Shaw Q4 revenue up slightly but net income down
October 25, 2012 | Canadian Press | Comments
Shaw Communications Inc. says its net income from continuing operations fell 20% to $133 million, or 28 cents per diluted share, in the fourth quarter of the cable and media company’s financial year.
That’s down from $167 million or 37 cents per share in the same period last year.
Revenue, however, was up 2.5% to $1.21 billion for the quarter compared to $1.81 billion year- over-year.
The Calgary-based company said non-operating items, including business acquisitions, integration and restructuring expenses, affected net income.
Shaw met or beat analysts’ expectations. Analysts had estimated earnings per share of 28 cents and put revenue at $1.19 billion.
• Corus net profit, revenue down in Q4
The Calgary company 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.
In July, a fire at the Shaw Communications headquarters in Calgary caused the outage of a data centre that supports a variety of provincial services.
Shaw acquired the former Canwest conventional television stations and specialty TV channels in 2010.