Cogeco Cable Inc. Reports Strong Fiscal 2013 Financial Results
- Solid revenue and operating income before depreciation and amortization(1) increases in the fourth quarter and in fiscal year 2013, meeting revised financial guidelines - On target financial results from our recent acquisitions Atlantic Broadband and Peer 1 Network Enterprises Inc. ("PEER 1"); and - Quarterly dividend increase of 15.4%.
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwired) -- 10/30/13 -- Today, Cogeco Cable Inc. (TSX: CCA) ("Cogeco Cable" or the "Corporation") announced its financial results for the fourth quarter and fiscal year 2013, ended August 31, 2013, in accordance with International Financial Reporting Standards ("IFRS").
For the fourth quarter and fiscal 2013, which include nine months operating results of Atlantic Broadband and seven months operating results of PEER 1:
"Given the very competitive nature of our market, we are pleased with our strong fourth quarter and fiscal 2013 financial results," stated Louis Audet, President and Chief Executive Officer of Cogeco Cable Inc. "I am also satisfied to report that our two recent acquisitions, Atlantic Broadband and PEER 1, have delivered results in line with our expectations. With respect to our refinancing program, it has been completed during a period of historically low interest rates. With an average cost of indebtedness of 4.1%, as of August 31, 2013, and average maturities of 6.4 years, our focus going forward will be to reduce our leverage ratio (Indebtedness on EBITDA(3)) to 3 times by August 31, 2015. Continuing on our steady dividend growth history, the Board of Directors declared a dividend increase of 15.4% or $0.04 per share," continued Mr. Audet.
"In August 2013, we announced the consolidation of our Canadian cable services operations under one business unit, Cogeco Cable Canada. This restructuring, which we will pursue in fiscal year 2014, will allow us to optimize efficiency in that very important business segment. With this restructuring and the continuation of the full integration of our two recent acquisitions, I am very confident that Cogeco Cable will continue on its growth path and deliver on its 2014 projections," concluded Louis Audet.
Fiscal 2014 Financial Guidelines
Cogeco Cable revised its fiscal 2014 financial guidelines, as issued on July 10, 2013, as a result of certain adjustments related to the preliminary allocation of the purchase price of Atlantic Broadband and PEER 1. Please consult the "Fiscal 2014 financial guidelines" section of the Corporation's 2013 Annual Report for further details.
FINANCIAL HIGHLIGHTS
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Cable's future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. In particular, statements regarding the Corporation's future operating results and economic performance and its objectives and strategies are forward- looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, performance and business prospects and opportunities, which Cogeco Cable believes are reasonable as of the current date. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. The Corporation cautions the reader that the economic downturn experienced over the past few years makes forward-looking information and the underlying assumptions subject to greater uncertainty and that, consequently, they may not materialize, or the results may significantly differ from the Corporation's expectations. It is impossible for Cogeco Cable to predict with certainty the impact that the current economic uncertainties may have on future results. Forward-looking information is also subject to certain factors, including risks and uncertainties (described in the "Uncertainties and main risk factors" section of the Corporation's 2013 annual Management's Discussion and Analysis ("MD&A")) that could cause actual results to differ materially from what Cogeco Cable currently expects. These factors include risks pertaining to markets and competition, technology, regulatory developments, operating costs, information systems, disasters or other contingencies, financial risks related to capital requirements, human resources, controlling shareholder and holding structure, many of which are beyond the Corporation's control. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While management may elect to, the Corporation is under no obligation and does not undertake to update or alter this information at any particular time, except as may be required by law.
All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the MD&A included in the Corporation's 2013 Annual Report, the Corporation's consolidated financial statements and the notes thereto, prepared in accordance with the International Financial Reporting Standards ("IFRS") for the year ended August 31, 2013
ADDITIONAL INFORMATION
Additional information relating to the Corporation, including its 2013 Annual Report and Annual Information Form, is available on SEDAR at .
The Corporation's 2013 Annual Report can also be found on:
A copy of this press release with a more detailed summary of results can be found at
ABOUT COGECO CABLE
Cogeco Cable is a telecommunications corporation and is the11th largest hybrid fibre coaxial cable operator in North America operating in Canada through its subsidiary Cogeco Cable Canada in Quebec and Ontario, and in the United States of America through its subsidiary Atlantic Broadband in Western Pennsylvania, South Florida, Maryland/Delaware and South Carolina. Its two-way broadband cable networks provide to its residential and small business customers Analogue and Digital Television, High Speed Internet and Telephony services. Through its subsidiary Cogeco Enterprise Services, the holding company of Cogeco Data Services and Peer 1 Network Enterprises, Cogeco Cable provides its commercial customers a suite of IT hosting, information and communications technology services (data centre, colocation, managed hosting, cloud infrastructure and connectivity), with 20 data centres, extensive fibre networks in Montreal and Toronto as well as points-of-presence in North America and Europe. Cogeco Cable's subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CCA). For more information about Cogeco Cable and its subsidiaries visit , cogecodata.com, atlanticbb.com, peer1.com and peer1hosting.co.uk.
Contacts:
Source:
Cogeco Cable Inc.
Pierre Gagne
Senior Vice President and Chief Financial Officer
514-764-4700
Information:
Media
Rene Guimond
Vice-President, Public Affairs and Communications
514-764-4700
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Datum: 30.10.2013 - 22:09 Uhr
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