Corus Entertainment Announces Fiscal 2015 Second Quarter Results

Corus Entertainment Announces Fiscal 2015 Second Quarter Results


-- Consolidated segment profit up 1% for the quarter and year-to-date
-- Television revenues up 2% for the quarter and year-to-date
-- Television segment profit up 3% for the quarter and up 2% year-to-date
-- Net loss attributable to shareholders of $86.8 million for the quarter,
which includes a non-cash Radio broadcast license and goodwill
impairment charge of $130.0 million.
-- Adjusted basic earnings per share of $0.33 per share, up 3% for the
quarter
TORONTO, April 9, 2015 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) announced its second quarter financial results today.

"In the second quarter, the company continued to see strong audience delivery, particularly from our Women's, Family and French-language specialty networks, and improved radio ratings in certain key markets. However, as economic headwinds continue to impact advertising market confidence, we do not expect to achieve our segment profit guidance for fiscal 2015," said Doug Murphy, President and Chief Executive Officer of Corus Entertainment. "Moving forward, we continue to make excellent progress on our four strategic priorities and we are conducting a comprehensive review of opportunities arising from this new flexible regulatory environment. Our recent landmark deal with Nickelodeon is the first example of our priorities in action as we position the company for future growth, embracing the exciting changes and opportunities emerging from the evolving regulatory and content marketplace."









Financial Highlights
--------------------

Three months ended Six months ended

February 28, February 28,

(unaudited - in thousands of Canadian dollars except per share amounts) 2015 2014 2015 2014
---------------------------------------------------------------------- ---- ---- ---- ----

Revenues

Television 155,175 152,101 336,665 330,050

Radio 36,309 39,312 81,930 87,368
----- ------ ------ ------ ------

191,484 191,413 418,595 417,418
======= ======= ======= =======


Segment profit (1)

Television 59,700 58,034 143,479 140,558

Radio 6,227 8,470 19,047 24,307

Corporate (6,208) (7,222) (9,531) (13,307)
--------- ------ ------ ------ -------

59,719 59,282 152,995 151,558
====== ====== ======= =======


Net income (loss) attributable to shareholders (86,786) 6,116 (34,880) 157,007

Adjusted net income attributable to shareholders (1) (2) 28,499 26,780 80,405 81,957
======================================================= ====== ====== ====== ======


Basic earnings (losses) per share $(1.01) $0.07 $(0.41) $1.85

Adjusted basic earnings per share (1) (2) $0.33 $0.32 $0.93 $0.97

Diluted earnings (losses) per share $(1.01) $0.07 $(0.41) $1.85
=================================== ====== ===== ====== =====


Free cash flow (1) 59,242 73,405 92,624 123,041
================= ====== ====== ====== =======


(1) Adjusted net
income (loss)
attributable
to
shareholders,
adjusted basic
earnings per
share, segment
profit and
free cash flow
do not have
standardized
meanings
prescribed by
IFRS. The
Company
reports on
segment profit
and free cash
flow because
they are key
measures used
to evaluate
performance.
For
definitions
and
explanations,
see discussion
under the Key
Performance
Indicators
section of the
2015 Report to
Shareholders.

(2) For the three
and six months
ended February
28, 2015,
excludes radio
broadcast
license and
goodwill
impairment
charges of
$130.0 million
($1.44 per
share),
business
acquisition,
integration
and
restructuring
charges of
$8.0 million
($0.07 per
share), offset
by a gain on
disposition of
investment of
$17.0 million
($0.17 per
share). For
the three
months ended
February 28,
2014, excludes
radio
broadcast
license
impairment
charges of
$8.0 million
($0.07 per
share),
business
acquisition,
integration
and
restructuring
costs of $18.7
million ($0.20
per share) and
a decrease in
the purchase
price
obligation of
$2.1 million
($0.02 per
share). For
the six month
period ended
February 28,
2014, excludes
the impact of
a $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, radio
broadcast
license
impairment
charges of
$8.0 million
($0.07 per
share),
business
acquisition,
integration
and
restructuring
costs of $40.7
million ($0.46
per share), an
increase in
the purchase
price
obligation of
$5.3 million
($0.06 per
share) and
investment
impairment
related
charges of
$3.3 million
($0.04 per
share).


