Cogeco reports fiscal Q2 progress

10 Apr 2014

Canadian cable TV, broadband and telephony operator Cogeco Cable reported that at the end of its fiscal second quarter on 28 February 2014, 68% of its Canadian cable services customers subscribed to two or more of its services (67% in February 2013), including 32% double-play (30% in 2013) and 36% triple-play (37%). 32% (33%) of Cogeco’s Canadian customers subscribe to a single-play package. High speed internet customers reached 672,981 at the end of the period, up by 4,724 in a quarter, while telephony users dropped by a net 6,352 in the three-month period to 473,244, and CATV subscriptions also fell, by 11,797 to 815,852. Fiscal 2014 second-quarter Canadian revenue increased by 2.3% year-on-year to CAD313.2 million (USD286.9 million), mainly attributable to rate increases implemented in mid-2013 in Quebec and Ontario. Fiscal 2Q14 adjusted EBITDA amounted to CAD157.8 million, or 4.9% higher than in the same period of the prior year, mainly attributable to revenue growth combined with operating expense reduction, and driving the quarterly operating margin up to 50.4% from 49.1% year-on-year.

Including its US cable operations Cogeco reported that its net profit rose to CAD60.4 million in the three months to the end of February 2014, up from CAD51.0 million a year earlier, on total revenues which rose 13% to CAD486 million.

Canada, Cogeco Connexion