Cogeco’s Q2 buoyed by ABB acquisition
Cogeco reported it increased revenue nearly 33 in its second quarter to $458.5 million. The company cleared $56.5 million in Q2, compared to a profit of $29.4 million for the same period of the previous fiscal year.
The company said the leap in profits was largely a result of the addition of recent acquisition Atlantic Broadband (ABB) and Peer 1 Network Enterprises (the acquisition of the latter was completed during the second quarter).
Cogeco president and CEO Louis Audet said, "The cable subsidiary continues along a path of steady growth, both organic and through acquisition. Results for ABB's first quarter as a part of Cogeco Cable had been in line with expectations. I am confident in this subsidiary's ongoing ability to perform and contribute favorably to Cogeco's objectives.”
Cogeco refers to customer connections as primary service units (PSU). The MSO reported finishing the quarter with a total of 2.48 million, with 1.9 million Canadian customers and half a million U.S. customers (ABB).
In the American cable services segment, PSU increased by 7,121 in the quarter, with growth in both television and internet subscribership. The Canadian cable services segment added 342 PSU; that compares to a net add of 12,280 PSU during the second quarter of the previous year.