Specialty TV and marketing company Headline Media posted a slim profit for the third quarter, a significant turnaround as cuts and job losses six months ago take effect.
The Toronto-based company posted a profit of C$300,000 ($214,000) for the third quarter ended May 31. That compares to a loss of $4.3 million for the same quarter last year.
Headline owns The Score Television Network and PrideVision, Canada’s gay and lesbian specialty television network. The 33% owner Alliance Atlantis was forced to write down its investment from $19.5 million to $2.3 million.
Revenue for the quarter fell slightly to $6.5 million due to a dip in revenue from the company’s sports and entertainment marketing group, from $3.2 million to $2.2 million. A 21.7% jump in TV ad revenues to $4.2 million helped offset the drop.
The company said that it does not expect to sustain the growth rates evident in the third quarter, traditionally the strongest of the year.