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Marketwired
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Cogeco Inc. Releases Its Results for the Second Quarter of Fiscal 2018

MONTREAL, QUEBEC -- (Marketwired) -- 04/12/18 -- Today, Cogeco Inc. (TSX: CGO) ("Cogeco" or the "Corporation") announced its financial results for the second quarter ended February 28, 2018, in accordance with International Financial Reporting Standards ("IFRS").

For the second quarter of fiscal 2018:

--  Revenue increased by $36.8 million, or 6.3%, to reach $623.2 million
    driven by growth of 6.8% in the Communications segment, partly offset by
    a decrease of 4.9% in the Other segment. On constant currency basis,
    revenue increased by 8.2% driven by growth of 8.8% in the Communications
    segment as result of the acquisition of substantially all the assets of
    Harron Communications, L.P. cable systems operating under the MetroCast
    brand name ("MetroCast") on January 4, 2018, partly offset by a decrease
    of 4.9% in the Other segment resulting mainly from a less favorable
    advertising market in the media activities;

--  Adjusted EBITDA increased by $14.4 million, or 5.6%, to reach $272.5
    million compared to the same period of fiscal 2017. On a constant
    currency basis, adjusted EBITDA increased by 7.4% mostly attributable
    the improvement in the Communications segment as a result of the
    MetroCast acquisition;

--  Profit for the period amounted to $143.8 million of which $46.0 million,
    or $2.81 per share, was attributable to owners of the Corporation
    compared to $78.2 million for the second quarter of fiscal 2017 of which
    $25.9 million, or $1.55 per share, was attributable to owners of the
    Corporation. The increase is mainly due to the $89 million (US$70
    million) reduction in deferred income taxes related to the recent US tax
    reform and the improvement of adjusted EBITDA, partly offset by
    increases in depreciation and amortization, integration, restructuring
    and acquisition costs and financial expense mainly as a result of the
    MetroCast acquisition;

--  Free cash flow(1) decreased by $54.5 million, or 45.6%, to reach $64.9
    million compared to the same quarter of the prior year. In constant
    currency basis, free cash flow decreased by 47.2% as a result of the
    increase in acquisitions of property, plant and equipment, intangible
    and other assets mainly attributable to the acquisition for $21.2
    million (US $16.8 million) of several dark fibres from FiberLight, LLC
    combined with $16.0 million primarily in acquisitions costs as well as
    additional financial expense resulting from the MetroCast acquisition in
    the Communications segment. The decrease was partly offset by the
    increase of adjusted EBITDA;


--  Cash flow from operating activities decreased by $35.7 million, or
    14.0%, to reach $218.2 million compared to fiscal 2017 second-quarter
    mainly due to increases in income taxes paid, integration, restructuring
    and acquisition costs and financial expenses paid, partly offset by the
    increase in changes in non-cash operating activities primarily due to
    changes in working capital and the improvement in adjusted EBITDA; and


--  At its April 12, 2018 meeting, the Board of Directors of Cogeco declared
    a quarterly eligible dividend of $0.39 compared to $0.34 per share paid
    in the comparable period of fiscal 2017.



(1)  The indicated terms do not have standardized definitions prescribed by
     IFRS and, therefore, may not be comparable to similar measures
     presented by other companies. For more details, please consult the
     "Non-IFRS financial measures" section of the MD&A.

For the six-month period ended February 28, 2018:

--  Revenue increased by $39.8 million, or 3.4%, to reach $1.21 billion. On
    constant currency basis, revenue increased by 5.3% driven by growth of
    5.8% in the Communications segment mainly as a result of the MetroCast
    acquisition, partly offset by a decrease of 4.7% in the Other segment
    resulting mainly from a less favorable advertising market in the media
    activities;

--  Adjusted EBITDA increased by $9.6 million, or 1.8%, to reach $528.9
    million compared to the same period of fiscal 2017. On a constant
    currency basis, adjusted EBITDA increased by 3.4% mostly attributable to
    the improvement in the Communications segment as a result of the
    MetroCast acquisition;

--  Profit for the period amounted to $225.5 million of which $75.5 million,
    or $4.60 per share, was attributable to owners of the Corporation
    compared to $160.2 million for the same period of fiscal 2017 of which
    $56.6 million, or $3.39 per share, was attributable to owners of the
    Corporation. The increase is mainly due to the $89 million (US$70
    million) reduction in deferred income taxes related to the recent US tax
    reform and the improvement of adjusted EBITDA, partly offset by
    increases in depreciation and amortization, integration, restructuring
    and acquisition costs and financial expense mainly as a result of the
    MetroCast acquisition;

