CALGARY – Revenue and profits at Shaw Communications are on the rise for the first quarter of 2012.
Consolidated revenue for the three month period ended November 30, 2011 was up 19% to $1.28 billion, while total operating income before amortization was $566 million, an 18% increase over the same period last year.
Net income was $202 million for the quarter compared to $16 million for the same period last year, though the company did record a $139 million charge related to its acquisition of Shaw Media, plus restructuring expenses of $58 million. Excluding the non-operating items, net income for the quarter would have been $210 million compared to $164 million in the same period last year.
Customer growth and price changes in the Cable division helped to drive up revenues 4% to $792 million. Shaw lost approximately 22,000 basic cable subscribers to end the quarter with 2.27 million. Digital cable subscribers grew 59,000 to 1.88 million; Internet customers increased to 1.89 million; and digital phone lines were 1.26 million.
Revenue in the Satellite division was $209 million for the three month period, up 1% from $206 million for the same period last year. Shaw Direct ended the quarter with 909,414 customers, an increase of 531 customers.
The Shaw Media division reported quarterly revenues of $299 million, which the company said reflected the softening of the advertising market as a result of the economic uncertainty.
CEO Brad Shaw called the company’s performance “solid”, praising its continued growth “despite a volatile economic and competitive environment”.
“Our performance is on track. Our management team continues to execute on the necessary strategic initiatives in this highly competitive environment”, he said in a statement. “Our commitment to customer service and the strength of our delivery system, including our network infrastructure and employee base, have us positioned to deliver another year of solid financial and operational performance.”
In related company news, Shaw voted to hike its annual dividends by 5%.
