2014

Corus Entertainment Announces Fiscal 2014 First Quarter Results

  • Monthly dividend increased 6.9%
  • Consolidated revenue up 8%
  • Consolidated segment profit up 9%
  • Adjusted basic earnings per share attributable to shareholders of $0.65 per share
  • Strong segment profit margins for Television (46%) and Radio (33%)
  • Fiscal 2014 results include 100% interest in TELETOON Canada Inc. and fiscal 2013 is adjusted to equity account for Corus' 50% economic interest in TELETOON Canada Inc.

TORONTO, Jan. 14, 2014 /PRNewswire/ - Corus Entertainment Inc. (TSX: CJR.B) announced its first quarter financial results today.

"We have again benefited from our disciplined focus on cost controls, delivering excellent margins this quarter in the face of slow economic growth and tough year-over-year comparables in our merchandising business," said John Cassaday, President and Chief Executive Officer of Corus Entertainment.  "This is a pivotal year for us.  With our recently closed acquisition of TELETOON, Séries+ and Historia, combined with continued strong ratings on our core TV brands and increases from several of our newer brands, we are confident that Corus will see a return to solid growth in fiscal 2014."

Financial Highlights            
      Three months ended
      November 30,
(unaudited - in thousands of Canadian dollars except per share amounts)     2013     2012 (3)
Revenues            
  Television     177,949     157,622
  Radio     48,056     52,324
      226,005     209,946
             
Segment profit (1)            
  Television     82,524     70,522
  Radio     15,837     18,956
  Corporate     (6,085)     (4,961)
      92,276     84,517
             
Net income attributable to shareholders     150,891     52,159
Adjusted net income attributable to shareholders (1) (2)     55,177     52,159
             
Basic earnings per share     $ 1.78     $ 0.63
Adjusted basic earnings per share (1) (2)     $ 0.65     $ 0.63
Diluted earnings per share     $ 1.78     $ 0.62
             
Free cash flow (1)     49,636     39,824

(1) See definitions and discussion under the Key Performance Indicators section of the 2014 Report to Shareholders.
(2) For the quarter ended November 30, 2013, excludes the impact of $127.9 million ($1.51 per share) gain on remeasurement to fair value of the Company's 50% interest in TELETOON which was held prior to consolidation on September 1, 2013, business acquisition, integration and restructuring costs of $21.9 million ($0.25 per share), an increase in the purchase price obligation of $7.3 million ($0.09 per share), and investment impairment related charges of $3.3 million ($0.04 per share).
(3) Prior period figures have been restated to reflect the changes in accounting standards described in note 3 to the interim condensed consolidated financial statements contained in the 2014 Report to Shareholders.

 

Consolidated Results from Operations

For fiscal 2014, the operating results of TELETOON Canada Inc. ("TELETOON"), as well as its assets and liabilities, have been fully consolidated effective September 1, 2013 as a consequence of meeting the definition of control under IFRS 10 - Consolidated Financial Statements.  Accordingly, a business combination had occurred in accordance with IFRS 3 - Business Combinations and as a result, TELETOON must be accounted for by applying the acquisition method.  The Company held a 50% equity ownership interest in TELETOON as at November 30, 2013 and on December 20, 2013, received Canadian Radio-television and Telecommunication Commission ("CRTC") approval to complete the acquisition of the remaining 50% interest in TELETOON that it did not already own.  The acquisition closed on January 1, 2014 (refer to 2014 Report to Shareholders note 15 for further details).

For fiscal 2013, as a result of retroactive application of IFRS 11 - Joint Arrangements, the Company is no longer permitted to proportionately consolidate the operations of TELETOON up to August 31, 2013 (i.e. prior to the business combination on September 1, 2013) and is required to account for this investment using the equity method of accounting. As a consequence, the Television segment's revenue and segment profit for the first quarter of fiscal 2013 were reduced by $16.2 million and $8.2 million, respectively and instead, Corus' share of TELETOON's net income of $6.0 million was reported as Other expense (income) in the Consolidated Statements of Income and Comprehensive Income.  The restatement did not change reported net income for fiscal 2013.

