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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| TVA Group Inc | TSX:TVA.B | Toronto | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.05 | 4.39% | 1.19 | 1.20 | 1.29 | 1.19 | 1.13 | 1.15 | 4,300 | 20:07:06 |
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TVA Group Inc. (TSX:TVA.B) announces that the Company reported net income of
$6.5 million, or $0.27 per share, for the first quarter of 2009, compared with
net income of $5.5 million, or $0.20 per share, for the corresponding quarter of
2008.
Operating highlights for the first quarter:
- Growth of 39.8% in the Publishing sector's operating income(1) against the
same year-ago quarter, increasing from $1,671,000 in 2008 to $2,336,000
in 2009.
- Growth in the Television sector's operating income of $937,000, or 10.2%,
compared with the same year-ago quarter. This growth is essentially
explained by the following factors:
- Growth of 4.2% in operating income for specialty services in spite of
substantial investments in programming and marketing expenses for
March's Free Preview promotion; and
- Growth of 4.2% in advertising revenues for all properties in the
sector, 90% of which was from the broadcast of Star Academie.
- The Distribution sector sustained an operating loss of $81,000, compared
with operating income of $17,000 for the same quarter of 2008;
As a result, the Company's consolidated operating income was $12.3 million,
compared with $11.0 million for the same quarter of 2008.
"We are satisfied with the contribution our three business segments have made to
the Company's consolidated financial results for the first quarter of fiscal
2009. Thanks to quality Quebec programming, led by Star Academie, the TVA
Network has increased its market share by 7% and now has a 28.9 market share, in
addition to having 25 of its shows ranked among the 30 most watched. TVA Network
newscasts continue to record major audience growth overall for each of their
daily timeslots. Our all-news channel LCN achieved an average market share of
2.9, compared with 2.4 in 2008" said Pierre Dion, TVA Group President and Chief
Executive Officer.
(1) See definition of operating income hereafter.
"In the Publishing sector, newsstand revenues dropped 9.9%, while advertising
revenues decreased slightly by 2.9% compared with the first quarter of 2008. Our
rigorous cost management and our marketing strategies generated a larger
decrease in operating expenses than the overall drop in revenues, and we
generated a profit margin of 12.9% compared with 8.7% for the same quarter of
2008. Finally, in the Distribution sector, the reduction in activity for video
and television, compensated for in part by lower advertising and promotional
expenses for movie theatre releases, mainly explains this business segment's
weaker operating results for the quarter," concluded Pierre Dion.
Cash flows from operating activities used during the quarter were $5.6 million
compared with $3.2 million for the corresponding year-ago quarter. This increase
is essentially due to the net change in non-cash working capital items, mainly
in accounts receivable.
Dividend
TVA Group's Board of Directors today declared a dividend of $0.05 per share,
payable on June 2, 2009 to Class A and B shareholders of record as at May 18,
2009. This dividend is designated to be an eligible dividend, as provided under
subsection 89(14) of the Income Tax Act of Canada and its provincial
counterpart.
The Company
TVA Group Inc., a subsidiary of Quebecor Media Inc., is an integrated
communications company involved in television, the production and distribution
of audiovisual products, and in magazine publishing. TVA Group is one of the
largest private sector producers and the largest private sector broadcaster of
French-language entertainment, information and public affairs programming, and
magazine publishing in North America. TVA Group also operates SUN TV, a
conventional station in Toronto. The Company's Class B shares are listed on the
Toronto Stock Exchange under the ticker symbol TVA.B.
The unaudited consolidated financial statements with notes and Management's
Discussion and Analysis can be consulted on TVA's Web site at:
www.tva.canoe.ca.
Definition of operating income or operating loss
In its analysis of operating results, the Company defines operating income or
operating loss as earnings (loss) before amortization, financial expenses,
restructuring costs of operations, impairment of intangible assets, gain on
acquisition and disposal of business, (recovery) income taxes, non-controlling
interest and equity in income of companies subject to significant influence.
Operating income or operating loss, as defined above, is not a measure of
results that is consistent with Canadian Generally Accepted Accounting
Principles ("GAAP"). 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 Canadian GAAP. Operating income
is used by the Company because management believes it is a meaningful
measurement of performance.
This measure is commonly used by senior management and the Board of Directors to
evaluate the consolidated results of the Company and its sector's results.
Measurements such as operating income are also commonly used by the investment
community to analyze and compare the performance of companies in the industries
in which we are engaged. The Company's definition of operating income 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 Company'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), capital investment risks, credit risk, government
regulation risks, governmental assistance risks and general changes in the
economic environment. 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
Company's actual results to differ from current expectations, please refer to
the Company's public filings available at www.sedar.com and www.tva.canoe.ca
including, in particular, the "Risks and Uncertainties" section of the Company's
Management's Discussion and Analysis for the year ended December 31, 2008.
