Baton makes small profit in year of change

Article Abstract:

Baton Broadcasting Inc.'s profit slightly increased to C$6.17 million for the year ended Aug. 31, 1998, from a profit of C$2.16 million for fiscal year 1997 after effecting changes for several years. In addition, the Toronto, Canada-headquartered company posted a share profit of 15 cents per share on 40.2 million shares outstanding in fiscal 1998 compared with a share profit of 14 cents per share on the 28.2 million shares outstanding for fiscal 1997. In the last one and a half years, Baton has completed a TV station exchange with CHUM Ltd., started operating Electrohome Inc.'s broadcasting assets, obtained control of CTV Television Network and unveiled an over-the-air station in Vancouver, Canada, and four new specialty channels across Canada.

Comment:

Its profit slightly rises to C$6.17 mil for the year ended 8/31/98 from a profit of C$2.16 mil after changes for several years

Baton Broadcasting Inc.

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WIC profit sinks on ownership turmoil

Article Abstract:

WIC Western International Communications Ltd., a Canada-based broadcasting firm, has reported a profit decline to C$6.6 million in fiscal year 1998 ending August 31, 1998 due largely to ownership-related costs. The decline was attributed to the C$27-million charge it had to pay as penalty when it changed its ownership. The company was required to pay the charges, which are part of its C$150-million private placement of senior notes in a bank in late 1996 that is due to mature on October 11, 2006. Another charge of C$6 million in takeover advisory costs was also paid when Emil Griffiths sold her interests in WIC in the spring of 1998. WIC would have reported corporate profits of C$25 million without the costs from the change of ownership.

Comment:

Reports a profit decline to C$6.6 million in FY 1998 ending 8/31/98 due largely to ownership-related costs

WIC Western International Communications Ltd.

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CanWest's $200.1-million profit buoyed by Network Ten deal

Article Abstract:

CanWest Global Communications Corp. has reported a profit of C$200.1 million for the fiscal 1998, with most of the profit from the sale of its stake in Network Ten operation. CanWest sold 19% interest in Network Ten, an Australian television operation. The sale contributed C$61 million to CanWest's C$200.1 million profit. CanWest's company-wide profit for the quarter dropped 26%, to C$18.2 million, chiefly because of the sale of the company's stake in Network Ten. CanWest has broadcasting companies in Australia, New Zealand, Ireland and Canada.

Comment:

Reports a profit of C$200.1 mil for the fiscal 1998, w/ most of the profit from the sale of its stake in Network Ten operation

CanWest Global Communications Corp.

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