Cogeco releases quarterly results

10 Jul 2008

Canadian and Portuguese cable network operator Cogeco Cable has announced financial and operating results for its fiscal third quarter ended 31 May 2008. Consolidated revenues increased by 13.8% to CAD283.9 million (USD279.5 million) in the quarter and by 13.6% to CAD816 million in Cogeco’s fiscal first nine months. Operating income from continuing operations before amortisation grew by 22.4% to CAD117.2 million in the quarter and by 21.1% to CAD327.8 million in nine months. At the end of May total revenue generating units (RGUs) reached 2.675 million, with the company reporting 1.159 million basic cable customers, 628,978 high speed internet (cable modem) subscribers and a cable local telephony user base of 447,569. In Canada, the number of net additions to Cogeco’s broadband internet service stood at 8,480 customers, whilst it saw a net loss of 520 basic cable users in the Canadian market; net new telephony customers in Canada in the March-May period were 17,113 to reach 200,165. Telephony service coverage, as a percentage of homes passed by the Canadian cable network, reached 83%, compared to 77% a year earlier. Broadband internet and basic cable customers at Portuguese unit Cabovisao decreased by 1,615 and 1,069 in the quarter, respectively, whilst telephony subscribers grew by 2,445.

Cogeco expanded its telephony service to 24 additional Canadian towns/cities in its third fiscal quarter (16 in Quebec and eight in Ontario), and said it had launched the service in a further nine locations since the end of May. Cogeco also announced that on 30 June it completed the acquisition of all the assets of FibreWired Burlington Hydro Communications, Burlington Hydro Electric’s telecoms division for a total consideration of CAD12.5 million. Cogeco Cable will use this network to expand its commercial broadband service offering in the area, which is in its existing cable footprint.

Canada, Portugal , Cogeco Connexion, Nowo (formerly Cabovisao)

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