MONTREAL – Growth in both its television and publishing division helped to drive up 2013 profits at TVA Group.
For the fiscal year ended December 31, 2013, consolidated adjusted operating income was $60.6 million, up from $42.5 million in 2012, due to a 42.6% increase from the television segment ($14.5 million) and the publishing segment ($3.6 million).
The Quebecor–owned communications company said its TV increases are attributable to the exclusion of Sun News’ results, which have not been consolidated since July 2012, recognition of retroactive royalties for distant signal retransmission, and the implementation of an expense reduction plan, which offset decreases in advertising revenues. The publishing segment benefitted from the favourable impact of the inclusion of the operating results of La Semaine magazine, acquired last July, and the unfavourable impact of retroactive charges in 2012 resulting from the adoption of new rates for business contributions toward the costs of waste recovery and recycling services provided by Quebec municipalities.
Consolidated operating revenues for 2013 totalled $444.8 million, down 1.8% from $453.1 million in 2012. Net income attributable to shareholders for the year bounced back to $15.7 million compared to a net loss attributable to shareholders of $6.5 million last year.
For the fourth quarter, net income attributable to shareholders was $8.3 million, down from $8.8 million last year, while consolidated adjusted operating income totaled $120 million, down from $127 million the same quarter of 2012.
"The Television segment's fourth quarter 2013 financial results were down only slightly from the same quarter of the previous year, despite a 4.6% decrease in TVA Network's advertising revenues”, said president and CEO Pierre Dion, in a statement. “This performance would not have been possible without the cost-cutting initiatives introduced in the second quarter of the year. We are also very pleased with the agreement with Rogers for French-language rights to National Hockey League national games for the next 12 seasons. This agreement will make our TVA Sports channel the go-to place for Quebec sports fans, and especially hockey fans."
