Quebecor Inc. Reports Consolidated Results for First Quarter 2013
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 05/08/13 -- Quebecor Inc. ("Quebecor" or the "Corporation") (TSX: QBR.A)(TSX: QBR.B) today reported its consolidated financial results for the first quarter of 2013. Quebecor consolidates the financial results of its Quebecor Media Inc. ("Quebecor Media") subsidiary, in which it holds a 75.4% interest.
First quarter 2013 highlights
"We are very satisfied with Videotron's results, which continued showing healthy improvement in the first quarter of 2013," said Robert Depatie. "Our revenues rose by $23.0 million and our operating income grew by $14.3 million, increases of 3.6% and 4.7% respectively in comparison with the first quarter of 2012. Revenues from all of Videotron's main services were up, led by the mobile telephony service, which increased its revenues by $12.4 million or 33.0% from the same quarter of 2012. Videotron's average monthly revenue per user increased by $5.31 to $114.49.
"In the first quarter of 2013, a little more than two years after its launch, the mobile service passed the break-even point, based on operating income, a very strong performance given the highly competitive environment. The service continued making substantial gains, adding 18,300 subscriber connections in the first quarter of 2013 to bring the total to 420,900. Videotron stepped up the overall pace of growth in revenue-generating units, adding 31,100 in the first quarter of 2013 compared with an increase of 30,200 in the same quarter of 2012. Meanwhile, the illico Club Unlimited service has already signed up 40,000 subscribers since its launch at the end of February 2013, while illico TV new generation, introduced in March 2012, has passed the 700,000-subscriber mark."
"Unfortunately, in the News Media segment, the latest cost-containment initiatives did not make up for the decrease in revenues during the quarter, which was more significant than in previous periods," commented Pierre Karl Peladeau. "In addition to intense competition from new media, traditional newspapers are also facing large reductions in advertising spending by local and national advertisers. Despite signs of a potential recovery in advertising spending in the coming quarters, News Media segment management took immediate steps to adjust its cost structure again in light of the conditions experienced in the first quarter of 2013."
In the Broadcasting segment, TVA Network's hit show La Voix was a resounding success, registering exceptional ratings throughout its run from January 20 to April 14, 2013. The weekly galas drew an average audience of more than 2.6 million and an average market share of more than 57%. According to BBM Ratings, TVA Network had an overall market share of 24.5% in the first three months of 2013, more than its two main conventional rivals combined. Finally, under a partnership with CBC/Radio-Canada, the TVA Sports specialty service will enrich its content by becoming an official broadcaster of the 2014 FIFA World Cup Brazil™ and the 2014 Winter Olympics in Sochi.
"I am very pleased with Quebecor's evolution and growth over the 14 years during which I had the privilege of serving as President and Chief Executive Officer," said Pierre Karl Peladeau. "I thank all the colleagues who helped, guided and supported me in that position throughout the years. In view of Videotron management's exceptional track record over the past 10 years, I have full confidence that Robert Depatie's arrival at the head of Quebecor will enable the Corporation to successfully continue its growth and development going forward, in the best interests of its customers, employees, business partners and shareholders."
"I want to express my deepest gratitude to Serge Gouin, who is retiring after serving as Chairman of the Board of Quebecor Media since its creation in 2000," said Francoise Bertrand, Chair of the Board of Quebecor. "His dedication and his generosity with his expertise and his time as Chairman of the Board and as a member of Quebecor Media's Executive Committee made a vital contribution to the Corporation's success."
2013/2012 First quarter comparison
Revenues: $1.05 billion, a decrease of $9.5 million (-0.9%).
Operating income: $320.4 million, an increase of $0.1 million.
Net income attributable to shareholders: $35.6 million ($0.57 per basic share) compared with $71.4 million ($1.13 per basic share) in the first quarter of 2012, a decrease of $35.8 million ($0.56 per basic share).
Partially offset by:
Adjusted income from continuing operations: $33.1 million in the first quarter of 2013 ($0.53 per basic share) compared with $37.8 million ($0.60 per basic share) in the first quarter of 2012, a decrease of $4.7 million ($0.07 per basic share).
Dividends
On May 7, 2013, the Board of Directors of Quebecor declared a quarterly dividend of $0.05 per share on Class A Multiple Voting Shares and Class B Subordinate Voting Shares, payable on June 18, 2013 to shareholders of record at the close of business on May 24, 2013. This dividend is designated to be an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart.
Detailed financial information
For a detailed analysis of Quebecor's first quarter 2013 results, please refer to the Management Discussion and Analysis and consolidated financial statements of Quebecor, available on the Corporation's website at or from the SEDAR filing service at .
Conference call for investors and webcast
Quebecor will hold a conference call to discuss its first quarter 2013 results on May 8, 2013, at 4:30 p.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 1 877 293-8052, access code for participants 79504#. A tape recording of the call will be available from May 8 to June 14, 2013 by dialling 1 877 293-8133, conference number 957189#, access code for participants 79504#. The conference call will also be broadcast live on Quebecor's website at . It is advisable to ensure the appropriate software is installed before accessing the call. Instructions and links to free player downloads are available at the Internet address shown above.
