TV Writeoff Sends Rogers To Q4 Loss
February 18, 2009 at 12:28 PM (PT)
A C$294 million writedown of the value of the company's broadcast TV stations sent ROGERS COMMUNICATIONS to a fourth quarter loss of C$138 million (22 cents/share). Operating revenue rose slightly from $2.7 billion to $2.9 billion. Revenue for the Media Division, including radio, rose 8% to C$394 million. The company also announced a 16% annual dividend increase to C$1.16/share, a quarterly dividend of 29 cents/share payable APRIL 1 to shareholders of record on MARCH 6, and a stock buyback plan that will include up to C$300 million this year.
Chairman/Acting CEO ALAN HORN said, "Our Wireless and Cable businesses continue to generate good subscriber growth, which speaks to the quality and utility of our products. Our operating results also reflect the large but successful investment our Wireless business again made this quarter in activating a very significant number of smartphone customers who will in turn provide higher than average revenue per customer and lower churn in subsequent periods."