11:35 AM EDT, 04/11/2025 (MT Newswires) -- (Adds analyst comment and updates shares)

Corus Entertainment (CJR-B.TO) on Friday reported its fiscal second-quarter adjusted loss widened and came in under the consensus estimate compiled by FactSet.

For the three months ended Feb. 28, the company reported an adjusted loss attributable to shareholders of $42.7 million, or $0.21 per share, compared with a loss of $5.9 million, or $0.03, a year earlier. The consensus estimate compiled by FactSet was for a loss per share of $0.12.

Revenue fell 10% to $270.4 million from $299.5 million a year-ago, in-line with analyst expectations for the period.

"Our television advertising revenue was modestly ahead of our outlook for the second quarter ... at the same time, we recognize that the industry landscape remains challenging with limited visibility," said Co-Chief Executive and Chief Financial Officer John Gossling. "As such, importantly, we have taken significant steps to progress our capital and debt plan, and our updated credit facility provides enhanced stability as we pursue further right-sizing initiatives and targeted growth opportunities to create a more sustainable future."

The company expects over-supply of premium digital video inventory from foreign competitors and continued generally lower demand for linear advertising in the third quarter. Year-over-year percentage declines in Television advertising revenue in its third quarter are expected to be in the mid-teens.

Corus added it will continue with its implementation of additional cost reduction initiatives and expects general and administrative expenses to decline in the range of 5% to 10% for the third quarter, compared with the prior year.

National Bank of Canada said that projected values in its net asset value are negative, and "it's hard for us to ascribe any remaining value for equity holders." The bank maintained an underperform rating and a price target of $0.01 on shares of Corus.

Shares of the company were last seen down 0.015 to $0.10 on the Toronto Stock Exchange.

Price: 0.10, Change: -0.02, Percent Change: -13.04