Canada's DHX Media posts fiscal 2009 profit
Posts earnings of $345,000 after year-earlier lossTORONTO – Canadian indie producer and distributor DHX Media on Tuesday returned to a full-year profit for fiscal 2009 on increased proprietary TV production.
Halifax-based DHX Media posted earnings of CAN$375,000 ($345,000) for the year to June 30, compared to a loss of CAN$1.1 million in 2008, on total revenue up 18% to CAN$62 million ($57 million) from a year-earlier CAN$52.4 million.
"Our strengthening margins for 2009 have driven revenue and EBITDA to record levels, and demonstrate the success of both our acquisitions and organic production growth," Michael Donovan, DHX chairman and chief executive officer, said.
The company saw proprietary production revenue jump 15% to CAN$39.4 million ($36.2 million), while distribution revenue for full-year 2009 fell 16% to CAN$12.4 million ($11.4 million).
DHX Media recorded a one-time CAN$1.2 million ($1.1 million) charge after it cancelled a reverse-takeover transaction with rival producer E1 Entertainment.
The Canadian producer is best known for its kids TV properties, including "Bo on the Go!" and "Franny's Feet."