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DHX Media of Halifax records $18.4-million loss in third quarter


DHX Media, with a majority stake in Peanuts, reported a loss of $18.4 million (14 cents loss per share) on revenue of $110 million for the three months that ended on March 31. - DHX Media Ltd.
DHX Media, with a majority stake in Peanuts, reported a loss of $18.4 million (14 cents loss per share) on revenue of $110 million for the three months that ended on March 31. - DHX Media Ltd.

DHX Media Ltd., the global children’s content and brands company based in Halifax, reported on Tuesday a sluggish third quarter of 2019.

For the three months that ended on March 31, DHX announced it recorded a loss of $18.4 million (14 cents loss per share) on revenue of $110 million. During the same quarter in 2018 DHX had a loss of $8 million (six cents per share) on revenue of $116.5 million.

The net loss was affected by a $34.2 million write-down in the third quarter, related to investment in film, licensed television programs, acquired content, and intangible assets, the company stated.

Earnings before interest, taxes, depreciation and amortization in the third quarter this year was $20.1 million, compared to an EBITDA of $26.7 million in the third quarter of 2018.

Year to date, DHX reported a loss of $38.7 million (29 cents per share) on total revenue of $331 million. During that same period last year, DHX had a profit of $7.6 million (six cents per share) on total revenue of $337 million.

EBITDA year to date was $59.4 million compared to EBITDA in the first nine months of 2018 of $81.5 million.

“When I stepped back into the role of CEO a year ago I had several priorities,” Michael Donovan, CEO and executive chairman said in a company statement. “These (priorities) included: building our premium content strategy; repositioning our assets to align with current market opportunities; expanding WildBrain, our industry-leading children’s AVOD network; reducing debt; and finding my successor."

“We have made significant progress on all these fronts. Once the new CEO is appointed I look forward to continuing on as executive chair."

During the third quarter, DHX management said that major streaming services and broadcasters continued to turn to DHX Media for original programming.

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