Wednesday, Canadian-based media and entertainment company Corus Entertainment Inc. (CJR, CJR-B.TO) posted a lower profit in the second quarter, reflecting better gains last year related to income tax changes.

The company's second-quarter net income amounted to C$29.0 million or C$0.36 per share, compared to C$35.4 million or C$0.41 per share in the year-ago quarter.

The latest quarter results were positively impacted by a gain of C$7.2 million related to the disposition of a residential audio business, while the prior year's quarter benefited from C$13.2 million in recoveries related to income tax changes.

On an adjusted basis, basic earnings advanced to C$0.29 per share from the previous year's C$0.26 per share.

Quarterly revenues edged up 1% to C$181.4 million from C$178.7 million reported in the three months ended February 28, 2008.

John Cassaday, President and Chief Executive Officer of Corus Entertainment commented, Strong brands, superior programming, rigorous cost controls and multiple revenue streams helped offset the effects of a cyclically soft Canadian advertising market.

Consolidated segment profit for the recent quarter was C$51.0 million, up 3% from C$49.7 million last year.

The company's Corus Television fetched quarterly revenues of C$123.4 million, an increase of 5%, compared to C$117.3 million reported last year, led by subscriber revenue growth of 12% and continued strong growth in advertising targeted to women. Quarterly segment profit grew 7% to C$47.5 million from C$44.2 million in the prior year quarter.

Second-quarter revenues at Corus Radio fell 6% to C$57.9 million from C$61.5 million in the comparable quarter of the previous year. Segment profit was C$7.1 million, down 31% from C$10.3 million last year.

For the six-month period, the company reported net income of C$69.7 million or C$0.86 per share, compared to C$74.8 million or C$0.87 per share in the same quarter of last year.

Consolidated revenues for the first half totaled C$398.1 million, up 1% from C$393.6 million reported in the equivalent quarter of the previous year.

CJR on NYSE closed Tuesday's trading session at $11.08, while CJR-B.TO closed Tuesday's trading at C$13.83 on TSX.

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