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Cogeco posts quarterly profit of $11.1M

Thu, 01/15/2009 - 7:15am
Mike Robuck

Yesterday, Cogeco cited strong results from its cable and radio divisions as the main reasons for its first-quarter earnings of $11.1 million, or 66 cents per share.

A year ago, the Canadian MSO had reported a loss of $10 million, or 60 cents per share.

Cogeco said revenue rose 18.5 per cent to $308.4 million for the quarter ended Nov. 30, from $260.3 million a year ago.

Cogeco did lose approximately 21,000 customers in Portugal over past three quarters, but that was partially offset by its gains in its Canadian operations.

"The first quarter financial results represent a positive start for the corporation's 2009 fiscal year,” said Louis Audet, resident and CEO of Cogeco Cable. “Cogeco Cable has improved most of its key indicators over the prior year, with the exception of a decrease in free cash flow caused by the increases in capital expenditures required to support the enhanced demand for the HD television service in Canada and the deployment of digital television in Portugal.”

Cogeco posted modest subscriber gains in its basic cable, pay TV, high-speed Internet, digital TV and phone services.

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