WIC REPORTS STRONGER REVENUES
By Adnews Staff
Vancouver-based WIC Western International Communications has reported an increase in revenues for the year ending Aug. 31, 1998. Revenues were $570 million, compared to $485 million in 1997. In the broadcast division, which is comprised of TV, subscription TV and radio operations, revenues jumped 17% to $452 million. This is largely due to the company's 70% acquisition of CFCF Television in Montreal. Revenues in the delivery division rose from $99 million to $119 million. Net earnings for WIC dropped to $6.6 million, compared to $10 million last year. During the year, financial results were affected by about $6 million of takeover advisory costs, as well as $27.1 million of charges related to long-term debt redemption. WIC operates two divisions: broadcast and delivery. The broadcast group owns nine TV and 12 radio stations, as well as WIC Premium Television, a subscription and pay-per-view service. The delivery division is comprised of WIC Connexus, a unit developing the Local Multipoint Communications System and company's majority interest in Canadian Satellite Communications.