Cogeco reports strong Q1 performance, tweaks 2010 targets

MONTREAL – Cogeco Inc. will raise its 2010 financial targets thanks in large part to steady growth at its Canadian cable operations.For the first quarter ended November 30, 2009, Cogeco said that revenue increased by 6% to reach $317.4 million, and operating income before amortization grew 5.9% to top $122.6 million.Net income amounted to $56.7 million. Excluding a favourable income tax adjustment related to the reduction of Ontario provincial corporate income tax rates, net income would have amounted to $26.9 million, a 17.2% increase compared to the first quarter of fiscal 2009.The company now anticipates that annual revenue for its...