Shaw announces results for second fiscal quarter

16 Apr 2012

Canadian cableco Shaw Communications has released its financial and operating results for the three and six months ended 29 February 2012. Consolidated revenue for the three- and six-month periods of CAD1.23 billion (USD1.23 billion) and CAD2.51 billion, respectively, rose 3% and 10% over the comparable periods in the preceding fiscal year. Total operating income before amortisation of CAD493 million declined 2% over the comparable quarterly period, and the year-to-date amount of CAD1.06 billion improved almost 8%. Net income from continuing operations of CAD178 million for the quarter compared to CAD172 million for the same period last year. Six-month net income from continuing operations was CAD380 million, up from CAD189 million year-on-year. The prior year-to-date period included a charge of CAD139 million for the discounted value of the regulator benefit obligation related to the acquisition of Shaw Media, as well as business acquisition, integration and restructuring expenses of CAD61 million. Excluding non-operating items, net income from continuing operations for the three and six months ended 29 February 2012 would have been CAD178 million and CAD388 million, respectively, compared to CAD171 million and CAD335 million y-o-y. Revenues at Shaw’s cable division grew 5% for each of the three- and six-month periods, to CAD804 million and CAD1.60 billion. Cable operating income before amortisation for the quarter fell 5% to CAD352 million, while the year-to-date figure climbed 1% to CAD729 million. Cable broadband internet customers reached a total of 1.907 million, following net additions of nearly 19,000 in the December-February quarter. Digital telephony customers increased by over 54,000 in three months to reach a total of 1.31 million.

Canada, Shaw Communications