WINNIPEG – CanWest MediaWorks (NZ) Limited reported consolidated earnings before interest, income tax, depreciation and amortization (EBITDA) of NZ$13.4 million for the three months ended May 31, 2005, a 12% improvement compared with pro forma results for the same period last year.
The New Zealand TV and radio division is 70% owned by CanWest Global.
Consolidated revenues also increased by 12% to NZ$60.4 million compared to pro forma revenue of NZ$54.0 million in the same period last year.
For the first nine months of fiscal 2005, consolidated EBITDA increased 12% to NZ$51.3 million from pro forma EBITDA of NZ$45.7 million the previous year. Consolidated revenue for the year-to-date was up 9% to NZ$185.0 million from the pro forma revenue of NZ$169.1 million the previous year.
EBITDA at TVWorks for the three months ended May 31, 2005 was up 34% to NZ$6.9 million over the EBITDA for the same period a year ago.
"The results from TVWorks are notable in that they were achieved during a quarter in which we experienced significant start up costs for Campbell Live, the new home- grown current affairs series in TVWorks’ prime time schedule," said Tom Strike, president, CanWest MediaWorks International and chairman of the board of CanWest MediaWorks (NZ) Limited. "These results underline the core strength of our television business in New Zealand."
RadioWorks, the Company’s radio operations, recorded an EBITDA increase of 6% to NZ$7.1 million for the three months ended May 31, compared with EBITDA of NZ$6.7 million for the same period of the previous year. In the nine months ended May 31, 2005, RadioWorks’ EBITDA increased 6% to NZ$26.1 million, from NZ$24.6 million for the same nine-month period last year.
These results were achieved while RadioWorks also experienced significant start-up costs for Radio Live, its recently-launched news and all-talk radio network which has had a very positive start, and the re-branding and launch of Kiwi FM, New Zealand’s only all domestic music channel.
