Network TEN Q1 EBITDA up 34% on 20% Revenue Increase
08 Dicembre 2004 - 12:51AM
PR Newswire (US)
Network TEN Q1 EBITDA up 34% on 20% Revenue Increase CanWest to
receive A$106.7 million in distributions in December 2004 WINNIPEG,
Dec. 7 /PRNewswire-FirstCall/ -- CanWest Global Communications
Corp. announced today that its Australian media operation, The Ten
Group Pty Limited (Network TEN) in which it holds a 56.6% economic
interest, has reported another record financial performance for
it's first quarter of fiscal 2005. For the first quarter ended
November 30, 2004, Network TEN reported consolidated earnings
before interest, taxes, depreciation and amortization (EBITDA) of
A$140 million, an increase of 34% compared to the same period last
year. The EBITDA increase was driven in large part by the
outstanding performance of TEN's television operations. Network TEN
reported a 20% increase in consolidated revenue to A$302 million
for the quarter compared to the corresponding period the previous
year, resulting in the best ever quarter in TEN's history. Based
upon these excellent results, CanWest will receive an interim
dividend from Network TEN in the aggregate amount of A$8.7 million,
up 31% from the interim dividend declared by TEN last December.
This dividend will result in an aggregate interim distribution of
interest and dividends to CanWest of A$66.5 million. When combined
with the interest payment arising from the dividend declared by TEN
last June, CanWest will receive an aggregate of A$106.7 million
later this month. TEN's Executive Chairman, Nick Falloon, pointed
to TEN's continued strong television schedule as the basis for the
outstanding financial performance. TEN's ability to maintain its
leading ratings among its target demographic of 16-39 year olds and
its excellent showing in the 25-54 year old viewers, where it is
now ranked second overall, contributed to an 18% increase in
television revenues. "Our clients backed TEN strongly in 2004 and
helped us move into second position in revenue share among the
three Australian networks," explained Falloon. "The even better
first quarter results show that the advertisers are sticking with
us and in fact, are increasing their spending at TEN." CanWest
MediaWorks International President Tom Strike added that the
outstanding first quarter bodes well for the rest of the year at
the Company's Australian operations. "The first quarter is the
biggest contributor for the year, and these results show that TEN
is continuing its streak as the top financial performer among the
Australian television networks," said Strike. "Ad sales bookings
going forward show that the Australian advertising market beyond
the first quarter continues to experience exceptional growth. We
expect to build on this first quarter success through the remainder
of fiscal 2005." 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.SV and CGS.NV http://www.canwestglobal.com/) is an
international media company. CanWest is Canada's largest media
company. In addition to owning the Global Television Network,
CanWest is Canada's largest publisher of daily newspapers, and also
owns, operates and/or holds substantial interests in radio,
conventional television, out-of-home advertising, specialty cable
channels and Web sites in Canada, New Zealand, Australia and
Ireland. DATASOURCE: CanWest Global Communications Corp. CONTACT:
Geoffrey Elliot, Vice President, Corporate Affairs, Tel: (204)
956-2025, Fax: (204) 947-9841, ; or John Maguire, Chief Financial
Officer, Tel: (204) 956-2025, Fax: (204) 947-9841,
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