Cogeco, the nation's fourth largest cable provider, today announced its financial results for the first quarter of its 2011 fiscal year which ended November 30, 2010.
Cogeco reported overall revenue for the quarter increased by 4.5% from the same period a year earlier to $342.8 million while operating income rose 6% to $137 million. Net income for the quarter dropped 29.8% to $16 million from $22.7 million in the same quarter a year earlier.
Louis Audet, the President and CEO of Cogeco, called the results "very positive" and said the company is poised for superior performance in 2011.
By November 30 2010, the consolidated number of Revenue Generating Units or RGUs, in the Portuguese and Canadian cable sector reached 3,270,218, up 90,869 during the three months. RGU's represent the sum of basic service, digital video service, HSI service and digital telephony service customers.
In Canada, Cogeco's revenue-generating units reached 2,421,267,up 70,690 from the previous quarter. The following are Cogeco Canadian subscriber counts as of November 31 2010 (numbers in parenthesis' are for August 31, 2010)
- Homes Passed - 1,600,938 (1,593,743)
- Revenue Generating Units - 2,421,267 (2,350,577)
- Basic cable customers - 881,543 (874,505)
- Digital Television customers - 588,332 (559,418)
- High Speed Internet customers - 575,929 (559,057)
- Digital phone lines - 375,463 (357,597)