ASTRAL REPORTS A GOOD THIRD QUARTER
By Adnews Staff
Astral Communications Inc. of Montreal this week announced improved earnings, cash flow and revenues in the third quarter ended May 31. Cash flow was up 25% to $6 million. Revenues for the quarter were $84.2 million, up from 82.6 million for the same period last year. Earnings increased to $5.9 million, compared to $5.4 million a year earlier. In other news from Astral, the company announced last Friday that it has signed an agreement to sell its 103-store retail photographic division to Black Photo Corp. of Markham, Ont. This deal should go down before the end of September. "While the roots of Astral were in photography, our business has changed dramatically over the years and we felt it was essential that we move forward," says Astral chairman Harold Greenberg in a release. "The sale of our photographic division will enable us to concentrate and grow our core businesses of broadcasting and entertainment."