The forward-looking statements in this news release reflect the Company's
expectations as of May 1st, 2009, and are subject to change after this date.
The Company 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.
TVA GROUP INC.
Consolidated statements of income
(unaudited)
(in thousands of dollars, except per share amounts)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month periods
ended March 31
--------------------------------------------------------------------------
2009 2008
Restated
(note 2)
--------------------------------------------------------------------------
Operating revenues $109,799 $106,460
Operating, selling and administrative expenses 97,459 95,468
Amortization of property, plant and equipment
and intangible assets 3,433 3,190
Financial expenses (note 3) 689 717
Restructuring costs of operations (note 4) (827) -
--------------------------------------------------------------------------
Income before income taxes, non-controlling
interest and equity in income of companies
subject to significant influence $9,045 $7,085
Income taxes 3,132 2,292
Non-controlling interest (550) (536)
Equity in income of companies subject to
significant influence (32) (172)
--------------------------------------------------------------------------
NET INCOME $6,495 $5,501
--------------------------------------------------------------------------
--------------------------------------------------------------------------
EARNINGS PER SHARE BASIC AND DILUTED (note 6 c) $0.27 $0.20
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements
Consolidated statements of Comprehensive Income
(unaudited)
(in thousands of dollars)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month periods
ended March 31
--------------------------------------------------------------------------
2009 2008
Restated
(note 2)
--------------------------------------------------------------------------
Net income $6,495 $5,501
Other comprehensive loss
Unrealized loss on a derivative financial
instrument (net of income taxes of $ 47) (92) -
--------------------------------------------------------------------------
COMPREHENSIVE INCOME $6,403 $5,501
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements
TVA GROUP INC.
Consolidated statements of retained earnings
(unaudited)
(in thousands of dollars)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month periods
ended March 31
--------------------------------------------------------------------------
2009 2008
Restated
(note 2)
--------------------------------------------------------------------------
Balance, at beginning of period, before
restating $99,101 $95,610
Cumulative effects of changes in accounting
policies (note 2) (590) (698)
--------------------------------------------------------------------------
Balance, at beginning of period, as restated 98,511 94,912
Net income 6,495 5,501
Dividends paid (1,201) (1,351)
Share redemption - excess of purchase price
over net carrying value (note 6) (12) -
--------------------------------------------------------------------------
Balance, at end of period $103,793 $99,062
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements
TVA GROUP INC.
Consolidated balance sheets
(unaudited)
(in thousands of dollars)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
March 31, 2009 Dec. 31, 2008
Restated
(note 2)
--------------------------------------------------------------------------
ASSETS
Current assets
Cash $1,948 $5,262
Accounts receivable 104,995 101,702
Current income tax assets 2,035 2,697
Programs, broadcast and distribution
rights and inventories (note 5) 45,289 52,996
Prepaid expenses 2,835 2,664
Future income tax assets 2,863 2,363
--------------------------------------------------------------------------
159,965 167,684
Programs, broadcast and distribution rights 41,769 35,952
Investments 32,180 32,148
Property, plant and equipment 76,699 77,355
Licences and others intangible assets 81,069 80,950
Other assets 8,734 8,489
Future income tax assets 628 80
Goodwill 71,981 71,981
--------------------------------------------------------------------------
$473,025 $474,639
--------------------------------------------------------------------------
--------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank overdraft $5,400 $147
Accounts payable and accrued liabilities 79,886 95,656
Current income tax liabilities 925 2,041
Broadcast and distribution rights payable 23,840 24,400
Deferred revenue 7,999 7,573
Other liabilities 929 366
--------------------------------------------------------------------------
118,979 130,183
Broadcast rights payable 6,144 5,021
Long-term debt 97,462 93,705
Future income tax liabilities 31,841 31,342
Others long term liabilities 109 550
Non-controlling interest and redeemable
preferred shares 11,106 11,656
--------------------------------------------------------------------------
265,641 272,457
Shareholders' equity
Capital stock (note 6) 99,912 99,930
Contributed surplus 4,075 4,045
Retained earnings 103,793 98,511
Accumulated other comprehensive loss (note 8) (396) (304)
--------------------------------------------------------------------------
207,384 202,182
--------------------------------------------------------------------------
$473,025 $474,639
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements
TVA GROUP INC.
