Thursday, July 2nd27.7°C
25016
22748

Astral Media's 'single largest quarter'

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.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14620.77+67.44
S&P CDNX672.49+1.00
DJIA17695.37-62.54
Nasdaq4994.29-18.84
S&P 5002071.43-5.99
CDN Dollar0.7965-0.0042
Gold1163.40-5.60
Oil57.91+0.21
Lumber288.40+0.40
Natural Gas2.855+0.072

 
Okanagan Companies
Pacific Safety0.165+0.005
Knighthawk0.010.00
QHR Technologies Inc1.54+0.02
Cantex0.05+0.01
Anavex Life Sciences0.462+0.011
Metalex Ventures0.075+0.010
Russel Metals22.91+0.18
Copper Mountain Mining1.15-0.01
Colorado Resources0.075-0.005
ReliaBrand Inc0.0041-0.0019
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.185+0.015
Decisive Dividend Corporation2.50+0.42

 





FEATURED Property
2299520#350 1045 Sutherland Avenue
1 bedrooms 1 baths
$174,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Active listening

Has this ever happened to you? You had an initial meeting with a prospect. You asked that prospect what seemed to be all the right questions. You had what felt to you like a good conversation, and bas...


The price of money

Money is not a commodity. By definition, a commodity is a generic product that is bought and sold on price alone. Money, Canadian bills for example, look the same, smell somewhat the same, and are ava...


TFSA strategies

Photo: Thinkstock.comThe federal government has increased the annual contribution limit of Tax-Free Savings Accounts (TFSA) to $10,000. Going forward, the annual limit will no longer be indexed to inf...

_








Member of BC Press Council


25143