Consolidated Results from Operations

Consolidated revenues for the three months ended February 28, 2015 were $191.5 million, which is comparable to $191.4 million last year. Consolidated segment profit was $59.7 million, up 1% from $59.3 million last year. Net loss attributable to shareholders for the quarter was $86.8 million ($1.01 loss per share basic and diluted), compared to net income attributable to shareholders of $6.1 million ($0.07 per share basic and diluted) last year. Net loss attributable to shareholders for the second quarter includes Radio broadcast license and goodwill impairment charges of $130.0 million ($1.44 per share), business acquisition, integration and restructuring costs of $8.0 million ($0.07 per share), offset by a gain on disposition of investment of $17.0 million ($0.17 per share). Removing the impact of these items results in an adjusted net income attributable to shareholders of $28.5 million ($0.33 per share) in the quarter. Net income attributable to shareholders for the prior year quarter includes radio broadcast license impairment charges of $8.0 million ($0.07 per share), business acquisition, integration and restructuring costs of $18.7 million ($0.20 per share) and a decrease in the purchase price obligation of $2.1 million ($0.02 per share) related to the acquisition of control of TELETOON. Removing the impact of these items results in an adjusted net income attributable to shareholders of $26.8 million ($0.32 per share) in the prior year quarter.

Consolidated revenues for the six months ended February 28, 2015 were $418.6 million, which is comparable to $417.4 million last year. Consolidated segment profit was $153.0 million, up 1% from $151.6 million last year. Net loss attributable to shareholders for the six months ended February 28, 2015 was $34.9 million ($0.41 loss per share basic and diluted) compared to net income attributable to shareholders of $157.0 million ($1.85 per share basic and diluted) last year. Net loss attributable to shareholders for the six months ended February 28, 2015 includes Radio broadcast license and goodwill impairment charges of $130.0 million ($1.44 per share), business acquisition, integration and restructuring costs of $8.0 million ($0.07 per share), offset by a gain on disposition of investment of $17.0 million ($0.17 per share). Removing the impact of these items results in an adjusted net income attributable to shareholders of $80.4 million ($0.93 per share) for the current year-to-date. Removing the impact of the prior year non-cash gain of $127.9 million ($1.51 per share) 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, radio broadcast license impairment charges of $8.0 million ($0.07 per share), business acquisition, integration and restructuring costs of $40.7 million ($0.46 per share), an increase in the purchase price obligation of $5.3 million ($0.06 per share), and investment impairment related charges of $3.3 million ($0.04 per share) results in an adjusted net income attributable to shareholders of $82.0 million ($0.97 per share).

Operational Results - Highlights

Television


-- Specialty advertising revenues decreased 7% in Q2 2015 and 2% for the
year-to-date
-- Subscriber revenues increased 2% in Q2 2015 and 5% for the year-to-date
-- Merchandising, distribution and other revenues increased 32% in Q2 2015
and 7% for the year-to-date
-- Segment profit((1)) increased 3% in Q2 2015 and 2% for the year-to-date
-- Segment profit margin((1)) of 38% in Q2 2015 and 43% for the
year-to-date
Radio


-- Segment revenues decreased 8% in Q2 2015 and 6% for the year-to-date
-- Segment profit((1)) decreased 26% in Q2 2015 and 22% for the
year-to-date
-- Segment profit margin((1)) of 17% in Q2 2015 and 23% for the
year-to-date
-- Non-cash broadcast license and goodwill impairment charges of $130.0
million in Q2 2015 and for the year-to-date
Corporate


-- Financial guidance revised, refer to Outlook section of the Second
Quarter 2015 Report to Shareholders
-- $18.5 million pre-tax cash proceeds from disposition of GoPro shares
held by Steamboat Ventures


(1) Segment profit and segment profit
margin do not have standardized
meanings prescribed by IFRS. The
Company reports on segment profit
and segment profit margin because
they are key measures used to
evaluate performance. For
definitions and explanations, see
discussion under the Key
Performance Indicators section of
the 2015 Report to Shareholders.


Corus Entertainment Inc. reports in Canadian dollars.

The unaudited consolidated financial statements and accompanying notes for the three and six months ended February 28, 2015 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 April 9, 2015 at 2:30 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 local and international callers is 416.981.9039 and for North America is 1.800.734.8582. 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.

