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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 |
TVA Group Inc. ("the Company")(TSX:TVA.B) announces that it recorded net income of $21.1 million, or $0.89 per share, for the last quarter of 2009, compared with $14.5 million, or $0.61 per share, in the corresponding quarter of 2008. Excluding the adjustment related to Canadian Radio-television and Telecommunications Commission (CRTC) Part II licence fees, the Company's operating income1 was relatively stable at $23.2 million in the fourth quarter of 2009, compared with $22.4 million in the same quarter of 2008. Fourth quarter operating highlights: -- The Television sector's normalized operating income1 increased by $4.8 million or 24.6% compared with the same quarter of 2008, mainly because of the following factors: -- a 22.6% increase in the TVA Network's normalized operating income due to slight 1.0% growth in advertising revenues, creation of Local Programming Improvement Fund, and a 2.7% decrease in operating expenses, excluding the adjustment related to CRTC Part II licence fees; -- increased normalized operating income at the specialty channels, particularly "Mystere" and "LCN"; and -- increased operating income from our Internet activities. -- 6.1% decrease in the Publishing sector's operating income, which declined from $1.9 million in the fourth quarter of 2008 to $1.8 million in the same quarter of 2009. -- Operating loss of $2.8 million in the Distribution sector, compared with operating income of $1.1 million in the fourth quarter of 2008. As a result, the Company's consolidated operating income increased 43.8% to $32.2 million, compared with $22.4 million in the same quarter of 2008. "While we are posting positive results, the potential for future growth in advertising revenues, which still account for close to 75% of the Television sector's revenues, is severely limited in view of the economic environment and current market trends. Driven by its original programming and news coverage, the TVA Network achieved a 28.3% market share for the period of September 7 to December 13, 2009 and boasted the 10 top-rated programs in Quebec (Source: BBM People Meter, all two years and over). Our specialty services continued their growth with a 19.4% increase in operating revenues and a 38.7% increase in operating income" said Pierre Dion, President and Chief Executive Officer of the Company. 1. See definitions below. "The Publishing sector's advertising revenues decreased by 8.2% in the fourth quarter compared with the same quarter of 2008. However, stringent control of operating costs helped us maintain a 9.8% profit margin, almost identical to the 9.7% profit margin reported in the same quarter of 2008, while continuing to protect our market share" said Mr. Dion. Cash flows from operating activities were $10.7 million for the fourth quarter, against $15.9 million for the same quarter of 2008. The decrease was essentially due to the net change in non-cash working capital items, mainly in accounts receivable. Growth in fiscal 2009 For the fiscal year ended December 31, 2009, the Company's consolidated operating income was $80.0 million, compared with $66.0 million for the previous fiscal year, a 21.3% increase. Adjustments made over the past two years in connection with disputed regulatory fees account for a large portion of this increase. For the same period, the Company generated net income of $49.1 million, or $2.05 per share, compared with $44.9 million, or $1.78 per share, in 2008. Dividend TVA Group Inc.'s Board of Directors today declared a dividend of $0.05 per share, payable on April 7, 2010 to Class A and B shareholders of record as at March 23, 2010. This dividend is designated to be an eligible dividend, as provided under subsection 89(14) of the Canada Income Tax Act 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 Inc. 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 Inc. 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 audited consolidated financial statements with notes and the annual Management's Discussion and Analysis can be consulted on TVA Group Inc.'s Web site at: www.tva.canoe.ca. Definitions Operating income or operating loss In its analysis of operating results, the Company defines operating income (loss) as earnings (loss) before amortization, financial expenses, operational restructuring costs, income taxes, non-controlling interest and equity in income of companies subject to significant influence. Operating income (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 (loss) is used by the Company because management believes it is a meaningful measure of performance. This measure is commonly used by senior management and the Board of Directors to evaluate the consolidated results of the Company and the results of its sectors. Measurements such as operating income and operating loss are also commonly used by the investment community to analyze and compare the performance of companies in the industries in which the Company is active. The Company's definition of operating income (loss) may not be identical to similarly titled measures reported by other companies. Normalized operating income (loss) Normalized operating income (loss) is defined as operating income adjusted for adjustments related to CRTC Part II licence fees. Normalized operating income (loss) presents operating results had the adjustments related to CRTC Part II licence fees for the periods in question been excluded. Normalized operating income (loss) as defined above is not a measure of results that is consistent with Canadian 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. Management believes that normalized operating income is a meaningful measure of performance. The Company's definition of normalized operating income (loss) may not be identical to similarly titled measures reported by other companies. For a reconciliation of operating income and normalized operating income to the net income measure used in the Company's financial statements, please refer to our Management's Discussion and Analysis for the financial year ended December 31, 2009, available on the www.sedar.com and www.tva.canoe.ca websites. 