TVA GROUP REPORTS Q1 2022 RESULTS – Benzinga – Press Release

MONTREAL, May 9, 2022 /CNW/ – TVA Group Inc. (“TVA Group” or the “Corporation”) announced today that it recorded operating revenues in the amount of $144.5 million for the first quarter of 2022, a year-over-year increase of $3.7 million. Net loss attributable to shareholders was $13.0 million or $0.30 per share, compared with net loss attributable to shareholders of $4.5 million or $0.10 per share for the same quarter of 2021.

First quarter operating highlights:

• $9,721,000 in consolidated negative adjusted EBITDA[1], an $11,857,000 unfavourable variance from the same quarter of 2021.
• $15,468,000 in negative adjusted EBITDA¹ in the Broadcasting segment, an $11,886,000 unfavourable variance mainly due to a decrease in profitability at TVA Network, which increased its investments in content, and to the decrease in Qolab’s adjusted EBITDA¹ due to lower volume of activities. The variances were partially offset by increased profitability at “TVA Sports,” which had to absorb significant content costs in the first quarter of 2021 as a result of the change in the broadcast schedule for the National Hockey League 2020-2021 season.
• $3,844,000 in adjusted EBITDA¹ in the Film Production & Audiovisual Services (“MELS”) segment, a $216,000 favourable variance stemming primarily from an increase in profitability of soundstage, mobile and equipment rental services and virtual production services, whereas the segment’s other activities recorded decreased profitability.
• $440,000 in adjusted EBITDA¹ in the Magazines segment, a $1,323,000 unfavourable variance due mainly to reduced government assistance and lower newsstand revenues, which were not entirely offset by cost-reduction measures and savings in operating expenses.
• $1,553,000 in adjusted EBITDA¹ in the Production & Distribution segment, a $1,261,000 favourable variance generated primarily by Canadian and international distribution of films produced by Incendo.

“First quarter results were largely affected by the reduced…

The post TVA GROUP REPORTS Q1 2022 RESULTS – Benzinga – Press Release appeared first on CaymanMama.com.

from CaymanMama.com https://ift.tt/FfVPZqG