,588

Deferred tax
liabilities 151,157 (5,444) 145,713 150,971 (5,661) 145,310

Total
liabilities 971,747 (25,443) 946,304 945,395 (13,247) 932,148



Share capital 937,183 -- 937,183 910,005 -- 910,005

Contributed
surplus 7,221 -- 7,221 7,835 -- 7,835

Retained
earnings 256,517 -- 256,517 198,445 -- 198,445

Accumulated
other
comprehensive
income (loss) 1,653 -- 1,653 (812) -- (812)



Total equity
attributable to
shareholders 1,202,574 -- 1,202,574 1,115,473 -- 1,115,473

Equity
attributable to
non-controlling
interest 18,259 -- 18,259 20,617 -- 20,617



Total
shareholders'
equity 1,220,833 -- 1,220,833 1,136,090 -- 1,136,090



2,192,580 (25,443) 2,167,137 2,081,485 (13,247) 2,068,238











Consolidated Statements of Income and Comprehensive Income



(in thousands of Canadian
dollars) Three months ended November 30, 2012

Originally IFRS 11
Published Adjustment Restated



Revenues 226,147 (16,201) 209,946

Direct cost of sales,
general and administrative
expenses 133,454 (8,025) 125,429

Segment profit 92,693 (8,176) 84,517



Depreciation and
amortization 6,429 (23) 6,406

Interest expense 12,132 -- 12,132

Other expense (income), net 506 (6,035) (5,529)

Income before income taxes 73,626 (2,118) 71,508

Income tax expense 19,610 (2,118) 17,492

Net income for the period 54,016 -- 54,016



Net income attributable to:

Shareholders 52,159 -- 52,159

Non-controlling interest 1,857 -- 1,857

54,016 -- 54,016



Earnings per share
attributable to
shareholders:

Basic $ 0.63 -- $ 0.63

Diluted $ 0.62 -- $ 0.62





Net income for the period 54,016 -- 54,016



Other comprehensive income
(loss), net of tax

Items that may be
reclassified subsequently
to income:

Unrealized foreign
currency translation
adjustment 290 -- 290

Unrealized change in
fair value of
available-for-sale
investments 290 -- 290

580 -- 580

Comprehensive income for the
period 54,596 -- 54,596



Comprehensive income
attributable to:

Shareholders 52,739 -- 52,739

Non-controlling interest 1,857 -- 1,857

54,596 -- 54,596













Consolidated Statements of Cash Flows



(in thousands of Canadian
dollars) Three months ended November 30, 2012

Originally IFRS 11
Published Adjustment Restated

Operating Activities

Net income for the period 54,016 -- 54,016

Add (deduct) non-cash items:

Depreciation and
amortization 6,429 (23) 6,406

Amortization of program
and film rights 45,693 (4,565) 41,128

Amortization of film
investment 6,207 -- 6,207

Deferred income taxes (1,294) -- (1,294)

Share-based compensation
expense 340 -- 340

Imputed interest 2,525 -- 2,525

Other (304) (6,026) (6,330)

Net change in non-cash
working capital balances
related to operations (29,133) 4,655 (24,478)

Payment of program and film
rights (27,626) 3,001 (24,625)

Net additions to film
investments (16,074) -- (16,074)

Cash provided by operating
activities 40,779 (2,958) 37,821



Investing Activities

Additions to property, plant
and equipment (3,542) 7 (3,535)

Dividends from joint venture -- 4,890 4,890

Net cash flows for
intangibles, investments and
other assets 73 -- 73

Other (88) -- (88)

Cash used in investing
activities (3,557) 4,897 1,340



Financing Activities

Increase in bank loans 9,985 -- 9,985

Shares repurchased (1,464) -- (1,464)

Dividends paid (13,223) -- (13,223)

Dividends paid to
non-controlling interest (4,313) -- (4,313)

Other (2,312) -- (2,312)

Cash used in financing
activities (11,327) -- (11,327)



Net change in cash and cash
equivalents during the
period 25,895 1,939 27,834

Cash and cash equivalents,
beginning of the period 24,588 (5,390) 19,198

Cash and cash equivalents,
end of period 50,483 (3,451) 47,032






SOURCE Corus Entertainment Inc.

Corus Entertainment Inc.

CONTACT: John Cassaday 
President and Chief Executive Officer 
Corus Entertainment Inc.   
416.479.6018  Tom Peddie 
Executive Vice President and Chief Financial Officer  
Corus Entertainment Inc. 
416.479.6080 Sally Tindal
Director, Communications 
Corus Entertainment Inc. 
416.479.6107 


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