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Shaw releases fourth quarter and fiscal year results; Canwest purchase approved

25 Oct 2010

Canadian cableco Shaw Communications has posted consolidated service revenues of CAD938.9 million (USD915.8 million) and CAD3.72 billion for the three- and twelve-month periods ending 31 August 2010, showing improvement of 7.6% and 9.6% respectively for its fiscal fourth quarter and full-year. Net income was CAD121.6 million in the three months ended 31 August 2010, down by 2.2% year-on-year, whilst twelve-month net profit decreased by 0.7% to CAD532.7 million compared to fiscal FY09. At 31 August 2010 basic cable customers stood at 2,333,438, showing growth of just 2,559 in fiscal 4Q and 2,410 in the fiscal year. Internet customers reached 1,818,347 at the same date, up by 21,374 in 4Q and 110,012 in the fiscal year. Digital phone lines totalled 1,096,306 at end-August, an increase of 51,896 in 4Q and 234,402 in the year. Direct-to-home (DTH) satellite TV customers stood at 905,796 (up by 831 and 4,855 in 4Q and FY).

Shaw has also announced that the Canadian Radio-television and Telecommunications Commission (CRTC) has issued a decision approving Shaw’s acquisition of all of the broadcasting assets of Canwest Global Communications Corp (Canwest). This transaction includes the acquisition of 100% of the over-the-air and specialty television businesses of Canwest. As part of its decision, the CRTC requires that Shaw contribute approximately CAD180 million in new benefits to the broadcasting system over the next seven years. Closing of the transaction is scheduled for 27 October 2010. The aggregate purchase price to be paid by Shaw for the Canwest broadcasting assets – including amounts paid prior to closing, to acquire the shares of CW Investments from the GS Entities and the net debt of CAD815 million to be assumed at the CW Media Group level – will be approximately CAD2 billion.

Canada, Shaw Communications (owned by Rogers)

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