Today, COGECO Inc. (TSX:CGO) ("COGECO" or the "Corporation") announced its
financial results for the third quarter of fiscal 2012, ended May 31, 2012, in
accordance with the International Financial Reporting Standards ("IFRS").
For the third quarter and first nine months of fiscal 2012:
-- Revenue increased by 8.4% to reach $358 million, and by 12.1% to reach
$1,049.7 million;
-- Operating income before depreciation and amortization(1) increased by
11.6% to $158.4 million when compared to the third quarter of fiscal
2011, and by 8.9% to $443.2 million when compared to the first nine
months of the prior fiscal year;
-- Operating margin(1) increased to 44.3% from 43% in the quarter and
decreased to 42.2% from 43.5% in the first nine months when compared to
the same periods of the prior year;
-- Profit for the period from continuing operations amounted to $55.4
million in the third quarter when compared to $54.4 million for the same
period of the previous fiscal year. For the first nine months of fiscal
2012, profit for the period from continuing operations amounted to
$129.3 million when compared to $134 million for the first nine months
of fiscal 2011. Profit variation for the nine-month period is mostly
attributable to the increase in depreciation and amortization expense
due to the reduction of depreciation period for certain property, plant
and equipment, partly offset by the increase in operating income before
depreciation and amortization;
-- Profit for the period reached $55.4 million in the third quarter
compared to a loss of $179.2 million for the same period of the previous
fiscal year. For the first nine months of fiscal 2012, profit for the
period reached $184.8 million compared to a loss of $117 million for the
first nine months of fiscal 2011. The increases in both periods are
mostly attributable to the write-off of the Corporation's net investment
in the Portuguese subsidiary recorded through a non-cash impairment loss
in the amount of $225.9 million during the third quarter of fiscal 2011.
The Portuguese subsidiary was subsequently disposed of on February 29,
2012;
-- Free cash flow(1) reached $29.5 million for the quarter compared to
$65.5 million in the comparable quarter of the prior year. Free cash
flow decreased in the third quarter over the prior year due to the
increase in acquisition of property, plant and equipment combined with
the difference in the recognition of current income tax expense, partly
offset by the improvement of operating income before depreciation and
amortization. For the first nine months, free cash flow amounted to
$73.8 million, compared to $85.7 million in the first nine months of
fiscal 2011. For the first nine-months the decrease over the prior year
is mostly attributable to the increase in acquisition of property, plant
and equipment, partly offset by the improvement of operating income
before depreciation and amortization;
-- A quarterly dividend of $0.18 per share was paid to the holders of
subordinate and multiple voting shares, an increase of $0.06 per share,
or 50%, when compared to a dividend paid of $0.12 per share in the third
quarter of fiscal 2011. Dividend payments in the first nine months
totalled $0.54 per share in fiscal 2012, compared to $0.36 per share in
fiscal 2011;
-- In the cable sector, primary service units ("PSU")(2) grew by 6,246 in
the quarter and 64,705 in the first nine months, for a total of
1,962,174 PSU at May 31, 2012.
(1) The indicated terms do not have standard definitions prescribed by IFRS
and therefore, may not be comparable to similar measures presented by
other companies. For more details, please consult the "Non-IFRS
financial measures" section of the Management's discussion and
analysis.
(2) Represents the sum of Television, High Speed Internet ("HSI") and
Telephony service customers.
"We are satisfied with the favourable results obtained for the third quarter of
fiscal 2012. The cable subsidiary continues to grow and most of our performance
indicators are on target with our objectives. These solid results demonstrate
that with strong cost controls and a dynamic marketing strategy, Cogeco Cable
continues to grow in this highly competitive industry," stated Louis Audet,
President and Chief Executive Officer of COGECO Inc.
"Overall, we are pleased with the financial results of our radio division's
activities. The recent BBM surveys confirm our strong leadership in the Montreal
market as well as the good performance of our radio stations across the
province. We are pursuing the integration of Metromedia as planned, which will
serve to enhance our media offering to advertisers", added Mr. Audet.
