Corus Entertainment profit falls on tax charge

Media company Corus Entertainment Inc. (CJR.B-T) reported a 16-percent fall in fourth-quarter profit on a one-time tax-related charge.

Net income attributable to shareholders fell to $23.3 million, or 28 cents per share, from $27.7 million, or 33 cents per share, a year earlier.

Consolidated revenue for the specialty television producer, which focuses on content for children and women, fell 2 percent to $195.6 million. Corus's children's cable networks include Treehouse and Nickelodeon Canada.

Television revenue fell 3 percent to $147.9 million.

Corus sells subscriptions to its pay TV business -- Movie Central, which includes HBO Canada, via cable and satellite companies. It also owns several radio stations.

Adjusted net income attributable to shareholders was $30.2 million. This excludes a tax-related charge of $6.8 million, Corus said in a statement.

Analysts on average had expected earnings of 36 cents per share, on revenue of $202.7 million, according to Thomson Reuters I/B/E/S.

Corus, controlled by the Shaw family, which also runs cable company Shaw Communications Inc (SJR.B-T), has so far avoided the consolidation sweeping through Canada's media and telecom industries.

Last week Canada's broadcast regulator vetoed BCE Inc's (BCE-T) proposed takeover of Corus's main rival, Astral Media Inc. Analysts said Astral could be sold off piecemeal instead.