Bell Media Parent BCE Inc. Revenues, Earnings Down For First Quarter

Q1 Down

BCE INC., parent of CANADA's BELL MEDIA, saw its overall consolidated operating revenues slip 0.9% year-to-year to C$5.68 billion in first quarter 2020, attributed to the COVID-19 crisis' effect on all segments. The media division, which includes the company's radio stations as well as the TV network, showed 0.9% growth to C$752 million, with the CRAVE SVOD service and contract renewals with TV distributors continuing to help offset declines in advertising revenue.

Radio figures were not broken out in the company's financial release. Net earnings fell 7.3% to C$733 million (75 cents/share). The company also declared a dividend of 83.25 cents/share, payable on JULY 15th to shareholders of record as of JUNE 15th; at the same time, the company has withdrawn all of its 2020 financial guidance due to the pandemic.

Pres./CEO MIRKO BIBIC said, "During these unprecedented times, Bell is focused on keeping Canadians connected and informed, prioritizing safety, and supporting our customers and communities as we all work through the COVID-19 crisis together. As we celebrate our company's 140th year, the Bell team is building on a proud legacy of service to Canadians by delivering the critical connections that consumers, businesses, government and public health responders need in a time of extraordinary demand. BELL's goal is advancing how Canadians connect with each other and the world, and the industry-leading investments we've made in network coverage and capacity have also enabled us to deliver 99.99+% network availability throughout the crisis despite significant usage increases across our wireless, wireline and broadcast networks. Building the best networks is a core strategic imperative for BELL, and we will be continuing our investments in network infrastructure and service innovation to champion the customer experience.

"As the primary builder of CANADA's communications infrastructure since 1880, BELL will continue to lead the way in network investment and innovation as our country recovers from the crisis. Although we are withdrawing our previous financial guidance for the year due to the COVID-19 situation, we do not anticipate any changes to planned 2020 capital expenditures or to dividend payments for the foreseeable future. While the crisis significantly impacted retail activity, media advertising revenue and many other parts of our business in Q1, our solid results underscore BELL's ongoing leadership in network and service innovation, and consistently strong execution by the BELL team."

Shareholders have also elected the entire Board of Directors slate to new terms, including new member former CDW Pres./CEO and Exec. Chairman THOMAS RICHARDS; TECK RESOURCES LTD. Chair SHEILA MURRAY has been appointed as a Director to replace SOPHIE BROCHU, who announced on APRIL 2nd that she would not seek re-election to the board.

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