Overview
- Corus reported a $6.1 million loss, or three cents per share, for the quarter ended Feb. 28, a sharp improvement from a $55.9 million loss a year earlier.
- Revenue fell 15% to $230.2 million, with television at $212.4 million and radio at $17.7 million.
- The company said the recapitalization still needs stock exchange and regulatory approval, including a review by the Canadian Radio-television and Telecommunications Commission, despite a court order last month to proceed.
- Under the plan, $500 million of senior notes would be swapped for 99% of the new shares, cutting annual cash interest by up to $40 million and leaving current shareholders with about 1%.
- Corus said the Winter Olympics delayed its winter and spring schedule, which temporarily shifted program costs and weakened advertising and viewing.