CanWest's Australian operations report Q1 2007 earnings
2006年12月6日 - 8:07AM
PRニュース・ワイアー (英語)
CanWest to receive distribution of A$47.8 million WINNIPEG, Dec. 5
/PRNewswire-FirstCall/ -- CanWest Global Communications Corp.
announced today that The Ten Group pty Limited (TEN), the company
that owns CanWest's Australian television and out-of-home
advertising operations, reported consolidated revenues of A$294
million and EBITDA of A$107 million for the first quarter of its
2007 fiscal year, ended November 2006. Consolidated revenues were
essentially the same as those reported in the same period one year
ago, representing a significant recovery from revenue declines in
each of the previous four fiscal quarters. Consolidated EBITDA
declined by 15.6% compared to the same period one year ago,
reflecting increased programming costs incurred during the quarter
for new shows such as Jamie's Australian Kitchen and Tripping Over.
Notwithstanding the decline in quarterly consolidated EBITDA, TEN
television network's EBITDA margin in the first quarter topped 40%
and TEN continues to dominate Australia's 16-39 demographic and is
building a leadership position in the 18-49 demographic as well.
CanWest holds a 56.4% economic interest in TEN. TEN declared an
interim dividend for the July-December period, which will result in
CanWest receiving dividends and interest on its subordinated
debentures in the aggregate amount of approximately A$47.8 million
(approximately C$43.0 million at current foreign exchange rates) in
late December 2006. Tom Strike, President of CanWest MediaWorks
International, noted that despite the slow start, fiscal 2007 is
shaping up as a return to industry leading profit margins at TEN
for both its television and out-of-home operations. "TEN is
expected to steadily gain traction through the remainder of the
current fiscal year. We are confident that TEN's television network
will garner a 30% revenue share of the Australian television ad
market over the course of the coming year." Nick Falloon, TEN's
Executive Chairman, said that the turnaround at the TEN television
network was built on strong ratings momentum coming out of its last
fiscal year. For the first time, TEN was number one among 18-49
year old television viewers, and for the sixth consecutive year was
the number one television destination for the younger 16-39 year
old viewers. "TEN is in a stronger position with advertisers than
its rivals for the coming year," said Mr. Falloon, referring to the
upcoming renewal process for annual advertising commitments that
precedes the launch of the new television season in Australia. "We
have the ratings momentum, all of our top programs are returning,
we have a string of promising new shows, and we are focused upon
becoming the EBITDA leader in the Australian television sector."
All of TEN's key television franchises are returning this year,
including domestic hits Big Brother, Australian Idol, Rove Live and
Neighbours. TEN will also continue to field a strong international
line-up led by House and the Law & Order franchise. Falloon
added that TEN's out-of-home advertising operation - Eye Corp. -
will continue its aggressive growth strategy. "These are exciting
times for Eye," said Mr. Falloon. "With the recently announced
acquisitions in the U.S., we expect that Eye Corp. will be the
largest mall advertising company in the U.S. by mid-year." Eye's
expansion into U.S. malls will mean short term losses as its Eye
Shop operations establish themselves in North America, however
Eye's established operations in the South Pacific are expected to
continue to return a sector-leading EBITDA margin in the current
fiscal year. These results are recorded in accordance with
Australian Equivalents to International Financial Reporting
Standards and will be subject to foreign currency translation and
adjustment to Canadian GAAP upon consolidation with CanWest's other
operations. This news release contains certain comments or
forward-looking statements about the objectives, strategies,
financial conditions, results of operations and businesses of
CanWest. Statements that are not historical facts are
forward-looking and are subject to important risks, uncertainties
and assumptions. These statements are based on our current
expectations about our business and the markets in which we
operate, and upon various estimates and assumptions. The results or
events predicted in these forward-looking statements may differ
materially from actual results or events if known or unknown risks,
trends or uncertainties affect our business, or if our estimates or
assumptions turn out to be inaccurate. As a result, there is no
assurance that the circumstances described in any forward-looking
statement will materialize. Significant and reasonably foreseeable
factors that could cause our results to differ materially from our
current expectations are discussed in the section entitled "Risk
Factors" contained in our Annual Information Form for the year
ended August 31, 2006 dated November 29, 2006 filed by CanWest
Global Communications Corp. with the Canadian securities
commissions (available on SEDAR at http://www.sedar.com/) and with
the U.S. Securities and Exchange Commission under Form 40-F
(available on EDGAR at http://www.sec.gov/), as updated in our most
recent Management's Discussion and Analysis for the three months
and twelve months ended August 31, 2006, dated November 2, 2006. We
disclaim any intention or obligation to update any forward-looking
statement even if new information becomes available, as a result of
future events or for any other reason. CanWest Global
Communications Corp. (http://www.canwestglobal.com/), (TSX: CGS and
CGS.A, NYSE: CWG) an international media company, is Canada's
largest media company. CanWest is Canada's largest publisher of
daily newspapers and also owns, operates and/or holds substantial
interests in conventional television, out-of-home advertising,
specialty cable channels, web sites and radio stations and networks
in Canada, New Zealand, Australia, Turkey, Singapore, Indonesia,
Malaysia, the United Kingdom and the United States. DATASOURCE:
CanWest Global Communications Corp. CONTACT: Geoffrey Elliot, Vice
President, Corporate Affairs, Tel: (204) 956-2025, Fax: (204)
947-9841, Email:
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