UPDATE 1-Corus posts quarterly profit as ad sales rise

* Q3 EPS C$0.39 Vs yr-ago loss C$1.81/shr

* Q3 revenue up 11.8 pct on strong ad sales

TORONTO, July 14 (BestGrowthStock) – Corus Entertainment (CJRb.TO: )
reported a quarterly profit on Wednesday, citing strengthening
advertising sales in both its television and radio segments.

The Canadian media company, which owns specialty-TV
channels such as Movie Central, HBO Canada and Treehouse as
well as radio stations, reported earnings of C$31.4 million, or
39 Canadian cents a share, for the third quarter ended May 31.

That compared with a year-earlier loss of C$145 million, or
C$1.81 a share, including a goodwill impairment charge.
[ID:nN15323745]

Revenue at the company, which is controlled by Canada’s
Shaw family through its ownership of the majority of Corus’s
Class A shares, rose 11.8 percent to C$218.4 million.

Corus said in April that the “advertising recession” that
hit the broadcasting industry was over. At the time, it
forecast profit of C$255 million to C$270 million for 2010.

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

The company recently sold 11 radio stations in Quebec to
Cogeco Inc (CGO.TO: ), but is still awaiting regulatory approval
of the sale.

Corus’ B shares closed up 17 Canadian cents at C$19.37 on
the Toronto Stock Exchange on Tuesday. The results were
released before the stock market opened on Wednesday.
($1 = $1.03 Canadian)
(Reporting by Euan Rocha; Editing by Lisa Von Ahn)

UPDATE 1-Corus posts quarterly profit as ad sales rise