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Cogeco Reports Q3, Abandons IPTV

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7/10/2014
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MONTREAL -- Today, COGECO Inc. (TSX: CGO) (“COGECO” or the “Corporation”) announced its financial results for the third quarter of fiscal 2014, ended May 31, 2014, in accordance with International Financial Reporting Standards (“IFRS”). For the third quarter and first nine months of fiscal 2014:

  • Third quarter revenue increased by $31.6 million, or 6.3%, to reach $536.1 million mainly driven by growth in the Cable segment through the organic growth from all of our operating segments as well as favorable foreign exchange rates in our foreign operations. For the nine-month period ended May 31, 2014, revenue reached close to $1.6 billion, an increase of $242.0 million or 18.2%. Revenue increase is mainly attributable to the full year impact of the acquisitions, in the Cable segment, of Atlantic Broadband and Peer 1 Hosting ("the recent acquisitions") which both occurred during fiscal 2013 combined with the organic growth from all of our operating segments and the favorable foreign exchange rates in our foreign operations;
  • Adjusted EBITDA increased by 5.5% to $233.1 million compared to the third quarter of fiscal 2013, and by 18.3% to $678.9 million for the first nine months when compared to the same period of the prior year. The rapid progression for both periods resulted mainly from the recent acquisitions and the organic growth as well as the favorable foreign exchange rates from our foreign operations compared to the same period of last year.

  • During the third quarter of fiscal 2014, the Corporation's indirect cable subsidiary, Cogeco Cable Canada, recognized an impairment of $32.2 million of property, plant and equipment, capitalized wages and borrowing costs related to an Internet Protocol Television ("IPTV") solution project on which its Canadian operations had worked. As a result of the unexpected performance issues encountered with the platform, it had to be abandoned by Cogeco Cable Canada.

    Subsequently, in order to enhance its competitiveness, the Cogeco Cable Canada subsidiary has concluded a partnership with TiVo Inc. (“TiVo”), a global leader in next-generation television services that enable viewers to consume content across all screens in and out-of-the home to be launched at Cogeco Cable Canada by mid-fiscal 2015. The TiVo solution was successfully launched in the first half of fiscal 2014 at Cogeco Cable's subsidiary, Atlantic Broadband with great customer acceptance

    Cogeco Communications (Toronto: CCA)

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