Canadian News
DHX Media Turns To Profit In FY09 - Update
9/29/2009 4:13 AM ET
(RTTNews) -
Tuesday, children's television program and interactive content provider DHX Media Ltd. (DHX.TO: News ,DHX.L: News ) posted a profit for fiscal 2009, reflecting strong revenue growth boosted by increases in proprietary production and producer service fee revenue categories.
The company's fiscal 2009 net income and comprehensive income of C$375 thousand or C$0.01 per share, compared to a loss of C$1.03 million or C$0.03 per share in the previous year.
Net income and comprehensive income before discontinued operations for the latest quarter was C$1.84 million or C$0.04 per share, compared to a loss of C$889 thousand or C$0.02 per share in fiscal 2008.
DHX Media incurred a loss on discontinued operations, net of income tax, of C$1.5 million for fiscal 2009, versus a loss on discontinued operations of C$0.1 million prior year. In December 2008, the company decided to dispose of its Bulldog subsidiary due to a slow down in franchisee opportunities resulting from the global economic slowdown.
For fiscal 2009, DHX Media recorded a charge for the costs related to abandoned transactions of C$1.4 million, about C$1.2 million of which related to the cancellation of a reverse-takeover transaction.
Annual revenues for fiscal 2009 advanced 18% to C$61.97 million from the previous year's revenue of C$52.38 million, owing to increases in the company's proprietary production and producer service fee revenue categories.
Proprietary production revenues for the year 2009 totaled C$39.4 million, an increase of 15%, compared to C$34.3 million reported in the year 2008. Producer and service fee revenues were C$7.3 million, up substantially over $1.7 million in fiscal 2008.
For fiscal 2009, music and royalty revenues amounted to C$2.0 million, while new media revenues decreased to C$0.2 million, and distribution revenues declined 16% to C$12.4 million from last year.
Television production deliveries totaled 226.5 half-hours, a decrease of 3% from 233.5 in 2008. Gross profit for fiscal 2009 grew 33% to C$22.8 million from C$17.2 million in 2008.
Michael Donovan, Chairman and CEO, DHX Media commented, "Our continuing profitable growth again highlights the effectiveness of our content aggregation strategy. Our strengthening margins for 2009 have driven revenue and EBITDA to record levels, and demonstrate the success of both our acquisitions and organic production growth."
Operating expenses for fiscal 2009 were C$15.7 million, down 4% from the previous year's operating expenses of C$16.3 million. Selling, general, and administrative expenses rose 17% to C$14.0 million from C$12.0 million in the prior year, due to the addition of Studio B and imX and the company's revenue growth. Operating expenses for 2009, as a percentage of revenues, at 25% improved compared to fiscal 2008 at 31%.
 | | To receive FREE breaking news email alerts for DHX Media Ltd. and others in your portfolio |
|
1
2
Next Page
|
|