Please click here to download the complete Press Release
Strong increases in EPS, Net Earnings, EBITDA2, Revenues and Cash Flow for the fourth quarter and Fiscal 2008
The following results include the operations of the assets acquired from Standard Radio, effective October 29, 2007.
Montréal, October 29, 2008 - Astral Media Inc. (TSX: ACM.A/ACM.B) today reported its financial results for the fourth quarter and year ended August 31, 2008, which concluded another year of strong financial performance.
FINANCIAL HIGHLIGHTS
- 11% increase in basic EPS from continuing operations1 for the year (11% for the fourth quarter)1
- 19% increase in net earnings from continuing operations1 for the year (20% for the fourth quarter)1
- 40% increase in EBITDA2 for the year (47% for the fourth quarter)2
- 35% increase in revenues for the year (43% for the fourth quarter)
- 35% increase in cash flow from continuing operations3 for the year (37% for the fourth quarter)3
“This marks a 12th consecutive year of profitable growth for Astral Media. This unique track record in our industry speaks directly to our strong and stable management team, disciplined financial and operational practices and to the dedication of more than 2,800 employees’’, said Ian Greenberg, President and Chief Executive Officer of Astral Media. He added: “I am very proud of delivering such strong results in the context of a very busy year at Astral Media, which included the integration of the Standard Radio acquisition, the rollout of the Toronto Street Furniture program and the launches of Playhouse Disney and TELETOON Retro“.
Consolidated net earnings from continuing operations for Fiscal 2008 increased by 19%, rising to $150.5 million1 ($2.67 basic EPS, $2.63 diluted EPS)1 from $126.6 million1 ($2.40 basic EPS, $2.35 diluted EPS)1 last year. Consolidated net earnings from continuing operations for the fourth quarter of Fiscal 2008 increased by 20% to $40.8 million1 ($0.72 basic EPS, $0.72 diluted EPS)1, from $34.0 million1 ($0.65 basic EPS, $0.63 diluted EPS)1 last year.
Consolidated revenues totalled $865.4 million for Fiscal 2008, an increase of 35% over the $640.5 million recorded in Fiscal 2007. Consolidated revenues were $229.9 million for the fourth quarter of Fiscal 2008, up 43% from the $160.6 million for the same quarter last year.
EBITDA2 for the year increased by 40% to $289.6 million from $206.7 million for the same period last year. EBITDA2 was up 47% to $81.1 million in the fourth quarter of Fiscal 2008 compared to $55.1 million for the same quarter last year. Cash flow from continuing operations3 rose 35% year-over-year totalling $205.3 million for the year compared to $152.0 million for Fiscal 2007. Cash flow from continuing operations3 rose by 37% to $60.1 million in the fourth quarter, compared to $43.9 million for the same quarter last year.
OPERATIONAL HIGHLIGHTS FOR FISCAL 2008
Television
- Revenue growth of 5% to $497.0 million;
- Advertising revenue growth of 12% to $108.2 million;
- EBITDA2 growth of 5% to $179.5 million;
- Launch of TELETOON Retro in English;
- Launch of Playhouse Disney;
- Announcement of the of launch of HBO Canada, a The Movie Network multiplex channel (after year-end);
- Launch of TÉLÉTOON Rétro in French (after year-end);
- Rebranding and repositioning of MusiquePlus (after year-end).
Radio
- Revenue growth of 156% to $296.3 million;
- EBITDA2 growth of 171% to $111.1 million;
- EBITDA2 margin rose from 35.5% to 37.5%;
- Launch of a radio station in Regina;
- Granting by the CRTC of a radio licence in the Ottawa-Gatineau market;
- Launch of the first Virgin Radio station in North America, Virgin Radio 999 in Toronto.
Outdoor Advertising
- Revenue growth of 45% to 72.1 million;
- EBITDA2 growth of 42% to $23.6 million;
- Rollout of TSF contract.
Astral Media is a leading Canadian media company, active in specialty and pay television, radio, outdoor advertising and iMedia. Astral Media’s solid and dynamic presence in the country’s major markets rests on its commitment to offer a unique combination of high-quality, targeted media for all its audiences.
The audited consolidated financial statements with related notes and Management’s Discussion and Analysis are available on the Company’s website: www.astralmedia.com.
There will be a conference call with analysts and media at 2:00 p.m. on Wednesday, October 29, 2008. To access the conference call dial 1-800-732-0232. The conference call will also be broadcast live and archived for a three-month period on the Astral Media website at www.astralmedia.com.
This press release contains certain forward-looking statements concerning the future performance of the Company. These forward-looking statements are based on current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including technological change, economic conditions, regulatory change, competitive factors and changes in accounting rules or standards, many of which are beyond the Company's control. We disclaim any intention or obligation to update or revise any forward-looking statements.
1. Excluding the impact of the future income tax recovery resulting from future income tax rate changes in Fiscal 2008 and 2007. See Appendix 1.
2. EBITDA is defined as earnings before interest, taxes, depreciation and amortization. See Appendix 1.
3. See Appendix 1.
- 30 -
Media: Alain Bergeron
Vice-President, Brand Management
and Corporate Communications
Astral Media Inc.
514 939-5000
Analysts : Robert Fortier
Vice-President Finance
and Corporate Controller
Astral Media Inc.
514 939-5000
Please click here to download the complete Press Release