Strategic investments are comprised of investments in venture funds and associated companies. I consent to receiving information from The Motley Fool via email, direct mail, and occasional special offer phone calls. The Company believes these non-IFRS measures are frequently used as key measures to evaluate performance. Corus Entertainment's mailing address is 25 Dockside Dr, TORONTO, ON M5A 0B5, Canada. Shares of Corus Entertainment (TSX:CRJ.B) were up close to 10% on Friday after it announced its results for the August quarter. Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada.
Get daily stock ideas top-performing Wall Street analysts. Corus Entertainment Inc. reports its financial results in Canadian dollars. This has resulted in an increase in segment profit for the quarter and year of approximately $3.3 million and $13.4 million, respectively, and an increase in free cash flow of approximately $3.8 million and $15.9 million, respectively. For definitions and explanations, see the discussion under the Key Performance Indicators section of the Fourth Quarter 2020 Report to Shareholders and/or Management's Discussion and Analysis in the Company's August 31, 2019 Annual Report. Free cash flow for the three months and year ended August 31, 2020 was impacted by the adoption of IFRS 16, effective September 1, 2019.
Aditya Raghunath | October 26, 2020 | More on: CJR.B. COVID-19: An update from Corus – Learn More. You will also receive an annual income tax reporting slip. Development of company-wide principles and guidelines, informed by public health authorities' recommendations, and site-specific plans have been made and continue to be adjusted, as necessary on a location-by-location basis. Corus stock has lost around 40% in market value since the start of 2020, which means it has a forward dividend yield of 6.5%.
The Company is constantly evaluating the situation and monitoring any impacts or potential impacts to its business. Other comprehensive income (loss), net of income taxes: Items that may be reclassified subsequently to income (loss): Unrealized change in fair value of cash flow hedges, Unrealized foreign currency translation adjustment. Vote “Underperform” if you believe CJR.B will underperform the S&P 500 over the long term. The information you requested is not available at this time, please check back again soon. (Add your “outperform” vote. Some companies that are related to Corus Entertainment include Lions Gate Entertainment (LGF.A), (LGF.B) (LGF.B), Cineworld Group plc (CINE.L) (CINE), Stingray Group (RAY.A), Pulse Evolution Group (DGLF), Wanda Sports Group (WSG), Time Out Group plc (TMO.L) (TMO), EVR (EVRH), Everyman Media Group plc (EMAN.L) (EMAN), ZoomerMedia Limited (ZUM.V) (ZUM), One Media iP Group Plc (OMIP.L) (OMIP), Immotion Group Plc (IMMO.L) (IMMO), Kew Media Group Inc. (KEW.TO) (KEW), Bonhill Group Plc (BONH.L) (BONH) and DCD Media Plc (DCD.L) (DCD).
We can see that the company is generating enough cash flow, making a dividend cut highly unlikely. Adjusting for the impact of this item results in an adjusted net income attributable to shareholders of $27.9 million ($0.13 per share basic) for the prior year quarter.
Restrictive measures may be re-implemented by one or more governments in jurisdictions where the Company operates. For definitions and explanations, see discussion under the Key Performance Indicators section of the Management's Discussion and Analysis in the Company's August 31, 2019 Annual Report. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document. However, the Company has seen a modest bounce back of consolidated merchandising, distribution and other revenues in the fourth quarter of 2020 of 11% from the prior year. Segment profit (loss), segment profit margin, adjusted net income attributable to shareholders, adjusted basic earnings per share, free cash flow and net debt to segment profit do not have standardized meanings prescribed by International Financial Reporting Standards ("IFRS"). Net income attributable to shareholders for the prior year quarter includes integration, restructuring and other costs of $6.8 million ($0.02 per share, net of income taxes). Unless otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that arise after the date thereof or otherwise. When autocomplete results are available use up and down arrows to review and enter to select. View which stocks have been most impacted by the election. The company also owns innovative full-service social digital agency so.da, and lifestyle entertainment company Kin Canada. Its primary brands include Global Television, W Network, OWN: Oprah Winfrey Network Canada, HGTV Canada, Food Network Canada, History, Showcase, National Geographic, Disney Channel Canada, YTV, and Nickelodeon Canada. Corus pays its dividend on a quarterly basis. Toronto, ON M5A 0B5 This press release contains forward-looking information and should be read subject to the following cautionary language: To the extent any statements made in this report contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking information"). It is too soon to gauge the medium to long-term impacts of the pandemic, given the many unknowns related to COVID-19. In this environment, the Company believes it is prudent to conserve cash out of an abundance of caution. Don't miss out! All dividends paid by the Corporation in 2006 and subsequent years are eligible dividends for Canadian tax purposes unless indicated otherwise. 3 brokers have issued 12 month price objectives for Corus Entertainment's stock.
