UPDATE 1-Corus issues 2009 free cash flow, profit forecasts
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OTTAWA, Sept 25 (Reuters) - Canadian media and entertainment company Corus Entertainment Inc (CJRb.TO) is targeting free cash flow of C$70 million ($67.3 million) to C$90 million and consolidated profit between C$270 million and C$280 million.
Free cash flow refers to earnings before depreciation and amortization, but includes capital expenditures.
Corus, which meets with analysts and investors on Thursday to further discuss its strategy for fiscal 2009, also said it will start a dividend reinvestment plan effective November 1.
"We have excellent growth prospects within our women's specialty business with the addition of CosmoTV and CLT and, within our pay television service, with the addition of HBO Canada," Chief Executive John Cassaday said in a statement.
In July, the Toronto-based company reaffirmed its 2008 forecast for earnings before interest, tax, depreciation and amortization of C$250 million to C$260 million and free cash flow of C$90 million to C$100 million.
Corus, whose sector is under scrutiny for signs that a weak economy is hurting advertising sales, posted a 27 percent jump in its third-quarter profit on growth in television advertising and subscriber gains. ($1=$1.03 Canadian) (Reporting by Susan Taylor; Editing by Derek Caney)