Consolidated statements of cash flows
(unaudited)
(in thousands of dollars)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month periods
ended March 31
--------------------------------------------------------------------------
2009 2008
Restated
(note 2)
--------------------------------------------------------------------------
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $6,495 $5,501
Non-cash items
Amortization 3,455 3,213
Equity in income of companies subject to
significant influence (32) (172)
Non-controlling interest (550) (536)
Future income taxes (519) 769
Others (245) (61)
--------------------------------------------------------------------------
Cash flows provided by current operations 8,604 8,714
Net change in non-cash items (14,248) (11,949)
--------------------------------------------------------------------------
Cash flows from operating activities (5,644) (3,235)
--------------------------------------------------------------------------
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to property, plant and equipment (5,040) (1,487)
Additions to intangible assets (387) (984)
Changes in investments - (489)
--------------------------------------------------------------------------
Cash flows from investing activities (5,427) (2,960)
--------------------------------------------------------------------------
CASH FLOWS FROM FINANCING ACTIVITIES
Bank overdraft 5,253 3,359
Increase in long-term debt 3,735 3,164
Class B share redemption (note 6b) (30) -
Dividends paid (1,201) (1,351)
--------------------------------------------------------------------------
Cash flows from financing activities 7,757 5,172
--------------------------------------------------------------------------
Net change in cash (3,314) (1,023)
Cash, at beginning of period 5,262 3,225
--------------------------------------------------------------------------
Cash, at end of period $1,948 $2,202
--------------------------------------------------------------------------
--------------------------------------------------------------------------
SUPPLEMENTAL INFORMATION
Net interests (received) paid $(138) $874
Net income taxes paid 4,105 11,359
Additions to property, plant and equipment
and intangible assets financed by accounts
payable and accrued liabilities at end
of period $1,702 $1,405
--------------------------------------------------------------------------
--------------------------------------------------------------------------
See accompanying notes to consolidated financial statements
TVA GROUP INC.
Notes to consolidated financial statements
Three-month periods ended March, 31 2009 and 2008 (unaudited)
(Amounts presented in the tables are expressed in thousands of dollars,
except per-share and per-option amounts)
1. FINANCIAL STATEMENT PRESENTATION
These consolidated financial statements have been prepared in conformity with
Canadian Generally Accepted Accounting Principles ("GAAP"). With the exception
of the accounting policies presented in note 2 for the current quarter, the same
accounting policies described in the consolidated financial statements included
in the latest annual report of TVA Group Inc. ("the Company") have been used.
However, these consolidated financial statements do not include all disclosures
required under Canadian GAAP for an annual report and accordingly should be read
in conjunction with the Company's latest annual consolidated financial
statements and the notes thereto.
Some of the Company's businesses experience seasonality effects due to, among
other things, seasonal advertising patterns and their influence on people's
viewing, reading and listening habits. Because the Company depends on the sale
of advertising for a significant portion of its revenue, operating results are
also sensitive to prevailing economic conditions, including changes in local,
regional and national economic conditions, particularly as they may affect
advertising expenditures. Accordingly, the results of operations for interim
periods should not necessarily be considered indicative of full-year results due
to the seasonality of certain operations.
2. CHANGES IN ACCOUNTING POLICIES
Effective January 1, 2009, the Company adopted the Canadian Institute of
Chartered Accountants Handbook (CICA Handbook) Section 3064, Goodwill and
Intangible Assets, which replace Section 3062, Goodwill and Other Intangible
Assets, Section 3450, Research and Development Costs, and Emerging Issues
Committee (EIC) 27, Revenues and Expenditures During the Pre-operating Period,
and to modify Accounting Guideline (AcG) 11, Entreprises in the Development
Stage. The new section establishes standards for recognizing intangible assets
in the sense of the definition of assets based on principles for recognizing
costs as assets and for clarifying the application of the concept of matching
revenues and expenses for intangible assets acquired or developed internally.
This new section was applied retroactively with restatement of previous periods.