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 risks, government regulation risks, governmental assistance risks, general changes in the economic environment 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 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, 2009. The forward-looking statements in this news release reflect the Company's expectations as of March 8, 2010, 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 Years ended ended December 31 December 31 -------------------------------------------------------------------------- 2008 2008 2009 Restated(1) 2009 Restated(1) -------------------------------------------------------------------------- Operating revenues $ 128,454 $ 126,960 $ 438,969 $ 436,723 Operating, selling and administrative expenses 96,233 104,549 358,942 370,773 Amortization of property, plant and equipment and intangible assets 3,911 3,580 14,274 13,468 Financial expenses (financial revenues) 1,017 (253) 2,960 1,760 Restructuring costs of operations - - (794) 184 -------------------------------------------------------------------------- Income before income taxes, non- controlling interest and share of income from companies subject to significant influence $ 27,293 $ 19,084 $ 63,587 $ 50,538 Income taxes 7,013 5,469 17,098 8,317 Non-controlling interest (254) (433) (1,906) (1,802) Share of income of companies subject to significant influence (531) (496) (728) (889) -------------------------------------------------------------------------- NET INCOME $ 21,065 $ 14,544 $ 49,123 $ 44,912 -------------------------------------------------------------------------- BASIC AND DILUTED EARNINGS PER SHARE $ 0.89 $ 0.61 $ 2.05 $ 1.78 -------------------------------------------------------------------------- Consolidated statements of Comprehensive Income (unaudited) (in thousands of dollars) -------------------------------------------------------------------------- Three-month periods Years ended ended December 31 December 31 -------------------------------------------------------------------------- 2008 2008 2009 Restated 2009 Restated -------------------------------------------------------------------------- Net Income $ 21,065 $ 14,544 $ 49,123 $ 44,912 Gain (loss) on a derivative financial instrument 286 (434) 434 (434) Income taxes related to a derivative financial instrument (88) 130 (130) 130 COMPREHENSIVE INCOME $ 21,263 $ 14,240 $ 49,427 $ 44,608 -------------------------------------------------------------------------- 1: 2008 data have been restated following the adoption of Section 3064 from the CICA Handbook on January 1st 2009. TVA GROUP INC. Consolidated statements of retained earnings (unaudited) (in thousands of dollars) ----------------------------------------------------- Years ended December 31 ----------------------------------------------------- 2008 2009 Restated ----------------------------------------------------- Balance at the beginning, before restatement $ 99,101 $ 95,610 Cumulative effects of changes in accounting policies (590) (698) ----------------------------------------------------- Balance at the beginning, as restated 98,511 94,912 Net income 49,123 44,912 Adjustment to transactions with related companies (7,247) - Dividends paid (4,786) (5,105) Share redemption - excess of purchase price over net carrying amount (1,298) (36,208) ----------------------------------------------------- Balance at the end $ 134,303 $ 98,511 ----------------------------------------------------- TVA GROUP INC. Consolidated balance sheets (unaudited) (in thousands of dollars) --------------------------------------------------------------------------- Dec. 31, 2008 Dec. 31, 2009 Restated --------------------------------------------------------------------------- ASSETS Current assets Cash $ 1,924 $ 5,262 Accounts receivable 120,515 101,702 Current income tax assets 1,078 2,697 Programs, broadcast and distribution rights and inventories 54,774 57,221 Prepaid expenses and other current assets 4,754 2,664 Future income tax assets 4,818 2,363 --------------------------------------------------------------------------- 187,863 171,909 Broadcast and distribution rights 38,950 31,727 Investments 11,637 32,148 Property, plant and equipment 79,123 77,355 Future income tax assets 280 80 Accrued benefit asset 8,900 8,489 Licences and others intangible assets 86,789 80,950 Goodwill 71,981 71,981 --------------------------------------------------------------------------- $ 485,523 $ 474,639 --------------------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Bank overdraft $ 974 $ 147 Accounts payable and accrued liabilities 79,944 95,656 Current income tax liabilities 8,490 2,041 Broadcast and distribution rights payable 28,611 24,400 Deferred revenues 7,401 7,573 Deferred credit 272 366 --------------------------------------------------------------------------- 125,692 130,183 Broadcast rights payable 5,118 5,021 Long-term debt 88,580 93,705 Future income tax liabilities 28,951 31,342 Other long-term liabilities 87 550 Non-controlling interest and redeemable preferred shares - 11,656 --------------------------------------------------------------------------- 248,428 272,457 Shareholders' equity Capital stock 98,647 99,930 Contributed surplus 4,145 4,045 Retained earnings 134,303 98,511 Accumulated other comprehensive income - (304) --------------------------------------------------------------------------- 