DHX Media disappointed by underperformance of Teletubbies in U.S. market
Posted Sep 28, 2017 09:16:52 AM.
This article is more than 5 years old.
HALIFAX – DHX Media Ltd. (TSX:DHX.B) says its “Teletubbies” programming for pre-school children has underperformed in the United States, contributing to disappointing financial results for fiscal 2017 _ especially in its fourth quarter.
Revenue for the three-months ended June 30 was down 16.3 per cent from a year earlier, falling to $87.6 million, while its fourth-quarter loss ballooned to $18.3 million.
The Halifax-based company says it has initiated a cost-reduction program and realigned the management team.
It’s also anticipating that its recent acquisition of rights to the Peanuts cartoon characters and the Strawberry Shortcake franchise will help accelerate growth.
Despite the disappointing financial results, DHX Media is raising its quarterly dividend by five per cent to two cents, payable Oct. 25.
DHX Media says its revenue for the 12 months ended June 30 was $298.7 million, down two per cent from fiscal 2016, while the full-year net loss of $3.6 million compared with a year-earlier profit of $27.7 million.
