Shaw Communications today announced first quarter financial and operating results:
• First quarter consolidated revenues improved 3% over the same period last year and operating income before amortization was up 6%.
• Cable, Satellite and Media operating income before amortization was up 5%, 7% and 9%, respectively.
• Net income was $235 million for the quarter or $0.50 per share.
Shaw Communications Inc. announced consolidated financial and operating results for the three months ended November 30, 2012 and 2011.
Consolidated revenue for the three month period of $1.32 billion was up 3% compared to the same period last year. Total operating income before amortization 1 of $601 million improved 6% over the comparable period.
Free cash flow 1 for the quarter was $244 million compared to $119 million for the same period last year. Increased operating income before amortization and reduced capital investment were the main drivers of the quarterly improvement.
Chief Executive Officer Brad Shaw said, “The business performed well in the quarter building on the positive momentum from the second half of last year. We continue to leverage our portfolio of assets to deliver innovative new offerings and enhanced services, providing choice and value to our customers.”
Net income of $235 million or $0.50 per share for the quarter ended November 30, 2012 compared to $202 million or $0.43 per share for the same period last year. Increased operating income before amortization accounted for the improvement.
Revenue in the Cable division of $809 million for the current three month period increased 2% over the comparable period. Operating income before amortization for the quarter of $396 million was up 5% over last year. Cable operating margin was almost 49% reflecting the continued balance of subscriber growth and profitability.
Satellite revenue of $214 million for the three month period improved 2% compared to the same period last year and operating income before amortization for the current quarter was up 7% to $74 million.
Revenue in the Media division for the quarter of $319 million increased almost 7% over the same period last year and operating income before amortization of $131 million was up 9%.
Improved advertising and subscriber revenues were partially offset by higher programming costs. 2
Mr. Shaw concluded, “We will remain focused on disciplined and sustainable pricing strategies, customer retention, and long term growth. We are off to a solid start for the year and will continue to drive ongoing performance and value.”