CALGARY, ALBERTA -- (Marketwired) -- 06/28/13 -- Shaw Communications Inc. (TSX: SJR.B)(NYSE: SJR) announced consolidated financial and operating results for the three and nine months ended May 31, 2013. Consolidated revenue for the three and nine month periods of $1.33 billion and $3.90 billion, respectively, was up 4% and 3%, respectively, over the comparable periods last year. Total operating income before amortization(1) of $585 million improved 3% over the comparable quarterly period and the year-to-date amount of $1.72 billion was up 6%.
Free cash flow(1) for the three and nine month periods was $138 million and $543 million, respectively, compared to $203 million and $379 million for the comparable periods last year. Increased operating income before amortization and lower capital investment were the main drivers of the improvement for the year-to-date period.
Chief Executive Officer Brad Shaw said, "Our third quarter results were solid as our executive team and our 14,000 employees continue to deliver value for all our stakeholders through a focus on disciplined growth and execution of our operating strategies. The quarter was highlighted with the closing of a number of the strategic transactions announced earlier in the year, including the acquisitions of ENMAX Envision and Food Network Canada, and the disposition of the Hamilton cable system and our interest in ABC Spark."
"During the quarter we continued to invest in our core business including the acceleration of certain strategic capital initiatives that reinforce our infrastructure advantage. The Anik G1 satellite also successfully launched in April and in late May Shaw Direct added over 140 channels to its offerings, primarily in HD. The investment in Anik G1 brings our customers enhanced choice in programming, including more local Canadian channels."
Net income of $250 million or $0.52 per share for the quarter ended May 31, 2013 compared to $248 million or $0.53 per share for the same period last year. Net income for the first nine months of the year was $667 million or $1.40 per share compared to $628 million or $1.34 per share. The net income improvement in both current periods was due to increased operating income and a gain on the sale of the Hamilton cable system partially offset by increased income taxes.
Revenue in the Cable division of $825 million and $2.45 billion for the current three and nine month periods increased 4% and 2%, respectively, over the comparable periods. Operating income before amortization for the quarter of $397 million was up 5% compared to the same quarter last year and the year-to-date period improved 7% to $1.19 billion.
Satellite revenue of $218 million and $641 million for the three and nine month periods, respectively, compared to $211 million and $631 million in the same periods last year. Operating income before amortization for the current quarter was $72 million compared to $76 million last year and the year-to-date amount was up 1% from $216 million to $219 million.
Revenue and operating income before amortization in the Media division for the quarter of $307 million and $116 million, respectively, increased 4% and 2% over the same period last year. On a year-to-date basis Media revenue and operating income before amortization each improved 5%.
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