Use of Non-GAAP Financial Measures

This press release includes the non-GAAP financial measures of adjusted net income, adjusted basic earnings per share and free cash flow that are not in accordance with, nor an alternate to, generally accepted accounting principles ("GAAP") and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material effect on the Company's reported results and, therefore, should not be relied upon as the sole financial measures to evaluate the Company's financial results. The non-GAAP financial measures are meant to supplement, and to be viewed in conjunction with, GAAP financial results. A reconciliation of the Company's non-GAAP measures is included in the Company's most recent Report to Shareholders which is available on Corus' website at www.corusent.com as well as on SEDAR.

Caution Concerning Forward-Looking Statements

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 relate 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.

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 and Séries+, as well as Nelvana, Kids Can Press, Toon Boom and 39 radio stations including CKNW AM 980, Rock 101, Country 105, 630 CHED, Fresh Radio, JUMP! 106.9, 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.







CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION


As at February 28, As at August 31,

(unaudited - in thousands of Canadian dollars) 2015 2014
--------------------------------------------- ---- ----

ASSETS

Current

Cash and cash equivalents 38,213 11,585

Accounts receivable 192,810 183,009

Income taxes recoverable 1,094 9,768

Prepaid expenses and other 12,103 13,032
-------------------------- ------ ------


Total current assets 244,220 217,394
-------------------- ------- -------


Tax credits receivable 32,071 29,044

Intangibles, investments and other assets 60,278 47,630

Property, plant and equipment 141,314 143,618

Program and film rights 332,333 330,437

Film investments 62,416 63,455

Broadcast licenses 956,984 979,984

Goodwill 827,859 934,859

Deferred tax assets 39,005 38,161
------------------- ------ ------

2,696,480 2,784,582
========= =========


LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Accounts payable and accrued liabilities 187,519 170,411

Provisions 8,358 5,314
---------- ----- -----

Total current liabilities 195,877 175,725
------------------------- ------- -------


Long-term debt 864,715 874,251

Other long-term liabilities 138,093 171,793

Deferred tax liabilities 252,290 252,687
------------------------ ------- -------

Total liabilities 1,450,975 1,474,456
----------------- --------- ---------


SHAREHOLDERS' EQUITY

Share capital 984,458 967,330

Contributed surplus 8,906 8,385

Retained earnings 230,368 313,361

Accumulated other comprehensive income 6,840 3,767
-------------------------------------- ----- -----

Total equity attributable to shareholders 1,230,572 1,292,843

Equity attributable to non-controlling interest 14,933 17,283
----------------------------------------------- ------ ------

Total shareholders' equity 1,245,505 1,310,126
-------------------------- --------- ---------

2,696,480 2,784,582
========= =========




CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME


Three months ended Six months ended

February 28, February 28,

(unaudited - in thousands of Canadian dollars except per share amounts) 2015 2014 2015 2014
---------------------------------------------------------------------- ---- ---- ---- ----

Revenues 191,484 191,413 418,595 417,418

Direct cost of sales, general and administrative expenses 131,765 132,131 265,600 265,860

Depreciation and amortization 6,089 5,533 11,863 11,268

Interest expense 12,746 12,604 25,427 21,874

Broadcast license and goodwill impairment 130,000 8,000 130,000 8,000

Business acquisition, integration and restructuring costs 8,002 18,734 8,002 40,656

Gain on acquisition - - - (127,884)

Other expense (income), net (15,902) (1,006) (14,096) 8,705
--------------------------- ------- ------ ------- -----


Income (loss) before income taxes (81,216) 15,417 (8,201) 188,939

Income tax expense 4,643 8,353 24,476 29,533


Net income (loss) for the period (85,859) 7,064 (32,677) 159,406
================================ ======= ===== ======= =======


Net income (loss) attributable to:

Shareholders (86,786) 6,116 (34,880) 157,007

Non-controlling interest 927 948 2,203 2,399
------------------------ --- --- ----- -----

(85,859) 7,064 (32,677) 159,406
======= ===== ======= =======


Earnings (losses) per share attributable to shareholders:

Basic $(1.01) $0.07 $(0.41) $1.85

Diluted $(1.01) $0.07 $(0.41) $1.85
======= ====== ===== ====== =====


Net income (loss) for the period (85,859) 7,064 (32,677) 159,406

Other comprehensive income (loss), net of tax:

Items that may be reclassified subsequently to income:

Unrealized foreign currency translation adjustment 2,437 1,891 3,667 2,266

Unrealized change in fair value of available-for-sale investments 170 (12) (140) 62