Consolidated revenues for the three months ended November 30, 2013 were $226.0 million, up 8% from $209.9 million last year.  Consolidated segment profit was $92.3 million, up 9% from $84.5 million last year.  Net income attributable to shareholders for the quarter was $150.9 million ($1.78 both basic and diluted per share), compared to $52.2 million ($0.63 basic and $0.62 diluted per share) last year.  Net income attributable to shareholders for the first quarter includes a non-cash gain of $127.9 million resulting from the remeasurement to fair value of the Company's 50% interest in TELETOON which was held prior to consolidation on September 1, 2013, business acquisition, integration and restructuring costs of $21.9 million, an increase in the purchase price obligation of $7.3 million and investment impairment related charges of $3.3 million.  Removing the impact of these items results in an adjusted basic earnings per share of $0.65 in the quarter.

Operational Results - Highlights

Television

  • Fiscal 2014 reflects consolidation of 100% interest in TELETOON; Fiscal 2013 retroactively restated to apply IFRS 11 - Joint Arrangements, resulting in equity accounting for Corus' 50% economic interest in TELETOON
  • Segment revenues increased 13%
  • Specialty advertising revenues increased 35%
  • Subscriber revenues increased 14%
  • Merchandising, distribution and other revenues declined 33%
  • Segment profit(1) increased 17%
  • Segment profit margin of 46%
  • Movie Central finished the quarter with 974,000 subscribers

Radio

  • Segment revenues decreased 8%
  • Segment profit(1) decreased 16%
  • Segment profit margin of 33%

Other

  • Completed the acquisition of Historia, Séries+ and the remaining 50% interest in TELETOON Canada Inc. on January 1, 2014
  • Awaiting CRTC approval on the acquisition of two Ottawa-based radio stations, CKQB-FM and CJOT-FM

(1) See definitions and discussion under the Key Performance Indicators section of the 2014 Report to Shareholders.

Corus Entertainment Inc. reports in Canadian dollars.

About Corus Entertainment Inc.

Corus Entertainment Inc. is a Canadian-based media and entertainment company that creates, broadcasts and licenses content across a variety of platforms for audiences around the world.  The Company's portfolio of multimedia offerings encompasses specialty television and radio with additional assets in pay television, television broadcasting, children's book publishing, children's animation and animation software.  Corus' brands include YTV, TELETOON, ABC Spark, W Network, OWN: Oprah Winfrey Network (Canada), HBO Canada, Historia, Séries+, as well as Nelvana, Kids Can Press, Toon Boom and 37 radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Fresh FM London, Q107 and 102.1 the Edge.  A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B).  Experience Corus on the web at www.corusent.com.

The unaudited consolidated financial statements and accompanying notes for the three months ended November 30, 2013 and Management's Discussion and Analysis are available on the Company's website at www.corusent.com in the Investor Relations section.

A conference call with Corus senior management is scheduled for January 14, 2014 at 4:30 p.m. ET.  While this call is directed at analysts and investors, members of the media are welcome to listen in.  The dial-in number for the conference call for North America is 1.800.745.9476 and for local/international callers is 1.416.641.6705.  PowerPoint slides for the call will be posted 15 minutes prior to the start of the call and can be found on the Corus Entertainment website at www.corusent.com in the Investor Relations section.

This press release contains forward-looking information and should be read subject to the following cautionary language:

To the extent any statements made in this report contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements").  These forward-looking statements related to, among other things, our objectives, goals, strategies, intentions, plans, estimates and outlook, including advertising, distribution, merchandise and subscription revenues, operating costs and tariffs, taxes and fees, and can generally be identified by the use of the words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions.  In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.  Although Corus believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements.  Certain material factors or assumptions are applied in making forward-looking statements, including without limitation factors and assumptions regarding advertising, distribution, merchandise and subscription revenues, operating costs and tariffs, taxes and fees and actual results may differ materially from those expressed or implied in such statements.  Important factors that could cause actual results to differ materially from these expectations include, among other things: our ability to attract and retain advertising revenues; audience acceptance of our television programs and cable networks; our ability to recoup production costs, the availability of tax credits and the existence of co-production treaties; our ability to compete in any of the industries in which we do business; the opportunities (or lack thereof) that may be presented to and pursued by us; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations; our ability to integrate and realize anticipated benefits from our acquisitions and to effectively manage our growth; our ability to successfully defend ourselves against litigation matters arising out of the ordinary course of business;  and changes in accounting standards. Additional information about these factors and about the material assumptions underlying such forward-looking statements may be found in our Annual Information Form.  Corus cautions that the foregoing list of important factors that may affect future results is not exhaustive.  When relying on our forward-looking statements to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward-looking statements whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.

CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
                 
    As at November 30,     As at August 31,     As at September 1,
(unaudited - in thousands of Canadian dollars)   2013     2013 (1)     2012 (1) 
ASSETS                
Current                
Cash and cash equivalents   109,044     81,266     19,198
Restricted cash   6,407     —      — 
Accounts receivable   218,268     164,302     163,345
Promissory note receivable   47,759     47,759     — 
Income taxes recoverable   —      351     9,542
Prepaid expenses and other   15,928     16,392     12,619
                 
Total current assets   397,406     310,070     204,704
                 
Tax credits receivable   43,290     41,564     43,865
Intangibles, investments and other assets   41,963     42,975     42,390
Investment in joint venture   —      125,931     121,704
Property, plant and equipment   147,958     151,192     163,280
Program and film rights   297,604     232,587     229,306
Film investments   67,869     62,274     67,847
Broadcast licenses   799,036     515,036     520,770
Goodwill   863,026     646,045     646,045
Deferred tax assets   38,904     39,463     28,327
    2,697,056     2,167,137     2,068,238
                 
LIABILITIES AND SHAREHOLDERS' EQUITY                
Current                
Accounts payable and accrued liabilities   201,258     164,443     177,367
Purchase price obligation   261,159     —      — 
Income taxes payable   4,053     —      1,303
Provisions   4,881     3,941     2,322
Total current liabilities   471,351     168,384     180,992
                 
Long-term debt   539,465     538,966     518,258
Other long-term liabilities   130,226     93,241     87,588
Deferred tax liabilities   201,607     145,713     145,310
Total liabilities   1,342,649     946,304     932,148
                 
Share capital   943,203     937,183     910,005
Contributed surplus   7,654     7,221     7,835
Retained earnings   385,806     256,517     198,445
Accumulated other comprehensive income (loss)   2,102     1,653     (812)
Total equity attributable to shareholders   1,338,765     1,202,574     1,115,473
Equity attributable to non-controlling interest   15,642     18,259     20,617
Total shareholders' equity   1,354,407     1,220,833     1,136,090
                 
    2,697,056     2,167,137     2,068,238

(1) Prior period figures have been restated to reflect the changes in accounting standards described in note 3 to the interim condensed consolidated financial statements contained in the 2014 Report to Shareholders.

 
CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
             
      Three months ended
      November 30,
(unaudited - in thousands of Canadian dollars except per share amounts)     2013      2012 (1) 
Revenues     226,005      209,946 
Direct cost of sales, general and administrative expenses     133,729      125,429 
Depreciation and amortization     5,735      6,406 
Interest expense     9,270      12,132 
Business acquisition, integration and restructuring costs     21,922      — 
Gain on acquisition     (127,884)     — 
Other expense (income), net     9,711      (5,529)
             
Income before income taxes     173,522      71,508 
Income tax expense     21,180      17,492 
             
Net income for the period     152,342      54,016 
             
Net income attributable to:            
Shareholders     150,891      52,159 
Non-controlling interest     1,451      1,857 
      152,342      54,016 
             
Earnings per share attributable to shareholders:            
    Basic     $ 1.78     $ 0.63
    Diluted     $ 1.78     $ 0.62
             
Net income for the period     152,342      54,016 
Other comprehensive income (loss), net of tax:            
  Items that may be reclassified subsequently to income:            
    Unrealized foreign currency translation adjustment     375      290 
    Unrealized change in fair value of available-for-sale investments     74      290 
      449      580 
             
Comprehensive income for the period     152,791      54,596 
             
Comprehensive income attributable to:            
    Shareholders     151,340      52,739 
    Non-controlling interest     1,451      1,857 
      152,791      54,596 

(1) Prior period figures have been restated to reflect changes in accounting standards described in note 3 to the interim condensed consolidated financial statements contained in the 2014 Report to Shareholders.

