VANCOUVER – Record wireless customer additions made up for the impact of the strike in 2005 for Telus, the company reported this morning.
Fourth quarter revenue was $2.1 billion, a 6% increase compared to Q4 2004 "due to continued strong wireless performance, including record wireless net additions," says this morning’s press release. Operating earnings (EBITDA) were down 4% due to higher temporary expenses associated with the extended labour disruption in Western Canada that ended in late November.
Reported earnings per share (EPS) for the fourth quarter were 22 cents, compared to 38 cents for the same period a year ago, reflecting primarily the labour disruption, higher restructuring costs and a non-recurring six cent financing charge for the early retirement of $1.6 billion of debt. Normalizing for these items and tax related and other adjustments, EPS would have increased 40% over the same period last year. Free cash flow remained robust at $110 million during the quarter, down $12 million or 10% from a year ago.
"Telus’ fourth quarter results reflect strong growth in wireless and data. Telus achieved record fourth quarter and full year wireless subscriber net additions (of 585,000) and continued increases in revenue per unit that resulted in annual wireless revenue and EBITDA growth of 16% and 14% respectively… Moreover, the recent merger of our wireline and wireless operations into a single operating structure improves our economies of scale and ability to leverage the ongoing convergence of wireline and wireless technology for our customers," said company president and CEO Darren Entwistle.
