(Toronto) Corus Entertainment posted a $367.1 million loss in the fourth quarter due to a one-time non-cash charge related to its television business which it said was lower than previous estimates with a less robust outlook.
Posted at 9:11 a.m.
The TV and radio broadcaster says the writedown totaled 350 million.
Corus CEO Doug Murphy said the company posted significantly lower financial results given the impacts of an uncertain economic environment on advertising demand during the quarter.
The overall loss for the quarter was $1.82 per diluted share for the quarter ended August 31, compared to earnings of 19.9 million or 10 cents per diluted share in the same quarter a year earlier.
Revenue for the quarter totaled 339.6 million, down from 361.3 million in the same quarter last year.
Including the adjustment, Corus says it lost 17.1 million or 8 cents per share in its most recent quarter, compared to adjusted earnings of 21.7 million or 10 cents per share a year ago.