Cogeco, the nation's fourth largest cable provider, today announced its financial results for the fourth quarter and 2009 fiscal year which ended August 31, 2009.
Despite the severe recession Canadians find themselves in, Cogeco said overall revenue for the fourth quarter increased by 8% from the same period a year earlier to $316.3 million while operating income grew a whopping 23.9% to $151.2 million.
For the 2009 fiscal year, Cogeco revenues climbed 13% over 2008 to $1.25 billion while operating income skyrocketed 18.5% from a year earlier to $532 million.
The news was not all good for Cogeco as the companies Portuguese subsidiary, Cabovisao continued to suffer from customer losses. The result was Cogeco was force to take a $399.6 million impairment loss in that country. After factoring in the impairment costs, the company’s adjusted net income for the year was $36.9 million, up 4.6% from a year earlier.
For the year, the consolidated number of RGUs, in the Portuguese and Canadian cable sector reached 2,892,238. RGU's represent the sum of basic service, digital video service, HSI service and digital telephony service customers.
In Canada, Revenue-generating units (RGU's) reached 2,159,863 up 175,364 from the end of 2008. In 2009, The company gained 7,711 basic cable customers, 41,585 new high speed internet customers, 56,652 new Digital television subscribers and 62,007 new telephone subscribers.
The following are Cogeco Canadian subscriber counts as of August 31, 2009 (numbers in parenthesis' are for August 31, 2008)
- Homes Passed - 1,565,145 (1,531,611)
- Revenue Generating Units - 2,159,863 (1,991,908)
- Basic cable customers - 864,805 (857,094)
- Digital Television customers - 498,398 (441,746)
- High Speed Internet customers - 515,052 (473,467)
- Digital phone lines - 281,608 (219,601)
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