Shaw’s Third Quarter Profits Increase; Revenues Remain Flat
By Jeffrey Hill | June 29, 2012
[Satellite TODAY 06-29-12] Shaw Communications reported a $248 million profit in its 2012 fiscal third quarter – a 22 percent increase compared to the same period last year, the Canadian broadcaster announced in its latest financial results issued June 28.
The cable, Internet and media company said its improved profit was attributed to improved costs, a favorable tax ruling in 2012 and an unusual expense in the third quarter of 2011 that was absent from previous results. Shaw’s total revenue was $1.28 billion, which was relatively the same from its 2011 third quarter. The consensus estimate was for Shaw to have revenue of $1.3 billion for the third quarter.
The company’s free cash flow was $203 million in the quarter — down from $240 million a year earlier. Shaw Communications CEO Brad Shaw said the company is on track to achieve its guidance of about $450 million in free cash flow for the full financial year ending Aug. 31.
“We remain focused on the long term profitability of our assets and will continue to implement cost savings, execute on operational efficiencies, and prudently manage our capital investments building value for all of our stakeholders,” Shaw said in a statement.