Exhibit 99.1
For the Three Months Ended November 30, 2009
(Unaudited)
First Quarter 2010
Report to Shareholders
CORUS ENTERTAINMENT INC.
First Quarter Report to Shareholders
TABLE OF CONTENTS
HIGHLIGHTS
3
Significant Events in the Quarter
3
Significant Events Subsequent to the Quarter
4
Management’s Discussion and Analysis
5
Overview of Consolidated Results
5
Revenues
5
Direct cost of sales, general and administrative expenses
6
Depreciation
6
Interest expense
6
Disputed regulatory fees
6
Other expense (income), net
6
Income taxes
6
Net income and earnings per share
6
Other comprehensive income (loss), net of tax
7
Radio
7
Television
8
Corporate
9
Quarterly Consolidated Financial Information
9
Risks and Uncertainties
10
Outlook
10
Financial Position
10
Liquidity and Capital Resources
11
Cash flows
11
Net debt to segment profit
12
Off-balance sheet arrangements and derivative financial instruments
12
Contractual commitments
12
Outstanding Share Data
12
Changes in Internal Control Over Financial Reporting
12
Key Performance Indicators
12
Free cash flow
12
Net debt
12
Net debt to segment profit
13
Impact of New Accounting Policies
13
Recent Accounting Pronouncements
13
Consolidated Financial Statements and Notes
16
2
CORUS ENTERTAINMENT INC.
First Quarter Report to Shareholders
HIGHLIGHTS
Three months ended
(These highlights are derived from the unaudited consolidated financial
statements)
(thousands of Canadian dollars, except per share data)
November 30,
2009
2008
Revenues
222,329