Shaw logs Q1 profit, affirms wireless build-out
Shaw Communications reported that first-quarter service revenue of $906 million was up 11 percent over the same period last year. Net income was $114 million, off a bit from the $123 million recorded in the like quarter last year, due in part to some debt retirement costs.
CEO and Vice Chair Jim Shaw also said the company plans to “take initial steps to commence wireless activities, with build-out planned over the next several years.”
The Q1 revenue growth was driven in large part by customer growth in the cable division – including an acquisition – all bolstered by rate increases. Digital customers were up 88,000 to 1.4 million. Internet subscribership grew by 36,000 to 1.74 million. Digital phone lines were up 61,000 to 923,000. Basic customers declined by 1,416, and DTH customers increased by 1,097.
During the quarter, the company completed the acquisition of Mountain Cablevision operating in Hamilton, Ont., adding approximately 41,000 basic cable customers, including 24,000 digital subscribers, as well as 30,000 Internet subscribers and 32,000 digital phone lines.