CanWest MediaWorks NZ Reports F2006 Financial Results
24 10월 2006 - 6:16AM
PR Newswire (US)
Dividends up 33% from F2005 WINNIPEG, Oct. 23
/PRNewswire-FirstCall/ -- CanWest Global Communications Corp.
announced today that its 70% owned New Zealand media operation,
CanWest MediaWorks (NZ) Limited, reported consolidated earnings
before interest, income tax, depreciation and amortization (EBITDA)
of NZ$66 million for the year ended August 31, 2006, slightly below
the NZ$67 million reported last year. Consolidated revenues
increased by 2% for the year to NZ$254 million. Based upon these
results, the company declared a fully-imputed final dividend of NZ
3.9 cents per share, payable on November 24, 2006 to shareholders
of record on November 10, 2006. Combined with the NZ 4.5 cents per
share interim dividend paid in May 2006, the total annual dividend
paid to shareholders for the year will be NZ 8.4 cents, an increase
of 33% from the NZ 6.3 cents paid for the previous fiscal year.
CanWest will receive aggregate dividends of NZ$13.3 million in
respect of fiscal 2006. For the fourth quarter of fiscal 2006,
CanWest MediaWorks NZ reported consolidated EBITDA of NZ$18
million, an increase of 6% from the NZ$17 million reported for the
same quarter one year ago. Consolidated revenues for the quarter
were down by 2% to NZ$64 million from NZ$65 million reported for
the fourth quarter of 2006. Despite challenging advertising market
conditions in New Zealand, fiscal 2006 proved to be a solid year
for TVWorks. Revenues increased by 1% to NZ$144 million while
EBITDA, at NZ$36 million, was down only slightly from NZ$37 million
for the previous year. A solid line-up of locally produced series,
international hit programs and substantial growth in audiences for
3 News increased TV3's audience share in its target 18-49 year old
demographic as well as with the older 24-54 demographic.
RadioWorks, also affected by the challenging ad market conditions,
recorded a 3% increase in revenues to NZ$111 million and EBITDA of
NZ$33 million, which was comparable to the previous year's result.
Several important growth initiatives were completed in fiscal 2006
with acquisition of radio stations in Queenstown and Orewa, and
extension of RadioWorks' top-rated brand - The Breeze - into
Auckland, New Zealand's largest metropolitan market. Commenting on
the results, CanWest MediaWorks NZ's Chair, Tom Strike, said he was
pleased with the company's performance in Fiscal 2006. "The company
took a number of important strategic steps during the year in both
television and radio that improved the efficiency of operations,
strengthened its position with audiences, extended the reach of key
radio brands, and helped to offset the market softening that
occurred, particularly in the second half of the fiscal year. The
company is well-positioned to profit from any improvement in
overall market conditions." Brent Impey, CanWest MediaWorks NZ's
CEO, noted "Consolidated revenues for the year were above those of
the previous year and consolidated EBITDA was very close to last
year's result." Looking ahead, Mr. Impey said "Although market
conditions remain uncertain, we are encouraged that the initiatives
that we put in place over the past year have strengthened our
position with our radio and television audiences. Our revenue
forecast for the first quarter of the new fiscal year is slightly
ahead of the comparable period last year, which should be an
indication of better times ahead." These financial results have
been determined in accordance with New Zealand Equivalents to
International Financial Reporting Standards and will be subject to
foreign currency translation and adjustment to Canadian GAAP upon
consolidation with CanWest's other operations. This news release
contains certain comments or forward-looking statements about the
objectives, strategies, financial conditions, results of operations
and businesses of CanWest. Statements that are not historical facts
are forward-looking and are subject to important risks,
uncertainties and assumptions. These statements are based on our
current expectations about our business and the markets in which we
operate, and upon various estimates and assumptions. The results or
events predicted in these forward-looking statements may differ
materially from actual results or events if known or unknown risks,
trends or uncertainties affect our business, or if our estimates or
assumptions turn out to be inaccurate. As a result, there is no
assurance that the circumstances described in any forward-looking
statement will materialize. Significant and reasonably foreseeable
factors that could cause our results to differ materially from our
current expectations are discussed in the section entitled "Risk
Factors" contained in our Annual Information Form for the year
ended August 31, 2005 dated November 28, 2005 filed by CanWest
Global Communications Corp. with the Canadian securities
commissions (available on SEDAR at http://www.sedar.com/ ) and with
the U.S. Securities and Exchange Commission under Form 40-F
(available on EDGAR at http://www.sec.gov/), as updated in our most
recent Management's Discussion and Analysis for the three months
and nine months ended May 31, 2006, dated July 6, 2006. We disclaim
any intention or obligation to update any forward-looking statement
even if new information becomes available, as a result of future
events or for any other reason. CanWest MediaWorks (NZ) Limited
(NZX: MWL, http://www.mediaworks.co.nz/) is New Zealand's leading
private sector broadcast media company. Through its wholly owned
subsidiaries, CanWest TVWorks Limited and CanWest RadioWorks
Limited, it owns and operates the TV3 and C4 television networks,
national radio brands The Edge, The Rock, More FM, Kiwi FM, Radio
Live, Radio Pacific/Radio Trackside, Solid Gold and The Breeze,
plus several local radio stations. CanWest Global Communications
Corp., (CanWest) (NYSE: CWG; TSX: CGS and CGS.A,
http://www.canwestglobal.com/). CanWest, an international media
company, is Canada's largest media company. CanWest is Canada's
largest publisher of daily newspapers, and also owns, operates
and/or holds substantial interests in conventional television,
out-of-home advertising, specialty cable channels, Web sites and
radio stations and networks in Canada, New Zealand, Australia,
Singapore, Indonesia, Malaysia, Turkey, the United States and the
United Kingdom. DATASOURCE: CanWest Global Communications Corp.
CONTACT: Geoffrey Elliot, Vice President, Corporate Affairs, Tel:
(204) 956-2025, Fax: (204) 947-9841, Email:
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