Ulster Television Reports 48 Percent Profit Increase - CanWest To Receive $14.5 Million Dividend From UTV.WINNIPEG, MANITOBA--(BUSINESS WIRE)--Feb. 22, 1999--CanWest Global Comm. (TSE See Tokyo Stock Exchange.
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CWG Commercial Working Group (TAT-14) ) CanWest Global Communications CanWest Global Communications Corp. TSX: CGS TSX: CGS.A NYSE: CWG is one of Canada's largest international media companies. The company's head office is situated in Winnipeg, Manitoba, at the tallest building (CanWest Global Place) in the city and it is on the Corp., Canada's leading international media company, today reported results from Ulster Television plc (UTV UTV Ulster Television
UTV Utility Terrain Vehicle
UTV Unmanned Transport Vehicle ) based in Belfast, Northern Ireland. UTV's reported net income rose 48 percent largely based on increased advertising revenue and its signal expansion into the Republic of Ireland. CanWest holds 29.9 percent of UTV, the ITV (1) See interactive TV.
(2) (iTV) The code name for Apple's video media hub (see Apple TV). franchise for Northern Ireland.
In addition to the improved results, UTV announced it would be paying a special dividend of 35 pence per share on top of the already anticipated dividend of 6.3 pence per share. CanWest will record dividend income of C$14.5 million during the second quarter of fiscal 1999. The special dividend income will mean an additional $0.09 per share to CanWest shareholders.
"This is certainly a welcome payback from our investment in Northern Ireland," said Leonard Asper, Chief Operating Officer Chief Operating Officer (COO)
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of CanWest Global Communications Corp. "It is largely due to UTV's signal expansion into the robust economy of the Republic of Ireland The economy of Ireland is modern and trade-dependent with growth averaging a robust 10% in 1995–2000. Agriculture, once the most important sector, is now dwarfed by industry, which accounts for 46% of GDP, about 80% of exports, and employs 29% of the labour force. , and it validates our pan-Irish broadcasting strategy." CanWest also has a controlling (45 percent) interest in TV3, the Republic of Ireland's first and only domestic private broadcaster. Asper added that UTV's outstanding results are not at the expense of TV3.
"Both our Irish operations are doing well and UTV's results are more an indication of a well managed operation and the good health of the Irish advertising market," said Asper.
UTV reported the increase in net income for 1998 largely based on an increase in advertising sales over the year. Net income was bolstered by the sale of its one-sixth holdings of Societe Europeenne des Satellites (S.E.S.). Profits of UTV rose to 8.45 million pounds sterling from 5.72 million pounds sterling the year previous, an increase of 13.3 percent.
CanWest's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Peter Viner said the outstanding performance of the operations in Ulster are a clear signal that CanWest has made the right move into Ireland both in Ulster and the Republic. "This also validates our global expansion strategy," said Viner. "While markets in New Zealand have experienced some softness, Northern Ireland, the Republic of Ireland and the European Community in general are on a significant upswing and these operations will take full advantage of that."
UTV also reported impressive ratings results for the year. UTV was once again the highest rated ITV carrier in the United Kingdom with 36.5 percent of the viewing audience and it was a ratings winner during prime time with 41.7 percent of all the television viewers in Northern Ireland. CanWest COO Leonard Asper noted that "these numbers were achieved while providing Irish viewers with substantially more regional programming than required."
CanWest Global Communications Corp. (NYSE: CWG and TSE: CGS.S and CGS.A) is an international media company. In Canada, CanWest owns and operates the Global Television Network and Global Prime Cable Network as well as Fireworks fireworks: see pyrotechnics.
Explosives or combustibles used for display. Of ancient Chinese origin, fireworks evidently developed out of military rockets and explosive missiles and accompanied the spread of military explosives westward to Entertainment Inc., a production and distribution company. Internationally, CanWest owns and operates New Zealand's TV3 and TV4 Television Networks and the More FM Radio Network. The Company also has significant investments in Australia's TEN Television Network, the Republic of Ireland's new TV3 Television Network, and Northern Ireland's Ulster Television.