 
CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
                               
(unaudited - in thousands of Canadian dollars)   Share
capital
  Contributed
surplus
  Retained
earnings
  Accumulated
other
comprehensive
income (loss)
  Total equity
attributable
to
shareholders
  Non-
controlling
interest
  Total
equity
At August 31, 2013   937,183    7,221    256,517    1,653    1,202,574    18,259    1,220,833 
Comprehensive income   —    —    150,891    449    151,340    1,451    152,791 
Dividends declared   —    —    (21,602)   —    (21,602)   (4,068)   (25,670)
Issuance of shares under stock option plan   160    (24)   —    —    136    —    136 
Issuance of shares under dividend reinvestment plan   5,860    —    —    —    5,860    —    5,860 
Share-based compensation expense   —    457    —    —    457    —    457 
                             
At November 30, 2013   943,203    7,654    385,806    2,102    1,338,765    15,642    1,354,407 
                               
At August 31, 2012   910,005    7,835    198,445    (812)   1,115,473    20,617    1,136,090 
Comprehensive income   —    —    52,159    580    52,739    1,857    54,596 
Dividends declared   —    —    (20,050)   —    (20,050)   (5,013)   (25,063)
Issuance of shares under dividend reinvestment plan   6,788    —    —    —    6,788    —    6,788 
Shares repurchased   (708)   —    (756)   —    (1,464)   —    (1,464)
Share-based compensation expense   —    340    —    —    340    —    340 
                             
At November 30, 2012   916,085    8,175    229,798    (232)   1,153,826    17,461    1,171,287 

 
CORUS ENTERTAINMENT INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
             
      Three months ended
November 30,
(unaudited - in thousands of Canadian dollars)     2013      2012 (1)
OPERATING ACTIVITIES            
Net income for the period     152,342      54,016 
Add (deduct) non-cash items:            
  Depreciation and amortization     5,735      6,406 
  Amortization of program and film rights     50,531      41,128 
  Amortization of film investments     3,912      6,207 
  Deferred income taxes     2,455      (1,294)
  Increase in purchase price obligation     7,344      — 
  Share-based compensation expense     457      340 
  Imputed interest     3,036      2,525 
  Business acquisition, integration and restructuring costs     20,023      — 
  Gain on acquisition     (127,884)     — 
  Other     1,255      (6,330)
Net change in non-cash working capital balances related to operations     (22,659)     (24,478)
Payment of program and film rights     (28,091)     (24,625)
Net additions to film investments     (10,066)     (16,074)
Increase in restricted cash     (6,407)     — 
Cash provided by operating activities     51,983      37,821 
             
INVESTING ACTIVITIES            
Additions to property, plant and equipment     (1,936)     (3,535)
Dividends from joint venture     —      4,890 
Net cash flows for intangibles, investments and other assets     (1,907)     73 
Other     (67)     (88)
Cash used in investing activities     (3,910)     1,340 
             
FINANCING ACTIVITIES            
Increase in bank loans     —      9,985 
Issuance of shares under stock option plan     136      — 
Shares repurchased     —      (1,464)
Dividends paid     (15,698)     (13,223)
Dividends paid to non-controlling interest     (4,068)     (4,313)
Other     (665)     (2,312)
Cash used in financing activities     (20,295)     (11,327)
Net change in cash and cash equivalents during the period     27,778      27,834 
Cash and cash equivalents, beginning of the period     81,266      19,198 
Cash and cash equivalents, end of the period     109,044      47,032 

(1) Prior period figures have been restated to reflect changes in accounting standards described in note 3 to the interim condensed consolidated financial statements contained in the 2014 Report to Shareholders.

