Corus Entertainment is pleased to congratulate Canadian screenwriters for their achievements at the 17th Annual Writers Guild of Canada (WGC) Screenwriting Awards ceremony, which took place on Monday, April 22 in downtown Toronto. Two original series on leading kids’ network YTVgarnered wins including: Sidekick in the Animation category for the episode  “I, Sidebot,” written by Dan Williams and Lienne Sawatsky; and How To Be Indie, in the Children & Youth category for the episode, “How To Make a Christmas Miracle,” written by John May and Suzanne BolchThe Movie Central co-production Less Than Kind received an award in the TV Comedy category for the episode“Jerk Chicken” written by Kim Coghill.  

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Corus Entertainment Inc. (TSX: CJR.B) announced its second quarter and six months year‐to‐date financial results Thursday.

“The second quarter business results were soft, as expected, but we were able to end the first half of the year with significant increases in year‐to‐date free cash flow and improved margins,” said John Cassaday, President and Chief Executive Officer of Corus Entertainment. “The highlight of the quarter was the successful refinancing of our Senior Unsecured Guaranteed Notes, which resulted in a 300 basis point reduction in our financing costs. This activity was followed up by a series of significant transactions subsequent to the quarter, certain of which are subject to CRTC approval, which will enable us to expand our presence in Radio, consolidate our position in TELETOON and ABC Spark, enter the Quebec specialty television market and realize substantial gains on the sale of our minority interest in the Food Network (Canada) and on the revaluation of TELETOON.”

corussndquarter2013

Consolidated Results from Continuing Operations

Consolidated revenues for the three months ended February 28, 2013 were $183.7 million, down 11% from $205.7 million last year. Consolidated segment profit was $54.6 million, down 12% from $62.2 million last year. Net income attributable to shareholders for the quarter was $5.9 million ($0.07 basic and diluted per share), compared to $31.6 million ($0.38 basic and diluted per share) last year. Net income for the current quarter includes a pre tax charge for debt refinancing of $25.0 million. Removing the impact of this item results in adjusted net income attributable to shareholders of $24.4 million ($0.29 per share) in the current quarter.

Consolidated revenues for the six months ended February 28, 2013 were $409.8 million, down 7% from $442.6 million last year. Consolidated segment profit was $147.3 million, down 4% from $153.5 million last year. Net income attributable to shareholders for the six months was $58.1 million ($0.70 basic and $0.69 diluted per share), compared to $82.1 million ($0.99 basic and diluted per share) last year. Removing the impact of the debt refinancing costs results in adjusted net income attributable to shareholders of $76.6 million ($0.92 per share)in the current year.

Operational Results ‐ Highlights

Television
• Movie Centralfinished the quarter with 1,013,000 subscribers, up 37,000 year‐to‐date
• Segment profitmargin of 41% year‐to‐date
• Segmentrevenues decreased 12% inQ2 2013 and 9% year‐to‐date
• Segment profit(1) decreased 14% in Q2 2013 and 7% year‐to‐date

Radio
• Segment profitmargin of 31% year‐to‐date
• Segmentrevenues decreased 5% inQ2 2013 and 2% year‐to‐date
• Segment profit(1) decreased 2% inQ2 2013, butincreased 9% year‐to‐date

Other
• Issued $550.0 million of 4.25% Senior Unsecured Guaranteed Notes due in 2020
• Agreements completed, subsequent to the quarter, to extend Radio presence into Ottawa, consolidate ownership of TELETOON and ABC Spark, acquire 100% of Historia and Séries+, and divest Corus’ minority interestin the Food Network (Canada)

(1)See definitions and discussion under Key Performance Indicators in MD&A.

Corus Entertainment Inc. reports in Canadian dollars.

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Corus Entertainment’s Nelvana Enterprises and The Topps Company, the preeminent creator and brand marketer of sports cards, entertainment products and distinctive confectionery,are entering into a partnership to develop a brand new boys action series, Mysticons. The 26 x 22-minute animated series for kids 6 to 11 will be produced by Nelvana Studio and written by veteran kids series writer Sean Jara (RedaKaiHot Wheels: Battle Force 5The League of Super EvilNaturally Sadie). 

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On Friday, March 15, Corus Entertainment Inc. (TSX: CJR.B) received clearance from the Competition Bureau, with the issuance of the appropriate no action letter, to proceed with the transactions between Corus and Bell. Pursuant to these transactions, Corus will acquire the 50% remaining ownership interest in TELETOON which includes the services TELETOON, Télétoon (French), TELETOON Retro, Télétoon Rétro (French) and Cartoon Network (Canada), as well as the 50% ownership interests in the French-language specialty channels, Historia and Séries+, that Bell will acquire as part of the acquisition of Astral Media Inc.

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Corus Entertainment Inc. (TSX: CJR.B) announced today that it has entered into a number of agreements with Bell and separately with Shaw Media, that extends Corus’ portfolio of Radio assets into Ottawa, consolidates Corus’ ownership of ABC Spark and TELETOON, and enables Corus to become a significant media contributor in the Québec and the French-language specialty television market.

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