Unrealized change in fair value of cash flow hedges (416) (146) (454) (146)
--------------------------------------------------- ---- ---- ---- ----

2,191 1,733 3,073 2,182
----- ----- ----- -----


Comprehensive income (loss) for the period (83,668) 8,797 (29,604) 161,588
========================================== ======= ===== ======= =======


Comprehensive income (loss) attributable to:

Shareholders (84,595) 7,849 (31,807) 159,189

Non-controlling interest 927 948 2,203 2,399
------------------------ --- --- ----- -----

(83,668) 8,797 (29,604) 161,588
======= ===== ======= =======




CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


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

At August 31, 2014 967,330 8,385 313,361 3,767 1,292,843 17,283 1,310,126

Comprehensive income (loss) - - (34,880) 3,073 (31,807) 2,203 (29,604)

Dividends declared - - (48,113) - (48,113) (4,553) (52,666)

Issuance of shares under stock option plan 5,781 (945) - - 4,836 - 4,836

Issuance of shares under dividend reinvestment plan 11,347 - - - 11,347 - 11,347

Share-based compensation expense - 1,466 - - 1,466 - 1,466
-------------------------------- --- ----- --- --- ----- --- -----

At February 28, 2015 984,458 8,906 230,368 6,840 1,230,572 14,933 1,245,505
==================== ======= ===== ======= ===== ========= ====== =========


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

Comprehensive income - - 157,007 2,182 159,189 2,399 161,588

Dividends declared - - (44,763) - (44,763) (6,001) (50,764)

Issuance of shares under stock option plan 1,063 (170) - - 893 - 893

Issuance of shares under dividend reinvestment plan 11,745 - - - 11,745 - 11,745

Share-based compensation expense - 961 - - 961 - 961
-------------------------------- --- --- --- --- --- --- ---

At February 28, 2014 949,991 8,012 368,761 3,835 1,330,599 14,657 1,345,256
==================== ======= ===== ======= ===== ========= ====== =========






CORUS ENTERTAINMENT INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS


Three months ended Six months ended
February 28, February 28,

(unaudited -in thousands of Canadian
dollars) 2015 2014 2015 2014
------------------------------------ ---- ---- ---- ----

OPERATING ACTIVITIES

Net income (loss) for the period (85,859) 7,064 (32,677) 159,406

Adjustments to reconcile net income
(loss) to cash provided by operating
activities:

Depreciation and amortization 6,089 5,533 11,863 11,268

Broadcast license and goodwill
impairment 130,000 8,000 130,000 8,000

Amortization of program and film
rights 53,366 51,613 107,703 102,144

Amortization of film investments 6,692 5,143 13,613 9,055

Deferred income taxes (3,864) 2,566 (1,017) 5,021

Increase (decrease) in purchase
price obligation - (2,056) - 5,288

Share-based compensation expense 937 504 1,466 961

Imputed interest 3,481 4,109 6,977 7,145

Tangible benefit obligation - 11,892 - 31,915

Gain on disposition of investment (16,964) - (16,964) -

Gain on acquisition - - - (127,884)

Other 1,406 160 1,888 1,415

Net change in non-cash working
capital balances related to
operations 11,594 11,570 (14,855) (7,189)

Payment of program and film rights (46,064) (32,587) (96,481) (60,678)

Net additions to film investments (10,031) (4,150) (23,846) (18,116)

Decrease in restricted cash - 6,407 - -
--------------------------- --- ----- --- ---

Cash provided by operating activities 50,783 75,768 87,670 127,751
------------------------------------- ------ ------ ------ -------


INVESTING ACTIVITIES

Additions to property, plant and
equipment (4,931) (2,344) (7,754) (4,280)

Business combinations - (491,441) - (491,441)

Proceeds from disposition of
investment 18,490 - 18,490 -

Net cash flows for intangibles,
investments and other assets (2,425) (3,167) (17,586) (5,074)

Other (4,737) (55) (5,248) (122)
----- ------ --- ------ ----

Cash provided by (used in) investing
activities 6,397 (497,007) (12,098) (500,917)
------------------------------------ ----- -------- ------- --------


FINANCING ACTIVITIES

Increase (decrease) in bank loans (29,688) 373,065 (9,897) 373,065

Financing fees (750) (587) (750) (587)

Issuance of shares under stock option
plan 3,417 757 4,836 893

Dividends paid (17,982) (16,238) (35,901) (31,936)

