WIC RELEASES OPERATING RESULTS
By Adnews Staff
Western International Communications Limited of Vancouver has released its operating results for the nine months ending May 31, 1999. According to Peter Classon, president and chief executive officer of WIC, the results show positive revenue trends in the premium television and radio divisions. However, restructuring initiatives undertaken during the year took a bite out of net operating results. Net earnings were $19.1 million compared to $19.8 million for the same period the year before. Net investment income is $7.1 million lower then last year and investment income for the same period reflected $7 million from the gain on the sale of WIC's interests in the CTV Television Network and other investments. The radio division of WIC experienced a 9 percent increase in advertising revenues over the same period last year. The FM markets in Edmonton and Calgary led the increase. The premium or subscription television division saw a 29 percent increase in revenues as the Direct-to-Home subscriber base continued to grow. The conventional television division reported a 4 percent decrease in revenue over the same period the year before as a result of the increase in specialty channels and the introduction of new stations in Montreal and Vancouver.