--  Free cash flow decreased by $54.8 million, or 24.0% to reach $174.0
    million compared to the same period of the prior year. In constant
    currency basis, free cash flow decreased by 25.4% as a result of the
    increase in acquisitions of property, plant and equipment, intangible
    and other assets mainly attributable to the acquisition for $21.2
    million (US$16.8 million) of several dark fibres from FiberLight, LLC
    combined with $16.4 million primarily in acquisitions costs as well as
    additional financial expense resulting from the MetroCast acquisition in
    the Communications segment. The decrease was partly offset by the
    increase of adjusted EBITDA; and

--  Cash flow from operating activities decreased by $156.2 million, or
    41.5%, to reach $220.5 million compared to the same period of the prior
    year mainly due to the increases in income taxes paid, integration,
    restructuring and acquisition costs and financial expenses paid and
    changes in non-cash operating activities primarily due to changes in
    working capital, partly offset by the improvement in adjusted EBITDA.

"Our results overall for the second quarter of 2018, which is also our first quarter since closing the acquisition of the MetroCast cable systems, are stable and in line with expectations," declared Louis Audet, President and Chief Executive Officer of Cogeco Inc. "Results for Cogeco Connexion, our Canadian broadband subsidiary, remained steady despite the highly competitive market environment."

"At Atlantic Broadband, results are aligned with our forecasts and we are satisfied with the current direction of our strategy in the United States," stated Mr. Audet. "We are very pleased with the work being done to ensure the smooth integration of the MetroCast acquisition which is progressing according to plan. In addition, our American broadband subsidiary has seen an increase in primary service units in the last quarter most notably thanks to our successful expansion in Florida."

"Our Business ICT subsidiary, Cogeco Peer 1, remains focused on building and offering a relevant suite of solutions and providing expert advice in a constantly evolving and intensely competitive market," added Mr. Audet.

"Finally, in our radio business, we are witnessing an advertising market that is increasingly under pressure. Despite this, Cogeco Media remains competitive in large part thanks to the excellent ratings many of our stations continue to enjoy," concluded Louis Audet.

ABOUT COGECO

Cogeco Inc. is a diversified holding corporation which operates in the communications and media sectors. Through its Cogeco Communications Inc. subsidiary, Cogeco provides its residential and business customers with Internet, video and telephony services through its two-way broadband fibre networks. Cogeco Communications Inc. operates in Canada under the Cogeco Connexion name in Quebec and Ontario, and in the United States under the Atlantic Broadband name in 11 states along the East Coast, from Maine to Florida. Through Cogeco Peer 1, Cogeco Communications Inc. provides its business customers with a suite of information technology services (colocation, network connectivity, hosting, cloud and managed services), through its 16 data centres, extensive FastFiber Network and more than 50 points of presence in North America and Europe. Through its subsidiary Cogeco Media, Cogeco owns and operates 13 radio stations across most of Quebec with complementary radio formats serving a wide range of audiences as well as Cogeco News, its news agency. Cogeco's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CGO). The subordinate voting shares of Cogeco Communications Inc. are also listed on the Toronto Stock Exchange (TSX: CCA).

Analyst Conference  Friday, April 13, 2018 at 11:00 a.m. (Eastern Daylight
Call:               Time)
                    Media representatives may attend as listeners only.

                    Please use the following dial-in number to have access
                    to the conference call by dialing five minutes before
                    the start of the conference:

                    Canada/United States Access Number: 1-877-291-4570
                    International Access Number: + 1-647-788-4919

                    In order to join this conference, participants are only
                    required to provide the operator with the company name,
                    that is, Cogeco Inc. or Cogeco Communications Inc.

                    By Internet at
                    http://corpo.cogeco.com/cgo/en/investors/investor-
                    relations/

SHAREHOLDERS' REPORT

Three and six-month periods ended February 28, 2018

FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                      Three-months ended
                     February    February                Change     Foreign
                          28,         28,           in constant    exchange
                         2018        2017   Change currency (1)  impact (2)
(in thousands of
 dollars, except
 percentages, per
 share data and
 number of shares)          $           $        %            %           $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operations
----------------------------------------------------------------------------
Revenue               623,226     586,417      6.3          8.2     (11,159)
----------------------------------------------------------------------------
Adjusted EBITDA(1)    272,492     258,043      5.6          7.4      (4,603)
----------------------------------------------------------------------------
Integration,
 restructuring and
 acquisition
 costs(3)              15,999           -        -
----------------------------------------------------------------------------
Profit for the
 period               143,765      78,232     83.8
----------------------------------------------------------------------------
Profit for the
 period
 attributable to
 owners of the
 Corporation           45,974      25,865     77.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash Flow
----------------------------------------------------------------------------
Cash flow from
 operating
 activities           218,156     253,808    (14.0)
----------------------------------------------------------------------------
Acquisitions of
 property, plant
 and equipment,
 intangible and
 other assets(4)      127,772      87,036     46.8         51.6      (4,133)
----------------------------------------------------------------------------
Free cash flow(1)      64,946     119,461    (45.6)       (47.2)      1,868
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial
 condition(5)
----------------------------------------------------------------------------
Cash and cash
 equivalents
----------------------------------------------------------------------------
Short-term
 investments
----------------------------------------------------------------------------
Total assets
----------------------------------------------------------------------------
Indebtedness(6)))
----------------------------------------------------------------------------
Equity
 attributable to
 owners of the
 Corporation
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Per Share Data(7)
----------------------------------------------------------------------------
Earnings per share
----------------------------------------------------------------------------
  Basic                  2.81        1.55     81.3
----------------------------------------------------------------------------
  Diluted                2.79        1.54     81.2
----------------------------------------------------------------------------
Dividends                0.39        0.34     14.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average
 number of
 multiple and
 subordinate
 voting shares     16,369,823  16,660,147     (1.7
 outstanding                                      )
----------------------------------------------------------------------------
----------------------------------------------------------------------------