Adjusting for the impact of these items results in an adjusted net income attributable to shareholders of $181.0 million ($0.85 per share basic) for the prior fiscal year.
The earnings season kicked off last week, and there are several stocks that are moving after quarterly results. Corus Entertainment's stock was trading at C$3.55 on March 11th, 2020 when COVID-19 (Coronavirus) reached pandemic status according to the World Health Organization. Export data to Excel for your own analysis. Get short term trading ideas from the MarketBeat Idea Engine. The shut-down and slow restart of Canadian productions has also meant that the Company's ability to meet its current year regulatory requirements on Canadian programming expenditure ("CPE") has been significantly hampered. This represents a $0.24 annualized dividend and a yield of 5.85%. Effective September 1, 2018, no discount from the average market price will be applied to Class B Shares issued under Plan, until such time as Corus elects otherwise.
Refer to Impact of New Accounting Policies section of the Fourth Quarter 2020 Report to Shareholders for more information. A reconciliation of the Company's non-IFRS measures is included in the Company's most recent Report to Shareholders which is available on Corus' website at www.corusent.com as well as on SEDAR at www.sedar.com. Stockholders of record on Wednesday, September 30th will be paid a dividend of 0.06 per share on Wednesday, September 30th. Comparatively, for fiscal 2020, Corus sales fell and earnings fell over 10% year over year. As the COVID-19 pandemic continues to significantly impact the wellbeing of individuals and the Canadian and global economies, the Company has implemented a specific response plan, informed by measures recommended by public health agencies, to continue providing its essential services and support to customers while safeguarding the health and safety of employees. Corus Entertainment … For definitions and explanations, see discussion under the Key Performance Indicators section of the Management's Discussion and Analysis in the Company's, Add: cash used in business acquisitions and strategic investments, Deduct: cash provided by business divestiture, net of divested cash, http://www.prnewswire.com/news-releases/corus-entertainment-announces-fiscal-2020-fourth-quarter-and-year-end-results-301157823.html, TSX gains on upbeat wholesale estimates, Corus Entertainment boost, President, CEO & Non-Independent Director, Chief Financial Officer & Executive Vice President, Consolidated revenues declined 16% for the quarter and 10% for the year, Net income attributable to shareholders of, Segment revenues decreased 13% in Q4 2020 and 9% for the year, Advertising revenues decreased 25% in Q4 2020 and 15% for the year, Subscriber revenues were down 1% in both Q4 2020 and for the year, Merchandising, distribution and other revenues increased 15% in both Q4 2020 and for the year, Segment revenues decreased 43% in Q4 2020 and 28% for the year. Corus Entertainment does not have a long track record of dividend growth. Visit Corus at www.corusent.com. The ex-dividend date of this dividend is Monday, September 14th. ), Corus Entertainment has received 493 “underperform” votes. Segment profit, segment profit margin, free cash flow and net debt to segment profit do not have standardized meanings prescribed by IFRS. Identify stocks that meet your criteria using seven unique stock screeners.