Page 1

Corus® CORUS ENTERTAINMENT ANNOUNCES FISCAL 2021 FOURTH QUARTER AND YEAR END RESULTS • Consolidated revenue increased 13 % for the quarter and 2 % for the year • Consolidated segment profit ( ¹ ) increased 9 % for the quarter and 4 % for the year • Consolidated segment profit margin ( ¹ ) of 28 % for the quarter and 34 % for the year • Net income attributable to shareholders of $ 19.9 million ( $ 0.10 per share basic ) for the quarter and $ 172.6 million ( $ 0.83 per share basic ) for the year • Net debt to segment profit ( ¹ ) of 2.76 times at August 31 , 2021 , down from 3.18 times at August 31 , 2020 • Free cash flow ( 1 ) of $ 35.2 million for the quarter and $ 251.9 million for the year TORONTO , October 22 , 2021 - Corus Entertainment Inc. ( TSX : CJR.B ) announced its fourth quarter and year end financial results today . " The benefits we are seeing from the disciplined execution of our strategic plan , in concert with emerging powerful tailwinds from the economic recovery , have resulted in yet another impressive quarter of top and bottom - line growth , " said Doug Murphy , President and Chief Executive Officer . " Our winning Fall schedule is already delivering a strong start to the new fiscal year . We will maintain the focus on our balanced capital allocation strategy , with free cash flow directed towards the pursuit of our leverage target while we fund our attractive dividend and invest in the incredible opportunities we see in digital video , advertising innovation and our owned content business . " Financial Highlights Three months ended August 31 , 2020 % Change 2021 Year ended August 31 , 2020 % Change ( in thousands of Canadian dollars except per share amounts ) Revenue 2021 Television Radio Segment profit ( loss ) ( ¹ ) Television ( 2 ) Radio ( 2 ) Corporate ( 2 ) 335,844 25,411 361,255 299,122 19,274 12 % 32 % 318,396 13 % 1,446,287 97,196 1,543,483 1,408,238 3 % 102,998 1,511,236 ( 6 % ) 2 % 110,026 98,787 11 % 549,159 508,715 8 % 4,316 1,195 261 % 14,151 16,023 ( 12 % ) ( 11,642 ) ( 5,480 ) 112 % ( 38,692 ) ( 18,899 ) 105 % 102,700 94,502 9 % 524,618 505,839 4 % Segment profit margin ( ¹ ) Television Radio Consolidated 33 % 33 % 38 % 36 % 17 % 6 % 15 % 16 % 28 % 30 % 34 % 33 % Net income ( loss ) attributable to shareholders Adjusted net income attributable to shareholders ( 1 ) 19,920 30,278 ( 34 % ) 172,550 ( 625,362 ) n / m 21,669 33,181 ( 35 % ) 182,218 158,057 15 % Basic earnings ( loss ) per share $ 0.10 $ 0.15 $ 0.83 ( $ 2.98 ) Adjusted basic earnings per share ( 1 ) $ 0.10 $ 0.16 $ 0.88 $ 0.75 Diluted earnings ( loss ) per share $ 0.10 $ 0.15 $ 0.83 ( $ 2.98 ) Free cash flow ( 1 ) 35,181 87,353 ( 60 % ) 251,947 296,247 ( 15 % ) ( 1 ) Segment profit ( loss ) , segment profit margin , adjusted net income ( loss ) attributable to shareholders , adjusted basic earnings per share , free cash flow and net debt to segment profit do not have standardized meanings prescribed by International Financial Reporting Standards ( " IFRS " ) . The Company believes these non - IFRS measures are frequently used as key measures to evaluate performance . For definitions , explanations and reconciliations see discussion under the Key Performance Indicators section of the Fourth Quarter 2021 Report to Shareholders . ( 2 ) Segment profit included $ 1.0 million in Q4 ( Television : $ 1.1 million ; Radio : $ 0.2 million ; Corporate reduction of $ 0.3 million ) and $ 13.5 million for the year ( Television : $ 11.1 million ; Radio : $ 1.9 million ; Corporate : $ 0.5 million ) of estimated Canada Emergency Wage Subsidy ( " CEWS " ) benefit and a reduction in the relief on CTRC regulatory fees of $ 0.2 million in Q4 ( Television $ 0.3 million reduction , offset by Radio increase of $ 0.1 million ) and $ 8.6 million for the year ( Television : $ 7.5 million ; Radio : $ 1.1 million ) . In the prior year , segment profit included $ 17.5 million in Q4 ( Television : $ 14.3 million ; Radio : $ 2.1 million ; Corporate : $ 1.1 million ) and $ 34.9 million for the year ( Television : $ 27.8 million ; Radio : $ 4.7 million ; Corporate : $ 2.3 million ) of estimated CEWS benefit . corus . Fiscal 2021 Fourth Quarter Press Release | 1