Subsequent to the adoption of this section, the Company reclassified the net
carrying value of its software and Web sites from property, plant and equipment
to intangible assets and wrote off the undepreciated balance of deferred
start-up costs for specialty channels included under Other assets as well as
related future tax liabilities. The writing off of these balances was recorded
as an adjustment of retained earnings at the beginning of the period. Net income
for the period ended March 31, 2008 was also corrected in order to recognize
start-up costs for the Les Idees de ma maison specialty channel, launched in
February 2008, as operating, selling and administrative expenses, to reverse the
amortization expense for deferred start-up costs for specialty channels and to
reverse the future tax expense related to these items. This resulted in the
following adjustments being recognized in the consolidated financial statements:
Consolidated Balance Sheets
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Increase (decrease) Dec.31, 2008 January 1, 2008
--------------------------------------------------------------------------
Property, plant and equipement $(11,235) $(2,471)
Intangible assets 11,235 2,471
Other assets (854) (1,020)
Future long-term income tax liabilities (264) (322)
Retained earnings (590) (698)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Consolidated Statements of Income
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Increase (decrease) March 31, 2008
--------------------------------------------------------------------------
Operating, selling and administrative expenses $400
Amortization (125)
Future income taxes expense (79)
--------------------------------------------------------------------------
Net income $(196)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Basic and diluted earnings per share $(0.01)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Future changes in accounting policies
In January 2009, the Canadian Institute of Chartered Accountants issued three
new accounting standards, Section 1582, Business Combinations, Section 1601,
Consolidated Financial Statements, and Section 1602, Non-controlling Interests,
with a view to moving toward international standards for business combinations
and the presentation of non-controlling interests in consolidated financial
statements.
Section 1582, Business Combinations, replaces Section 1581, Business
Combinations, and sets out the main principles governing the recognition of the
purchase consideration as well as the recognition and measurement of
identifiable assets acquired and liabilities assumed in a business combination
achieved at the fair value of the business acquired on the acquisition date,
even if the business combination is achieved in stages. Subsequent changes to
the fair value of the contingent consideration classified as a liability would
be recognized as retained earnings and not as an adjustment of the consideration
exchanged for the business acquired. Restructuring costs and other costs related
directly to the business combination are no longer considered costs included in
the recognized price of acquisition and would instead be recognized as expenses
in the periods during which they are incurred, unless they are considered costs
for the issuing of new debt or equity. In addition, for each business
combination, the purchaser must recognize the non-controlling interest in the
business acquired either at its fair value or the participating percentage in
the net identifiable assets of the business acquired. This section should be
applied prospectively to business combinations for which the acquisition date
falls within a fiscal year beginning on January 1, 2001 or a later date. The
Company has not adopted this new section as early as permitted. The new section
will only affect future business acquisitions that are carried out during
periods that follow the adoption date.
Section 1601, Consolidated Financial Statements, and Section 1602,
Non-controlling Interests, which together replace Section 1600, Consolidated
Financial Statements, apply to the recognition of non-controlling interests in
consolidated financial statements and to transactions with holders of
non-controlling interests. The new sections require that non-controlling
interests be included as a separate item in shareholders' equity. These sections
apply to consolidated interim and annual financial statements for fiscal years
beginning on January 1, 2011 and will be adopted at the same time as Section
1582.
3. FINANCIAL EXPENSES
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month periods
ended March 31
--------------------------------------------------------------------------
2009 2008
--------------------------------------------------------------------------
Interests on long-term debt $725 $739
Dividends on redeemable preferred shares 261 267
Interest revenues on convertible bonds issued
by an affiliated company (252) (258)
Interest income (72) (52)
Amortization of deferred financing costs 22 22
Foreign exchange loss (gain) 5 (1)
--------------------------------------------------------------------------
$689 $717
--------------------------------------------------------------------------
--------------------------------------------------------------------------
4. RESTRUCTURING COSTS OF OPERATIONS
In the first quarter of 2009, based on the new information available, the
Company has revised its provision for restructuring costs resulting in a
$827,000 provision decrease. The balance of the restructuring provision was
$1,941,000 as at March 31, 2009 ($2,796,000 as at December 31, 2008).
5. PROGRAMS, BROADCAST AND DISTRIBUTION RIGHTS AND INVENTORIES
--------------------------------------------------------------------------
--------------------------------------------------------------------------
March 31, 2009 Dec.31, 2008
--------------------------------------------------------------------------
Programs, broadcast and distribution rights $42,238,000 $49,445,000
Inventories 3,051,000 3,551,000
--------------------------------------------------------------------------
$45,289,000 $52,996,000
--------------------------------------------------------------------------
--------------------------------------------------------------------------
For the period ended March 31, 2009, the total amount of the costs of goods sold
and the expenses related to the programs, broadcast and distribution rights,
included in the operation, selling and administrative expenses, was $46,807,000
($43,115,000 for the period ended March 31, 2008). In the first quarter of 2009,
no write down has been recorded ($554,000 for the period ended March 31, 2008).