Cautionary Statement regarding Forward-Looking Statements
The statements in this press release that are not historical facts are forward-looking statements and are subject to significant known and unknown risks, uncertainties and assumptions that could cause the Corporation's actual results for future periods to differ materially from those set forth in the forward-looking statements. Forward-looking statements may be identified by the use of the conditional or by forward-looking terminology such as the terms "plans," "expects," "may," "anticipates," "intends," "estimates," "projects," "seeks," "believes," or similar terms, variations of such terms or the negative of such terms. Certain factors that may cause actual results to differ from current expectations include seasonality (including seasonal fluctuations in customer orders), operating risk (including fluctuations in demand for Quebecor's products and pricing actions by competitors), insurance risk, risks associated with capital investment (including risks related to technological development and equipment availability and breakdown), environmental risks, risks associated with labour agreements, risks associated with commodities and energy prices (including fluctuations in the cost and availability of raw materials), credit risk, financial risks, debt risks, risks related to interest rate fluctuations, foreign exchange risks, risks associated with government acts and regulations, risks related to changes in tax legislation, and changes in the general political and economic environment. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward-looking statements. For more information on the risks, uncertainties and assumptions that could cause Quebecor's actual results to differ from current expectations, please refer to Quebecor's public filings available at less than than and less than than including, in particular, the "Risks and Uncertainties" section of Quebecor's Management Discussion and Analysis for the year ended December 31, 2012.
The forward-looking statements in this press release reflect Quebecor's expectations as of May 8, 2013, and are subject to change after that date. Quebecor expressly disclaims any obligation or intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
The Corporation
Quebecor Inc. (TSX: QBR.A)(TSX: QBR.B) is a holding company with a 75.4% interest in Quebecor Media Inc., one of Canada's largest media groups, with more than 16,000 employees. Quebecor Media Inc., through its subsidiary Videotron Ltd., is an integrated communications company engaged in cable television, interactive multimedia development, Internet access services, cable telephony and mobile telephony. Through Sun Media Corporation, Quebecor Media Inc. is the largest publisher of newspapers in Canada. It also operates Canoe.ca and its network of English- and French-language Internet properties in Canada. In the broadcasting segment, Quebecor Media Inc. operates, through TVA Group Inc., the number one French-language conventional television network in Quebec, a number of specialty channels, and, through Sun Media Corporation, the English-language SUN News channel. Another subsidiary of Quebecor Media Inc., Nurun Inc., is a major interactive technologies and communications agency with offices in Canada, the United States, Europe and Asia. Quebecor Media Inc. is also active in magazine publishing (Publications TVA Inc.), book publishing and distribution (Sogides Group Inc., CEC Publishing Inc.), the production, distribution and retailing of cultural products (Archambault Group Inc., TVA Films), video game development (BlooBuzz Studios Inc. ), DVD, Blu-ray disc and videogame rental and retailing (Le SuperClub Videotron ltee), the printing and distribution of community newspapers and flyers (Quebecor Media Printing Inc., Quebecor Media Network Inc.), outdoor advertising (Quebecor Media Out of Home), news content production and distribution (QMI Agency), and multiplatform advertising solutions (QMI Sales).
DEFINITIONS
Operating income
In its analysis of operating results, the Corporation defines operating income, as reconciled to net income under IFRS, as net income before amortization, financial expenses, gain on valuation and translation of financial instruments, charge for restructuring of operations, impairment of assets and other special items, charge for impairment of goodwill, loss on debt refinancing, and income tax. Operating income as defined above is not a measure of results that is consistent with IFRS. It is not intended to be regarded as an alternative to other financial operating performance measures or to the statement of cash flows as a measure of liquidity. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses operating income in order to assess the performance of its investment in Quebecor Media. The Corporation's management and Board of Directors use this measure in evaluating its consolidated results as well as the results of the Corporation's operating segments. This measure eliminates the significant level of impairment and amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of the Corporation and its segments. Operating income is also relevant because it is a significant component of the Corporation's annual incentive compensation programs. A limitation of this measure, however, is that it does not reflect the periodic costs of tangible and intangible assets used in generating revenues in the Corporation's segments. The Corporation also uses other measures that do reflect such costs, such as cash flows from segment operations and free cash flows from continuing operating activities of the Quebecor Media subsidiary. In addition, measures like operating income are commonly used by the investment community to analyze and compare the performance of companies in the industries in which the Corporation is engaged. The Corporation's definition of operating income may not be the same as similarly titled measures reported by other companies.
Table 2 below provides a reconciliation of operating income with net income as disclosed in Quebecor's condensed consolidated financial statements.
Adjusted income from continuing operations
The Corporation defines adjusted income from continuing operations, as reconciled to net income attributable to shareholders under IFRS, as net income attributable to shareholders before gain on valuation and translation of financial instruments, charge for restructuring of operations, impairment of assets and other special items, charge for impairment of goodwill and loss on debt refinancing, net of income tax related to adjustments and net income attributable to non-controlling interests related to adjustments. Adjusted income from continuing operations, as defined above, is not a measure of results that is consistent with IFRS. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation's definition of adjusted income from continuing operating activities may not be identical to similarly titled measures reported by other companies.
Table 3 provides a reconciliation of adjusted income from continuing operations to the net income attributable to shareholders measure used in Quebecor's condensed consolidated financial statements.
Average monthly revenue per user
Average monthly revenue per user ("ARPU") is an industry metric that the Corporation uses to measure its monthly cable television, Internet access, cable and mobile telephony revenues per average basic cable customer. ARPU is not a measurement that is consistent with IFRS and the Corporation's definition and calculation of ARPU may not be the same as identically titled measurements reported by other companies. The Corporation calculates ARPU by dividing its combined cable television, Internet access, and cable and mobile telephony revenues by the average number of basic customers during the applicable period, and then dividing the resulting amount by the number of months in the applicable period.
Contacts:
Jean-Francois Pruneau
Senior Vice President and Chief Financial Officer
Quebecor Inc. and Quebecor Media Inc.
514 380-4144
Martin Tremblay
Vice President, Public Affairs
Quebecor Media Inc.
514 380-1985
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