WIC OPERATING INCOME UP, NET EARNINGS DOWN
By Adnews Staff
Vancouver-based WIC Western International Communications reported an increase of operation income for the first quarter of 1999. Operating income for the time period was $34.1 million, compared to $32 million during the same period last year. Net earnings were $11.1 million, compared to $17.5 million in 1998. Net income was lower because of the costs of restructuring and lower investment income. Revenues for the quarter jumped to $161.9 million, compared to $160.2 million for the same quarter last year. The broadcast division, which is comprised of TV, subscription TV and radio, increased its revenue by 5.9% to $134.9 million, compared to $127.4 million last year. Revenues for WIC's radio stations jumped from $20.7 million to $22.3 million, with the biggest improvements being in the Alberta market. WIC is a broadcasting and communications company. It owns nine TV and 12 radio stations, as well as WIC Premium Television, a subscription and pay-per-view service. The Delivery Division consists of WIC's majority interest in Cancom and WIC Connexus.