237,095 202,182 --------------------------------------------------------------------------- $ 485,523 $ 474,639 --------------------------------------------------------------------------- TVA GROUP INC. Consolidated statements of cash flows (unaudited) (in thousands of dollars) --------------------------------------------------------------------------- Three-month periods Years ended ended December 31 December 31 --------------------------------------------------------------------------- 2008 2008 2009 Restated 2009 Restated --------------------------------------------------------------------------- CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 21,065 $ 14,544 $ 49,123 $ 44,912 Non-cash items Amortization 3,989 3,602 14,418 13,556 Share of income of companies subject to significant influence (531) (496) (728) (889) Non-controlling interest (254) (433) (1,906) (1,802) Future income taxes (936) 1,715 (3,984) (3,180) Other (101) (54) (411) (624) --------------------------------------------------------------------------- Cash flows from current operations 23,232 18,878 56,512 51,973 Net change in non- cash items (12,525) (2,964) (27,402) (6,380) --------------------------------------------------------------------------- Cash flows from operating activities 10,707 15,914 29,110 45,593 --------------------------------------------------------------------------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (3,413) (4,294) (16,261) (17,113) Additions to intangible assets (2,653) (2,236) (6,710) (4,768) Business disposal (acquisition) 105 - 105 (105) Net change in investments - 226 11,977 (263) --------------------------------------------------------------------------- Cash flows from investing activities (5,961) (6,304) (10,889) (22,249) --------------------------------------------------------------------------- CASH FLOWS FROM FINANCING ACTIVITIES Net change in bank overdraft (912) (65) 827 (2,288) (Decrease) increase in revolving term loan (75,044) (4,666) (78,907) 37,501 Term loan 75,000 - 75,000 - Deferred financing costs (1,362) - (1,362) - Redemption of redeemable preferred shared - - (9,750) - Class B share redemption - - (2,581) (51,415) Dividends paid (1,188) (1,201) (4,786) (5,105) --------------------------------------------------------------------------- Cash flows from financing activities (3,506) (5,932) (21,559) (21,307) --------------------------------------------------------------------------- Net change in cash 1,240 3,678 (3,338) 2,037 Cash, at beginning of period 684 1,584 5,262 3,225 --------------------------------------------------------------------------- Cash, at end of period $ 1,924 $ 5,262 $ 1,924 $ 5,262 --------------------------------------------------------------------------- SUPPLEMENTAL INFORMATION Net interest paid $ 509 $ 839 $ 2,213 $ 2,544 Net income taxes paid 3,357 3,493 13,006 22,244 Additions to property, plant and equipment and intangible assets funded by accounts payable and accrued liabilities at the end 3,166 4,233 Government assistance and accounts receivable credited to property, plant and equipment at the end $ (688)$ - --------------------------------------------------------------------------- TVA GROUP INC. Segmented information (unaudited) (in thousands of dollars) The following table includes information on operating results, as well as information on assets: --------------------------------------------------------------------------- --------------------------------------------------------------------------- Three-month periods ended December 31 Years ended December 31 --------------------------------------------------------------------------- 2008 2008 2009 Restated 2009 Restated --------------------------------------------------------------------------- Operating revenues Television $ 107,147 $ 102,118 $ 357,044 $ 342,853 Publishing 18,121 19,508 73,974 78,606 Distribution 4,433 6,891 12,424 19,236 Intersegment items (1,247) (1,557) (4,473) (3,972) --------------------------------------------------------------------------- 128,454 126,960 438,969 436,723 Operating, selling and administrative expenses Television 73,950 82,705 282,492 287,681 Publishing 16,349 17,621 62,901 69,300 Distribution 7,242 5,814 18,007 18,054 Intersegment items (1,308) (1,591) (4,458) (4,262) --------------------------------------------------------------------------- 96,233 104,549 358,942 370,773 Income (loss) before amortization, financial expenses, restructuring costs of operations, income taxes, non-controlling interest and share of income of companies subject to significant influence Television 33,197 19,413 74,552 55,172 Publishing 1,772 1,887 11,073 9,306 Distribution (2,809) 1,077 (5,583) 1,182 Intersegment items 61 34 (15) 290 --------------------------------------------------------------------------- $ 32,221 $ 22,411 $ 80,027 $ 65,950 --------------------------------------------------------------------------- --------------------------------------------------------------------------- The intersegment items mentioned above represent the elimination of normal course business transactions made between the Company's business segments regarding revenues, expenses and unrealized profit. --------------------------------------------------------- --------------------------------------------------------- December 31, 2009 December 31, 2008 Restated --------------------------------------------------------- Total assets Television $ 383,830 $ 362,213 Publishing 84,483 80,158 Distribution 17,210 21,006 Unallocated items - 11,262 --------------------------------------------------------- $ 485,523 $ 474,639 --------------------------------------------------------- ---------------------------------------------------------
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