The company reported net income attributable to shareholders of $11.9 million ($0.06 income per share basic) for the quarter with its net debt to segment profit ratio at 4.48, up from 3.84 times in the previous quarter. On an adjusted basis, the company says it earned 14 cents per share in Q1, compared with adjusted profit of 20 cents per share in the same quarter last year.

Free cash flow was down to negative $10.1 million in Q1 2025, compared to $23.7 million in the same prior year period, mainly attributable to lower cash provided by operating activities. As of Nov. 30, the company had $87.6 million of cash and cash equivalents and $31.3 million available to be drawn under its revolving facility.

TV revenue fell 11% to $303.6 million, compared with $342.4 million in the same quarter last year – including a 16% dip in advertising revenue – while radio revenue dropped 14% to $23.5 million, from $27.5 million year-over-year.

“Our results were in line with the first quarter outlook we provided, reflecting the return to a regular fall programming schedule and lower advertising demand,” said John Gossling, Co-Chief Executive Officer and Chief Financial Officer, in a statement. “We are encouraged by the emerging strength of our product and audiences but given industry and economic conditions, our commitment to pursue further cost reductions remains an integral part of our more comprehensive plan to right-size our business, increase our focus on high-margin assets with growth potential and take necessary steps to strengthen our balance sheet.”