DHX Media reports bigger Q1 loss due to reorganization and foreign exchange loss

DHX Media reports bigger Q1 loss due to reorganization and foreign exchange loss
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HALIFX, N.S. — DHX Media Ltd. reported its first-quarter loss grew compared with a year ago as it was hit by one-time reorganization charges and a non-cash foreign exchange loss.

The company, which is changing its name to Wildbrain, says the loss amounted to $16.0 million or 12 cents per share for the quarter ended Sept. 30 compared with a loss of $2.4 million or two cents per share a year earlier.

Revenue at the producer and distributor of child and youth-oriented programming totalled $112.3 million, up from $104.0 million in the same quarter last year.

DHX launched a management reorganization in September that cost it $5.4 million in the quarter.

The reorganization is expected to cost a total of $10 million to $12 million by the end of its financial year, but the company believes it will generate about $10.0 million in annualized savings.

The changes at the company follow the appointment of Eric Ellenbogen, a former president and chief executive of Marvel Enterprises, as DHX’s new chief executive earlier this year.

This report by The Canadian Press was first published Nov. 6, 2019.

Companies in this story: (TSX:DHX)

The Canadian Press

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