Shaw Posts Fourth-quarter Loss
Canadian cable operator Shaw Communications Inc. sank into the red during its fiscal fourth quarter, despite gains in cable operating income that were fueled by its July consolidation of Canadian Satellite Communications Inc. (Cancom).
Shaw posted a loss of CAN$800,000
($527,000), excluding a one-time gain on the sale of investments of CAN$5.2 million ($3.4 million), compared with a year-earlier profit of CAN$18 million. Cash flow from continuing operations fell 7% to CAN$58.3 million ($38.4 million).
But revenue for the quarter ending Aug. 31 grew 62% to CAN$302.2 million ($199 million), and operating income jumped 27% to CAN$103 million ($67.8 million). The company attributed the increases to its Atlantic Canada cable system purchases, subscriber growth and the elimination of satellite uplink fees related to its acquisition of Cancom.
Shaw posted a loss of CAN$800,000
But revenue for the quarter ending Aug. 31 grew 62% to CAN$302.2 million ($199 million), and operating income jumped 27% to CAN$103 million ($67.8 million). The company attributed the increases to its Atlantic Canada cable system purchases, subscriber growth and the elimination of satellite uplink fees related to its acquisition of Cancom.
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