TVA Group Reports $11.5 Million in Net Income Attributable to Shareholders for Fourth Quarter Ended December 31, 2011
(firmenpresse) - MONTREAL, CANADA -- (Marketwire) -- 02/29/12 -- TVA Group Inc. (the "Corporation") (TSX: TVA.B) announces that it recorded net income attributable to shareholders in the amount of $11.5 million, or $0.48 per share, for the fourth quarter of 2011, compared with $19.3 million, or $0.81 per share, in the same quarter of 2010.
The Corporation adopted International Financial Reporting Standards ("IFRS") on January 1, 2011. The Corporation's consolidated financial statements for the year ended December 31, 2011 have therefore been prepared in accordance with IFRS and comparative data for 2010 have been restated. For more information, refer to Note 30, "Transition to IFRS," in the consolidated financial statements for the years ended December 31, 2011 and 2010, available on the Corporation's website at and at .
Fourth quarter operating highlights:
"The Television sector's financial results for the fourth quarter of 2011 were again affected by the operating losses of the three specialty channels launched in 2011: TVA Sports, SUN News and, to a lesser extent, Mlle," commented Pierre Dion, President and Chief Executive Officer of the Corporation. "At the same time, we are pleased to have finalized most of our carriage agreements for those three services with Canada's major broadcasting distribution undertakings, which will reap subscription fees starting in the first quarter of 2012. Also, the growth in our existing specialty services' subscription and advertising revenues during the last quarter confirms the soundness of our investment and diversification strategy for the sector.
"The significant increase in volume at the TVA Stud io division in the fourth quarter of 2011 was responsible for much of the increase in the Publishing sector's operating income. TVA Studio, which specializes in custom publishing, commercial printed productions and premedia services, has become a strong growth driver for the Publishing sector", concluded Pierre Dion.
Cash flows provided by operating activities totalled $2.8 million for the quarter, compared with $10.5 million in the same quarter of 2010. The $7.7 million decline was essentially due to the decrease in the Corporation's operating income.
2011 results
For the fiscal year ended December 31, 2011, the Corporation's consolidated operating income was $50.5 million, compared with $74.9 million in the previous year. The 32.5% decrease was mainly due to the Television sector, and was caused primarily by the operating results of the three new specialty services launched in 2011. Consolidated operating revenues totalled $445.5 million, compared with $448.2 million in 2010, a 0.6% decrease. The Corporation generated net income attributable to shareholders in the amount of $25.6 million, or $1.08 per share, in 2011, compared with $37.2 million, or $1.57 per share, in 2010.
The Corporation
TVA Group Inc., a subsidiary of Quebecor Media Inc., is an integrated communications company involved in the creation, production, broadcast and distribution of audiovisual products, and in magazine publishing. TVA Group Inc. is the largest broadcaster of French-language entertainment, information and public affairs programming and the largest publisher of French-language magazines in North America, and one of the largest private-sector content producers. The Corporation also operates SUN News, a Canada-wide English-language news and opinion specialty service. The Corporation's Class B shares are listed on the Toronto Stock Exchange under the ticker symbol TVA.B.
The audited annual consolidated financial statements with notes and the annual Management Discussion and Analysis can be consulted on the Corporation's website at .
Definition
Operating income (loss)
In its analysis of operating results, the Corporation defines operating income (loss) as net income (loss) before amortization of property, plant and equipment and intangible assets, financial expenses, restructuring costs of operations, impairment of assets and other costs, income taxes, share of income of associated corporation and net loss attributable to non-controlling interest. Operating income (loss) as defined above is not a measure of results that is consistent with IFRS. Neither is it intended to be regarded as an alternative to other financial performance measures or to the statement of cash flows as a measure of liquidity. This measure is not intended to represent funds available for debt service, dividend payment, reinvestment or other discretionary uses, and should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS. Operating income (loss) is used by the Corporation because management believes it is a meaningful measure of performance.
This measure is used by management and the Board of Directors to evaluate the Corporation's consolidated results and the results of its business sectors. Measurements such as operating income (loss) are also commonly used by the investment community to analyze and compare the performance of companies in the industries in which the Corporation is active. The Corporation's definition of operating income (loss) may not be identical to similarly titled measures reported by other companies.
Forward-looking Information Disclaimer
The statements in this news release that are not historical facts may be forward-looking statements and are subject to important known and unknown risks, uncertainties and assumptions which could cause the Corporation's actual results for future periods to differ materially from those set forth in the forward-looking statements. Forward-looking statements generally can be identified by the use of the conditional, the use of forward-looking terminology such as "propose," "will," "expect," "may," "anticipate," "intend," "estimate," "plan," "foresee," "believe" or the negative of these terms or variations of them or similar terminology. Certain factors that may cause actual results to differ from current expectations include seasonality, operational risks (including pricing actions by competitors), programming content and production cost risks, credit risk, government regulation risks, governmental assistance risks, changes in economic conditions, fragmentation of the media landscape and labour relations. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause the Corporation's actual results to differ from current expectations, please refer to the Corporation's public filings available at and including, in particular, the "Risks and Uncertain ties" section of the Corporation's Management's Discussion and Analysis for the year ended December 31, 2011.
The forward-looking statements in this news release reflect the Corporation's expectations as of February 29, 2012, and are subject to change after this date. The Corporation expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by the applicable securities laws.
The following tables include information on operating results, as well as information on assets:
The intersegment items mentioned above represent the elimination of normal course business transactions made between the Corporation's business segments regarding revenues and expenses.
Contacts:
Denis Rozon, CA
Vice-President and Chief Financial Officer
(514) 598-2808
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Datum: 29.02.2012 - 09:38 Uhr
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