Dividends paid to non-controlling
interest (419) (1,933) (4,553) (6,001)

Other (1,385) (584) (2,679) (1,249)
----- ------ ---- ------ ------

Cash provided by (used in) financing
activities (46,807) 354,480 (48,944) 334,185
------------------------------------ ------- ------- ------- -------

Net change in cash and cash
equivalents during the period 10,373 (66,759) 26,628 (38,981)

Cash and cash equivalents, beginning
of the period 27,840 109,044 11,585 81,266
------------------------------------ ------ ------- ------ ------

Cash and cash equivalents, end of the
period 38,213 42,285 38,213 42,285
===================================== ====== ====== ====== ======







CORUS ENTERTAINMENT INC.

BUSINESS SEGMENT INFORMATION


(unaudited - in thousands of Canadian dollars)


Three months ended February 28, 2015

Television Radio Corporate Consolidated
---------- ----- --------- ------------

Revenues 155,175 36,309 - 191,484

Direct cost of sales, general and administrative expenses 95,475 30,082 6,208 131,765
--------------------------------------------------------- ------ ------ ----- -------

Segment profit (loss)(1) 59,700 6,227 (6,208) 59,719

Depreciation and amortization 6,089

Interest expense 12,746

Broadcast license and goodwill impairment 130,000

Business acquisition, integration and restructuring costs 8,002

Other expense (income), net (15,902)
--------------------------- -------

Loss before income taxes (81,216)
======================== =======


Three months ended February 28, 2014

Television Radio Corporate Consolidated
---------- ----- --------- ------------

Revenues 152,101 39,312 - 191,413

Direct cost of sales, general and administrative expenses 94,067 30,842 7,222 132,131
--------------------------------------------------------- ------ ------ ----- -------

Segment profit (loss)(1) 58,034 8,470 (7,222) 59,282

Depreciation and amortization 5,533

Interest expense 12,604

Broadcast license and goodwill impairment 8,000

Business acquisition, integration and restructuring costs 18,734

Other expense (income), net (1,006)
--------------------------- ------

Income before income taxes 15,417
========================== ======


Six months ended February 28, 2015

Television Radio Corporate Consolidated
---------- ----- --------- ------------

Revenues 336,665 81,930 - 418,595

Direct cost of sales, general and administrative expenses 193,186 62,883 9,531 265,600
--------------------------------------------------------- ------- ------ ----- -------

Segment profit (loss)(1) 143,479 19,047 (9,531) 152,995

Depreciation and amortization 11,863

Interest expense 25,427

Broadcast license and goodwill impairment 130,000

Business acquisition, integration and restructuring costs 8,002

Other expense (income), net (14,096)
--------------------------- -------

Loss before income taxes (8,201)
======================== ======


Six months ended February 28, 2014

Television Radio Corporate Consolidated
---------- ----- --------- ------------

Revenues 330,050 87,368 - 417,418

Direct cost of sales, general and administrative expenses 189,492 63,061 13,307 265,860
--------------------------------------------------------- ------- ------ ------ -------

Segment profit (loss)(1) 140,558 24,307 (13,307) 151,558

Depreciation and amortization 11,268

Interest expense 21,874

Broadcast license and goodwill impairment 8,000

Gain on acquisition (127,884)

Business acquisition, integration and restructuring costs 40,656

Other expense (income), net 8,705
--------------------------- -----

Income before income taxes 188,939
========================== =======


(1) Segment profit
does not have
a
standardized
meaning
prescribed by
IFRS. For
definitions
and
explanations,
see
discussion
under the Key
Performance
Indicators
section of
the 2015
Report to
Shareholders.








Revenues by type

Three months ended Six months ended

February 28, February 28, February 28, February 28,

2015 2014 2015 2014
---- ---- ---- ----

Advertising 81,309 87,870 202,275 211,242

Subscriber fees 85,245 83,562 170,659 162,677

Merchandising, distribution and
other 24,930 19,981 45,661 43,499
------------------------------- ------ ------ ------ ------

191,484 191,413 418,595 417,418
======= ======= ======= =======


SOURCE Corus Entertainment Inc.

Corus Entertainment Inc.

CONTACT: Doug Murphy, President and Chief Executive Officer, Corus Entertainment Inc., 416.479.6649; 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

Web Site: www.corusent.com


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