6. CAPITAL STOCK
a) Number of shares outstanding
--------------------------------------------------------------------------
--------------------------------------------------------------------------
March 31, 2009 Dec.31, 2008
--------------------------------------------------------------------------
Class A common shares 4,320,000 4,320,000
Class B shares 19,700,706 19,704,206
--------------------------------------------------------------------------
24,020,706 24,024,206
--------------------------------------------------------------------------
--------------------------------------------------------------------------
b) Share redemption
Issuer bid
On March 17, 2009, the Company has filed a new notice of intent to repurchase
for cancellation between March 19, 2009 and March 18, 2010, in the normal course
of its activities, a maximum of 985,210 Class B shares which represent
approximately 5% of the Company's outstanding Class B shares. The Company
repurchases its Class B shares at the market price, at the time of the purchase,
plus brokerage fees. During the quarter, pursuant to its normal course issuer
bid programs, the Company redeemed for cancellation a total of 3,500 Class B
shares for a net cash consideration of $30,000.
c) Earnings per share
The following table provides the calculation of basic and diluted earnings per
share:
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month periods
ended March 31
--------------------------------------------------------------------------
2009 2008
Restated
(note 2)
--------------------------------------------------------------------------
Net income $6,495 $5,501
Weighted average number of shares outstanding 24,023,876 27,024,848
Effect of dilutive stock options - 1,343
--------------------------------------------------------------------------
Weighted average number of diluted shares
outstanding 24,023,876 27,026,191
Basic and diluted earnings per share $0.27 $0.20
--------------------------------------------------------------------------
--------------------------------------------------------------------------
7. STOCK-BASED COMPENSATION AND OTHER STOCK-BASED PAYMENTS
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month period
ended March 31, 2009
--------------------------------------------------------------------------
Conventional Quebecor
Class B stock Media inc.
options stock options
--------------------------------------------------------------------------
Balances as at December 31, 2008 and
as at March 31, 2009 975,155 245,984
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Of the number of options outstanding as at March 31, 2009, 233,110 conventional
Class B stock options at an average exercise price of $18.91 and 11,772 Quebecor
Media Inc. stock options at an average exercise price of $29.58 can be
exercised.
8. ACCUMULATED OTHER COMPREHENSIVE LOSS
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Interest rate SWAP
--------------------------------------------------------------------------
Balance as at December 31, 2008 $(304)
Other comprehensive loss (92)
--------------------------------------------------------------------------
Balance as at March 31, 2009 $(396)
--------------------------------------------------------------------------
--------------------------------------------------------------------------
9. PENSION PLANS AND OTHER RETIREMENT BENEFITS
The Company maintains defined benefit and defined contribution pension plans for
its employees. In addition, under an old plan, the Company maintains for certain
retired employees other retirement benefits, such as health, life and dental
insurance plans. Total costs for these benefits are as follows:
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month periods
ended March 31
--------------------------------------------------------------------------
2009 2008
--------------------------------------------------------------------------
Pension plans
Defined benefit plans $655 $682
Defined contribution plans 739 572
Other retirement benefits $33 $47
--------------------------------------------------------------------------
--------------------------------------------------------------------------
10. SEGMENTED INFORMATION
The following table includes information on operating income, as well as
information on assets:
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Three-month periods
ended March 31
--------------------------------------------------------------------------
2009 2008
Restated
(note 2)
--------------------------------------------------------------------------
Operating revenues
Television $90,227 $83,280
Publishing 18,099 19,261
Distribution 2,667 5,049
Intersegment items (1,194) (1,130)
--------------------------------------------------------------------------
109,799 106,460
Operating, selling and administrative expenses
Television 80,115 74,105
Publishing 15,763 17,590
Distribution 2,748 5,032
Intersegment items (1,167) (1,259)
--------------------------------------------------------------------------
97,459 95,468
Income (loss) before amortization, financial
expenses, restructuring costs of operations,
income taxes, non-controlling interest and
equity in income of companies subject to
significant influence
Television 10,112 9,175
Publishing 2,336 1,671
Distribution (81) 17
Intersegment items (27) 129
--------------------------------------------------------------------------
$12,340 $10,992
--------------------------------------------------------------------------
--------------------------------------------------------------------------
The intersegment items mentioned above represent the elimination of normal
course business transactions made between the Company's business segments
regarding revenues and expenses.
--------------------------------------------------------------------------
--------------------------------------------------------------------------
March 31, 2009 December 31, 2008
Restated (note 2)
--------------------------------------------------------------------------
Total assets
Television $360,899 $362,213
Publishing 82,080 80,158
Distribution 18,784 21,006
Unallocated items 11,262 11,262
--------------------------------------------------------------------------
$473,025 $474,639
--------------------------------------------------------------------------
--------------------------------------------------------------------------
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