CBC/Radio-Canada releases its second quarter financial report

November 30, 2011

CBC/Radio-Canada today reported its consolidated financial results for the second quarter of fiscal year 2011–2012.

"CBC/Radio-Canada's quarterly reports provide us with yet another opportunity to connect with Canadians, and actively demonstrate our accountability and transparency." said Hubert T. Lacroix, President and CEO of CBC/Radio-Canada. "This process allows us to share with the public our analysis of the Corporation's current situation, while at the same time providing a snapshot of our quarterly finances and activities."

The net results for the quarter before non-operating items was $28.5 million, compared to $44.9 million for the second quarter of the previous fiscal year.

CBC/Radio-Canada saw growth in its revenues in the second quarter,” said Suzanne Morris, Vice-President and CFO of CBC/Radio-Canada. “This is largely the result of an increase in Local Programming Improvement Fund (LPIF) contributions, with 20 stations eligible for funding this year compared to 17 in 2010-2011.” CBC/Radio-Canada’s Strategy 2015 relies on the fund to sustain and improve local TV programming, particularly in underserved local markets.

Second Quarter Financial Highlights

Three months ending September 30th (in thousands of dollars)
2011 2010 $change
Revenues 128,076 123,402 4,674
Expenses (389,577) (379,201) (10,376)
Government funding 269,955 300,680 (10,725)
Net results before non-operating items 28,454 44,881 (16,427)

The Corporation’s operating expenses also increased compared to the second quarter last year. Increases occurred in television, radio and digital services and reflect enhanced conventional and digital programming schedules.
The increase also includes one-time costs incurred for various efficiency-generating projects and initiatives.

CBC/Radio-Canada is currently on track to meet its overall 2011–2012 business plan expectations. In light of the climate of economic uncertainty that arose in the second quarter, however, the Corporation is closely monitoring its results and advertising revenue forecasts in a slowing market.

CBC/Radio-Canada’s second quarter financial report, along with its other reports to Parliament, is available here.

About CBC/Radio-Canada

CBC/Radio-Canada is Canada's national public broadcaster and one of its largest cultural institutions. The Corporation is a leader in reaching Canadians on new platforms and delivers a comprehensive range of radio, television, Internet, and satellite-based services. Deeply rooted in the regions, CBC/Radio-Canada is the only domestic broadcaster to offer diverse regional and cultural perspectives in English, French and eight Aboriginal languages, plus seven languages for international audiences

For additional information, please contact:

Search highlight tool