CanWest's Network TEN Reports Record Third Quarter Performance
24 Giugno 2004 - 3:27AM
PR Newswire (US)
CanWest's Network TEN Reports Record Third Quarter Performance
CanWest to receive A$5.9 million dividend on June 30, A$39.2
million in December 2004 WINNIPEG, June 23 /PRNewswire-FirstCall/
-- CanWest Global Communications Corp. announced today that its
Australian media operation, The Ten Group Pty Limited (Network
TEN), had completed another record quarter for the three- month
period ended May 31, 2004. TEN's quarterly consolidated earnings
before interest, taxes, depreciation and amortization (EBITDA) rose
to A$59.2 million compared to A$42.5 million for the corresponding
quarter last year, a gain of 39%. The EBITDA increase was driven in
large part by outstanding performance of TEN's television
operations. The consolidated EBITDA performance was built on
consolidated revenue increases of 12% to A$208.3 million for the
quarter compared to A$186.5 million the previous year. Based on
these excellent results, TEN announced a June dividend which as a
consequence will see CanWest receive an aggregate dividend payment
of A$5.9 million on or about June 30. This dividend creates
obligations for TEN to pay interest on its outstanding subordinated
debentures, all of which are held by CanWest, of approximately
A$39.2 million. The interest payment is scheduled for December
2004. Including the A$5.9 million dividend CanWest will have
received A$109.4 million in dividends and interest from its
Australian operations in fiscal 2004. TEN's Executive Chairman,
Nick Falloon said TEN's outstanding financial performance is a
direct result of its television operations' ability to maintain
strong ratings, increase revenue share and keep costs down. "Our
ratings position across all key demographics has been solid. Once
again, we are number one among our target audience of 16-39
year-olds and for the first time we will finish second in the 25-54
year-old demographic," said Falloon. "Add to that our ability to
contain costs and we have the makings of another record year." The
Executive Chairman added that the Q3 results indicated TEN's
wholly- owned out-of-home advertising company EYE Corp. had made
further progress on both the revenue and costs fronts. CanWest
President and Chief Executive Officer Leonard Asper said that the
continued strong performance of the Company's Australian operations
underscores CanWest's successful mix of assets. "The robust ad
market in Australia shows no signs of letting up in the short term,
and TEN is well positioned to take advantage of the increase
spending with its mix of international and domestic television
programs and its creative sales and marketing approach," said
Asper. Falloon pointed out that while TEN fully expects results
from the fourth quarter to cap off another record year, there will
be challenges ahead, particularly in August during the Olympics,
which have skewed Australian television advertising spending in the
past. This news release contains comments or forward-looking
statements that are based largely upon the Company's current
expectations and are subject to certain risks, trends and
uncertainties. These factors could cause actual future performance
to vary materially from current expectations. The Company may not
update or revise any forward-looking statements or comments,
whether as a result of new information, future events or otherwise.
CanWest Global Communications Corp. (NYSE: CWG; TSX: CGS.S and
CGS.A, http://www.canwestglobal.com/) is an international media
company. CanWest, Canada's largest publisher of daily newspapers,
owns, operates and/or holds substantial interests in newspapers,
conventional television, out-of-home advertising, specialty cable
channels, websites and radio stations and networks in Canada, New
Zealand, Australia, Ireland and the United Kingdom. DATASOURCE:
CanWest Global Communications Corp. CONTACT: Geoffrey Elliot, Vice
President, Corporate Affairs, Tel: (204) 956-2025, Fax: (204)
947-9841, ; John Maguire, Chief Financial Officer, Tel: (204)
956-2025, Fax: (204) 947-9841,
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