FINANCIAL HIGHLIGHTS
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                       Six-months ended
                     February    February                Change     Foreign
                          28,         28,           in constant    exchange
                         2018        2017   Change currency (1)  impact (2)
(in thousands of
 dollars, except
 percentages, per
 share data and
 number of shares)          $           $        %            %           $
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operations
----------------------------------------------------------------------------
Revenue             1,209,298   1,169,505      3.4          5.3     (21,800)
----------------------------------------------------------------------------
Adjusted EBITDA(1)    528,862     519,310      1.8          3.4      (8,078)
----------------------------------------------------------------------------
Integration,
 restructuring and
 acquisition
 costs(3)              16,391           -        -
----------------------------------------------------------------------------
Profit for the
 period               225,543     160,191     40.8
----------------------------------------------------------------------------
Profit for the
 period
 attributable to
 owners of the
 Corporation           75,499      56,630     33.3
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash Flow
----------------------------------------------------------------------------
Cash flow from
 operating
 activities           220,485     376,683    (41.5)
----------------------------------------------------------------------------
Acquisitions of
 property, plant
 and equipment,
 intangible and
 other assets(4)      224,081     184,380     21.5         25.8      (7,865)
----------------------------------------------------------------------------
Free cash flow(1)     173,960     228,794    (24.0)       (25.4)      3,184
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial
 condition(5)
----------------------------------------------------------------------------
Cash and cash
 equivalents          174,272     212,283    (17.9)
----------------------------------------------------------------------------
Short-term
 investments           34,000      54,000    (37.0)
----------------------------------------------------------------------------
Total assets        7,342,242   5,499,376     33.5
----------------------------------------------------------------------------
Indebtedness(6)))   4,133,918   2,633,159     57.0
----------------------------------------------------------------------------
Equity
 attributable to
 owners of the
 Corporation          665,334     578,556     15.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Per Share Data(7)
----------------------------------------------------------------------------
Earnings per share
----------------------------------------------------------------------------
  Basic                  4.60        3.39     35.7
----------------------------------------------------------------------------
  Diluted                4.57        3.37     35.6
----------------------------------------------------------------------------
Dividends                0.39        0.34     14.7
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Weighted average
 number of
 multiple and
 subordinate
 voting shares     16,400,378  16,690,737     (1.7
 outstanding                                      )
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(1)  The indicated terms do not have standardized definitions prescribed by
     the International Financial Reporting Standards ("IFRS") and,
     therefore, may not be comparable to similar measures presented by other
     companies. For more details, please consult the "Non-IFRS financial
     measures" section of the MD&A.
(2)  Key performance indicators presented on a constant currency basis are
     obtained by translating financial results of the current periods
     denominated in US dollars and GBP currency at the foreign exchange
     rates of the comparable periods of the prior year. For the three and
     the six-months periods ending February 28, 2017, the average foreign
     exchange rates used for translation were 1.3210 USD/CDN and 1.6439
     GBP/CDN and 1.3238 USD/CDN and 1.6597 GBP/CDN, respectively.
(3)  For the three and six-month periods ended February 28, 2018,
     integration, restructuring and acquisitions costs were related to the
     MetroCast acquisition completed on January 4, 2018.
(4)  For the three and six-month periods ended February 28, 2018,
     acquisitions of property, plant and equipment, intangible and other
     assets in constant currency amounted to $131.9 million and $231.9
     million, respectively.
(5)  At February 28, 2018 and August 31, 2017.
(6)  Indebtedness is defined as the aggregate of bank indebtedness, balance
     due on a business combination and principal on long-term debt.
(7)  Per multiple and subordinate voting shares.
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
Source:
Cogeco Inc.
Patrice Ouimet
Senior Vice President and Chief Financial Officer
Tel.: 514-764-4700

Information:
Media
Rene Guimond
Senior Vice-President, Public Affairs and Communications
Tel.: 514-764-4700

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