WINNIPEG – Manitoba Telecom Services reported its Q3 results today, showing increases in revenue, cash flow and EBITDA while it patiently waits to hear from the CRTC and the federal government whether or not the announced $3.9 billion acqusition by BCE can move forward.
"We have made substantial progress on our transformational initiatives in Q3. Having just completed the first year of a three-year program, we have now identified nearly two-thirds of the $100 million in expected free cash flow improvements, and this, combined with our strong operational performance has generated strong year-over-year growth in free cash flow," said Jay Forbes, MTS president and CEO in a press release. "We continue to work with BCE and regulators to secure timely approvals of the combination with MTS.”
Also in Q3 2016, MTS initiated a voluntary workforce reduction program for certain employees who are not in customer-facing roles. As a result of this program, we are and is eliminating approximately 80 positions.
The transaction must still be approved by the Competition Bureau and Innovation, Science and Economic Development Canada (ISED). CRTC approval is also required, but only for the company’s BDU operations.
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