WIC battle takes toll on earnings
Shaw/CanWest scrap results in $5.3 mil restructuring bill
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Net earnings for the nine months ended May 31 were C$19.1 million ($12.9 million), or 48¢ per share, down from $13.4 million, or 52¢ per share, posted for the same period the previous year.
Despite a 9% improvement in revenues in WIC's radio division and a solid 29% boost in the premium and subscription TV divisions, the company's earnings were down slightly. Consolidated revenue for the period was $295.9 million, down from $303.1 million for the same period in fiscal 1998. The drop was due to a $5.3 million restructuring hit taken in the wake of the tussle between Shaw and CanWest Global.
The two companies have since agreed in principle to carve up WIC between them, but have not worked out the details to present to Canadian regulators for approval.
Vancouver-based WIC owns nine TV stations, 12 radio stations and a subscription and pay-per-view service.
