Corus moves to profit in fiscal 3rd quarter from year-ago period hurt by impairment

Corus moves to profit in fiscal 3rd quarter

NEW YORK — Canadian media company Corus Entertainment Inc. said Wednesday that it moved to a profit in its fiscal third quarter from a year-ago period hurt by a large expense.

For the three months ended May 31, the company earned 31.4 million Canadian dollars ($29.8 million), or 39 Canadian cents (37 cents) per share, compared with a loss of 145 million Canadian dollars, or 1.81 Canadian dollars per share, in the same period of 2009.

In the year-ago period, Corus had an expense of 175 million Canadian dollars ($165.9 million) related to its broadcast license and goodwill impairment.

Revenue rose 12 percent to 218.4 million Canadian dollars ($207 million) from 195.4 million Canadian dollars a year earlier.

“Ad sales continue to pace well ahead in our fourth quarter as the overall economy continues to recover,” John Cassaday, president and CEO, in a statement. “We are confident in our ability to achieve our earnings guidance for the full fiscal year.”

U.S.-traded shares of Corus rose 17 cents to $18.87 in afternoon trading.