Shaw slumps as spinoff posts boffo qtr.
Corus sees net income jump to $9.1 million
Shaw attributed its loss of $21.9 million for the first quarter of fiscal 2001 ended Nov. 30 -- a major turnaround from a profit of $26.5 million the year before -- on amoritization costs at its cable acquisitions and Canadian Satellite Communications (CanCom), whose numbers are included for the first time in this quarter. The company also noted that the majority of last year's net profit was due to a $46.4 million gain on the sale of investments.
The company's revenue jumped significantly, up 63% to $229.1 million. During the quarter, Calgary-based Shaw was added to the Toronto Stock Exchange's 35 index.
Toronto-based Corus Entertainment posted strong first quarter results, with revenues up 129% to $77.6 million, and net income up 38% at $9.1 million.
"Corus programming revenues continue to soar and have helped us to deliver a solid first quarter," said president and CEO John Cassaday in a statement. A flurry of acquisitions have also helped, including the closing of its deal to buy children's TV producer, publisher and merchandiser Nelvana at the end of the quarter, as well as its purchase of Power Broadcasting's radio and TV stations and Vancouver-based WIC's radio and premium TV assets.
Subject to CRTC approval of the proposed acquisition of Metromedia Broadcasting, Corus owns 49 radio stations, specialty television networks, Pay TV, conventional television assets, and Nelvana.
