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Tax changes take bite out of Corus Q4

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TORONTO -- Canadian broadcaster Corus Entertainment on Thursday reported sharply lower fourth-quarter earnings due to tax rate changes.

Toronto-based Corus said earnings for the three months through Aug. 31 came to CAN$21.2 million ($20.4 million), against a profit of CAN$46.6 million in 2006, when the broadcaster had CAN$37 million in income tax benefits.

Revenue for the fourth quarter stood at CAN$187.2 million ($182 million), up 1% from a year-earlier CAN$185 million.

Cable and pay TV channel revenue from airtime sales and subscriber fees rose 8% to CAN$104.2 million ($101.2 million), while radio station revenue was virtually unchanged at CAN$66.5 million ($64.5 million), against CAN$66.3 million in 2006.

And content revenue from Nelvana, Corus' animation division, fell 28% to CAN$17.7 million ($17 million), compared with a year-earlier CAN$24.5 million.

Full-year earnings at Corus came to CAN$107 million ($103.8 million), up from CAN$36 million in 2006 when the broadcaster recorded a pretax debt refinancing loss of CAN$132 million.

Revenue for 2007 came to CAN$769 million ($746 million), up 6% from a year-earlier CAN$726 million.