 
CORUS ENTERTAINMENT INC.
BUSINESS SEGMENT INFORMATION
                       
(unaudited - in thousands of Canadian dollars)
                         
Three months ended November 30, 2013
      Television     Radio     Corporate     Consolidated
Revenues   177,949      48,056      —      226,005 
Direct cost of sales, general and administrative expenses   95,425      32,219      6,085      133,729 
Segment profit (loss)(1)   82,524      15,837      (6,085)     92,276 
Depreciation and amortization                     5,735 
Interest expense                     9,270 
Business acquisition, integration and restructuring costs                     21,922 
Gain on acquisition                     (127,884)
Other expense, net                     9,711 
Income before income taxes                     173,522 
                         
Three months ended November 30, 2012
      Television (2)     Radio     Corporate     Consolidated(2)
Revenues   157,622      52,324      —      209,946 
Direct cost of sales, general and administrative expenses   87,100      33,368      4,961      125,429 
Segment profit (loss)(1)   70,522      18,956      (4,961)     84,517 
Depreciation and amortization                     6,406 
Interest expense                     12,132 
Other income, net                     (5,529)
Income before income taxes                     71,508 
                         
                       
Revenues by type                      
      Three months ended
      November 30,
                  2013      2012(2) 
Advertising               123,372      107,493 
Subscriber fees               79,115      69,412 
Merchandising, distribution and other               23,518      33,041 
                  226,005      209,946 

(1) See definitions and discussion under the Key Performance Indicators section of the 2014 Report to Shareholders.
(2) Prior period figures have been restated to reflect the changes in accounting standards described in note 3 to the interim condensed consolidated financial statements contained in the 2014 Report to Shareholders.

 

The following statements provide a reconciliation of changes related to the retroactive adoption of IFRS 11 - Joint Arrangements in the consolidated statements of financial position, income and comprehensive income, and cash flows for the periods indicated.

Consolidated Statements of Financial Position        
                         
                         
(in thousands of Canadian dollars)   August 31, 2013   September 1, 2012
    Originally
Published
  IFRS 11
Adjustment
  Restated   Originally
Published
  IFRS 11
Adjustment
  Restated
Assets                        
Cash and cash equivalents   86,081    (4,815)   81,266    24,588    (5,390)   19,198 
Accounts receivable   176,504    (12,202)   164,302    173,421    (10,076)   163,345 
Promissory note receivable   47,759    —    47,759    —    —    — 
Income taxes recoverable   341    10    351    9,542    —    9,542 
Prepaid expenses and other   16,416    (24)   16,392    12,664    (45)   12,619 
Total current assets   327,101    (17,031)   310,070    220,215    (15,511)   204,704 
                         
Tax credits receivable   41,564    —    41,564    43,865    —    43,865 
Intangibles, investments and other assets   42,975    —    42,975    42,390    —    42,390 
Investments in joint venture   —    125,931    125,931    —    121,704    121,704 
Property, plant and equipment   151,398    (206)   151,192    163,563    (283)   163,280 
Program and film rights   289,181    (56,594)   232,587    271,244    (41,938)   229,306 
Film investments   62,734    (460)   62,274    67,983    (136)   67,847 
Broadcast licenses   563,771    (48,735)   515,036    569,505    (48,735)   520,770 
Goodwill   674,393    (28,348)   646,045    674,393    (28,348)   646,045 
Deferred tax assets   39,463    —    39,463    28,327    —    28,327 
                         
    2,192,580    (25,443)   2,167,137    2,081,485    (13,247)   2,068,238 
                         
Liabilities and Shareholders' Equity                        
Accounts payable and accrued liabilities   172,663    (8,220)   164,443    185,991    (8,624)   177,367 
Income taxes payable   —    —    —    —    1,303    1,303 
Provisions   3,941    —    3,941    2,322    —    2,322 
Total current liabilities   176,604    (8,220)   168,384    188,313    (7,321)   180,992 
Long-term debt   538,966    —    538,966    518,258    —    518,258 
Other long-term liabilities   105,020    (11,779)   93,241    87,853    (265)   87,588 
Deferred tax liabilities   151,157    (5,444)   145,713    150,971    (5,661)   145,310 
Total liabilities   971,747    (25,443)   946,304    945,395    (13,247)   932,148 
                         
