* Third-quarter adj earnings per share C$0.41 vs est C$0.52
* Revenue down 2 percent
* Says expects to miss lower end of 2013 segment profit
July 11 Canadian media company Corus
Entertainment Inc warned its main businesses would
miss their profit forecast this financial year as it faces
weaker radio advertising and falling sales of toys and other
The company's main television business has also been
struggling with unstable audience trends, as more subscribers
shift to streaming services.
Corus, which airs shows such as SpongeBob SquarePants and
Dora the Explorer on its Nickelodeon (Canada) channel, said
total revenue fell 2 percent to C$200 million for the quarter
ended June 30.
Sales at the merchandising business, which sells toys such
as Beyblade and Franklin and Babar, fell 23 percent to C$25.09
million. Radio business sales fell 5 percent to C$47.1 million.
Sales at its TV business, which also caters to women through
networks such as Cosmopolitan TV and OWN: Oprah Winfrey Network
(Canada), fell 1 percent to C$153 million.
"Our expectations for a stronger back half have not
materialized and we will miss the lower end of our segment
profit guidance," Chief Executive Officer John Cassaday said.
The company previously forecast 2013 segment profit of C$293
million to C$303 million.
Excluding gains related to the sale of its interest in Food
Network Canada, the company earned C$34.5 million, or 41
Canadian cents per basic share, in the third quarter.
Analysts on average had expected earnings of 52 Canadian
cents per share on revenue C$207.95 million, according to
Thomson Reuters I/B/E/S data.
Corus is controlled by the Shaw family, which also runs
cable company Shaw Communications Inc.