ALBERTA

Shaw boosts revenue three per cent but non-operating items a drag on net income

10/24/2013 09:05 EDT | Updated 12/24/2013 05:12 EST
CALGARY - Shaw Communications Inc. (TSX:SJR.B) says its consolidated revenue was up three per cent in its latest quarter and 2013 financial year, beating analyst estimates.

The Calgary-based telecom and media company's annual revenue rose to $5.14 billion, including $1.25 billion in its fiscal fourth quarter ended Aug. 31, with cable accounting for more than half of the total.

Despite the top-line growth in all three of Shaw's main business segments, fourth quarter net income was down from a year earlier and below analyst estimates by eight cents per share.

A $14-million write-down related to Shaw's decision to halt a construction project this year was among a number of non-operating items in both years that contributed to the quarter's lower profit.

Net income for the three months ended Aug. 31 was $117 million, or 24 cents per share, down from $133 million or 28 cents per share a year earlier. Analysts had estimated 32 cents per share of net income.

Shaw's cable revenue was up 1.9 per cent in the fourth quarter, rising to $818 million, and up 2.3 per cent for the full year, rising to $3.3 billion.

The media sector, which includes the Global television network and various specialty TV channels, had the fastest revenue growth of Shaw's three main business segments.

Media revenues were up 6.5 per cent in the quarter, rising to $231 million, and up five per cent in the year, rising to $1.1 billion. Satellite TV accounted for $219 million of fourth-quarter revenue and $860 million of annual revenue.

Shaw's annual net income was $784 million or $1.63 per share, up from $761 million or $1.61 per share in fiscal 2012.

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