Corus Entertainment Inc. reported a fourth-quarter loss compared with a profit a year ago as its revenue fell 21%
The broadcaster says its net loss attributable to shareholders amounted to $25.7 million or 13 cents per diluted share for the quarter ended Aug. 31. The result compared with a profit attributable to shareholders of $50.4 million or 25 cents per diluted share in the same quarter last year.
Revenue for the quarter totalled $269.4 million, down from $338.8 million a year ago.
On an adjusted basis, Corus says it lost two cents per share for its latest quarter compared with an adjusted loss of four cents per share a year earlier.
The company also announced that it has signed an deal to amend and restate its existing syndicated, senior secured credit facilities with its bank group.
The restated credit facility was changed to reduce the total limit on the revolving facility to $150 million from $300 million and increase the maximum total debt to cash flow ratio required under the financial covenants.