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Shaw Communications reports better-than-expected results ahead of annual meeting

Brad Shaw, CEO of Shaw Communications, talks with shareholders before addressing the company's annual meeting in Calgary, Wednesday, Jan. 9, 2013.THE CANADIAN PRESS/Jeff McIntosh
January 09, 2013 - 6:11 AM

CALGARY - Shaw Communications Inc. (TSX:SJR.B) had good news for its shareholders ahead of the company's annual meeting in Calgary.

It reported $235 million or 50 cents per share of net income in the three months ended Nov. 30.

That's up from $202 million or 43 cents per share of net income a year earlier.

Combined revenue from the company's cable, Internet, media and other businesses was $1.32 billion, up three per cent from $1.28 billion a year earlier.

The results beat consensus estimates compiled by Thomson Reuters, with earnings per share about four or five cents per share above expectations.

Chief executive Brad Shaw says the company built on positive momentum begun in the second half of 2012.

"We continue to leverage our portfolio of assets to deliver innovative new offerings and enhanced services, providing choice and value to our customers," Shaw said in a statement.

Shaw has announced it plans to launch a 24-hour news channel that will have the Global BC brand and provide local, national and international headlines.

Shaw also has launched a mobile app to offer customers streaming access to TV shows and movies.

Called Shaw Go, the app for Apple devices streams content for TV customers who pay for Movie Central programming, including HBO Canada titles.

The Calgary-based company acquired the former Canwest conventional television stations and specialty TV channels in 2010.

The cable division generated about two-thirds of the total revenue. The rest came from Shaw's satellite and media divisions.

The relatively new media division, formed from the television assets acquired from CanWest, had the fastest growth — with revenue rising seven per cent year-to-year to $319 million.

Cable's revenue was $809 million, up two per cent from the comparable period. Satellite generated $214 million, also up two per cent.

News from © The Canadian Press, 2013
The Canadian Press

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