Share capital   937,183    —    937,183    910,005    —    910,005 
Contributed surplus   7,221    —    7,221    7,835    —    7,835 
Retained earnings   256,517    —    256,517    198,445    —    198,445 
Accumulated other comprehensive income (loss)   1,653    —    1,653    (812)   —    (812)
                         
Total equity attributable to shareholders   1,202,574    —    1,202,574    1,115,473    —    1,115,473 
Equity attributable to non-controlling interest   18,259    —    18,259    20,617    —    20,617 
                         
Total shareholders' equity   1,220,833    —    1,220,833    1,136,090    —    1,136,090 
                         
    2,192,580    (25,443)   2,167,137    2,081,485    (13,247)   2,068,238 

 
Consolidated Statements of Income and Comprehensive Income      
                   
(in thousands of Canadian dollars)     Three months ended November 30, 2012
      Originally
Published
    IFRS 11
Adjustment
    Restated
                   
Revenues     226,147      (16,201)     209,946 
Direct cost of sales, general and administrative expenses     133,454      (8,025)     125,429 
Segment profit     92,693      (8,176)     84,517 
                   
Depreciation and amortization     6,429      (23)     6,406 
Interest expense     12,132      —      12,132 
Other expense (income), net     506      (6,035)     (5,529)
Income before income taxes     73,626      (2,118)     71,508 
Income tax expense     19,610      (2,118)     17,492 
Net income for the period     54,016      —      54,016 
                   
Net income attributable to:                  
Shareholders     52,159      —      52,159 
Non-controlling interest     1,857      —      1,857 
      54,016      —      54,016 
                   
Earnings per share attributable to shareholders:                  
Basic     $ 0.63      —      $ 0.63 
Diluted     $ 0.62      —      $ 0.62 
                   
                   
Net income for the period     54,016      —      54,016 
                   
Other comprehensive income (loss), net of tax                  
  Items that may be reclassified subsequently to income:                  
    Unrealized foreign currency translation adjustment     290      —      290 
    Unrealized change in fair value of available-for-sale investments     290      —      290 
      580      —      580 
Comprehensive income for the period     54,596      —      54,596 
                   
Comprehensive income attributable to:                  
Shareholders     52,739      —      52,739 
Non-controlling interest     1,857      —      1,857 
      54,596      —      54,596 

 
Consolidated Statements of Cash Flows      
                   
(in thousands of Canadian dollars)     Three months ended November 30, 2012
      Originally
Published
    IFRS 11
Adjustment
    Restated
Operating Activities                  
Net income for the period     54,016      —      54,016 
Add (deduct) non-cash items:                  
  Depreciation and amortization     6,429      (23)     6,406 
  Amortization of program and film rights     45,693      (4,565)     41,128 
  Amortization of film investment     6,207      —      6,207 
  Deferred income taxes     (1,294)     —      (1,294)
  Share-based compensation expense     340      —      340 
  Imputed interest     2,525      —      2,525 
  Other     (304)     (6,026)     (6,330)
Net change in non-cash working capital balances related to operations     (29,133)     4,655      (24,478)
Payment of program and film rights     (27,626)     3,001      (24,625)
Net additions to film investments     (16,074)     —      (16,074)
Cash provided by operating activities     40,779      (2,958)     37,821 
                   
Investing Activities                  
Additions to property, plant and equipment     (3,542)         (3,535)
Dividends from joint venture         4,890      4,890 
Net cash flows for intangibles, investments and other assets     73      —      73 
Other     (88)     —      (88)
Cash used in investing activities     (3,557)     4,897      1,340 
                   
Financing Activities                  
Increase in bank loans     9,985      —      9,985 
Shares repurchased     (1,464)     —      (1,464)
Dividends paid     (13,223)     —      (13,223)
Dividends paid to non-controlling interest     (4,313)     —      (4,313)
Other     (2,312)     —      (2,312)
Cash used in financing activities     (11,327)     —      (11,327)
                   
Net change in cash and cash equivalents during the period     25,895      1,939      27,834 
Cash and cash equivalents, beginning of the period     24,588      (5,390)     19,198 
Cash and cash equivalents, end of period     50,483      (3,451)     47,032 


SOURCE Corus Entertainment Inc.



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