Astral Media Inc. delivered its "single largest quarter" of growth as the specialty TV, radio and outdoor advertising company awaits regulatory approval of a friendly takeover by BCE Inc.
Astral said Thursday that its first-quarter profit increased to $59.6 million or $1.05 per diluted share, with revenue growth from all three divisions despite an uncertain advertising market.
"The 65th consecutive quarter of profitable growth represents the single largest quarter in the company's history," chief executive Ian Greenberg told analysts during a conference call.
"I am pleased by the strong results announced this morning as well as by our properties' ability to deliver growth in spite of a still uncertain advertising market," Greenberg said.
The deal by BCE (TSX:BCE) to buy Astral Media, which would provide more content for TV, smartphones, computers and tablets, was rejected last fall by the CRTC. The regulator ruled the transaction wasn't in the best interests of Canadians.
But a revised proposal has been submitted to the Canadian Radio-television and Telecommunications Commission. Greenberg said he expects the CRTC to make details of the new application public in the coming weeks and to hold another round of public hearings in the spring.
"This new proposal addresses the issues raised by the CRTC in the Oct. 18 decision," he said. "Until the new application becomes public, we will not discuss the proposal's details."
Bell and Astral have said the deadline for the new deal, which must be approved by the CRTC, is June 1 and can be further extended until July 31.
First-quarter revenue for Astral (TSX:ACM.A) rose to $274.5 million. But it was about $3 million below analyst estimates calling for $277.2 million of revenue for the three months ended Nov. 30.
But profit beat analyst estimates by four cents per share, according to data compiled by Thomson Reuters.
Read more Business News
- Hawks turn tables, tie seriesSports
- Diver finds 13 more bodiesWorld
- Market president steps downKelowna
- A splash of colour, a dash of funKelowna
|QHR Technologies Inc||1.29||+0.07|
|Anavex Life Sciences||0.375||0.00|
|Copper Mountain Mining||2.35||-0.07|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.25||+0.02|
With all of the adventure activities I have done and still do, I wonder sometimes if the edge still exists. The systematic approach to learning a new adventure or extreme activity combined with the r...
How much time should you put into prospecting? The question is a bit of a puzzle. Ideally, there would be a reference book that lists, by industry, how much time you should invest in prospecting acti...
The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...