FINANCIAL HIGHLIGHTS
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Quarters ended May 31,
2012 2011 Change
($000, except percentages andper
share data) $ $ %
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(unaudited) (unaudited)
Operations
Revenue 358,032 330,258 8.4
Operating income before
depreciation and
amortization(1) 158,446 142,025 11.6
Operating margin(1) 44.3% 43.0% -
Operating income 95,473 90,242 5.8
Profit for the period from
continuing operations 55,373 54,371 1.8
Profit (loss) for the period
from discontinued operations - (233,573) -
Profit (loss) for the period 55,373 (179,202) -
Profit (loss) for the period
attributable to owners of the
Corporation 19,303 (56,303) -
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Cash Flow
Cash flow from operating
activities from continuing
operations 109,546 141,106 (22.4)
Cash flow from operations(1) 117,606 129,327 (9.1)
Acquisitions of property,
plant and equipment and
intangible assets 88,141 63,807 38.1
Free cash flow(1) 29,465 65,520 (55.0)
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Financial condition(2)
Property, plant and equipment - - -
Total assets - - -
Indebtedness(3) - - -
Shareholders' Equity - - -
Equity attributable to owners
of the Corporation - - -
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Primary service units(4) growth 6,246 18,304 (65.9)
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Per Share Data(5)
Earnings (loss) per share
attributable to owners of the
Corporation
From continuing and
discontinued operations
Basic 1.15 (3.36) -
Diluted 1.15 (3.36) -
From continuing operations
Basic 1.15 1.13 1.8
Diluted 1.15 1.13 1.8
From discontinued operations
Basic - (4.49) -
Diluted - (4.49) -
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Nine months ended May 31,
2012 2011 Change
($000, except percentages andper
share data) $ $ %
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(unaudited) (unaudited)
Operations
Revenue 1,049,668 936,241 12.1
Operating income before
depreciation and
amortization(1) 443,225 407,161 8.9
Operating margin(1) 42.2% 43.5% -
Operating income 229,046 242,167 (5.4)
Profit for the period from
continuing operations 129,346 133,994 (3.5)
Profit (loss) for the period
from discontinued operations 55,446 (250,955) -
Profit (loss) for the period 184,792 (116,961) -
Profit (loss) for the period
attributable to owners of the
Corporation 63,162 (39,278) -
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Cash Flow
Cash flow from operating
activities from continuing
operations 245,571 284,375 (13.6)
Cash flow from operations(1) 327,498 270,755 21.0
Acquisitions of property,
plant and equipment and
intangible assets 253,731 185,049 37.1
Free cash flow(1) 73,767 85,706 (13.9)
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Financial condition(2)
Property, plant and equipment 1,285,200 1,272,251 1.0
Total assets 2,994,431 2,871,648 4.3
Indebtedness(3) 1,186,252 1,056,214 12.3
Shareholders' Equity 1,169,646 1,043,680 12.1
Equity attributable to owners
of the Corporation 385,740 342,525 12.6
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Primary service units(4) growth 64,705 86,570 (25.3)
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Per Share Data(5)
Earnings (loss) per share
attributable to owners of the
Corporation
From continuing and
discontinued operations
Basic 3.78 (2.35) -
Diluted 3.75 (2.35) -
From continuing operations
Basic 2.71 2.48 9.3
Diluted 2.69 2.48 8.5
From discontinued operations
Basic 1.07 (4.83) -
Diluted 1.06 (4.83) -
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(1) The indicated terms do not have standardized definitions prescribed by
International Financial Reporting Standards ("IFRS") and therefore, may
not be comparable to similar measures presented by other companies. For
more details, please consult the "Non-IFRS financial measures" section
of the Management's Discussion and Analysis.
(2) At May 31, 2012 and August 31, 2011.
(3) Indebtedness is defined as the total of bank indebtedness, promissory
note payable, principal on long-term debt, balance due on business
acquisitions and obligations under derivative financial instruments.
(4) Represents the sum of Television, High Speed Internet ("HSI") and
Telephony service customers.
(5) Per multiple and subordinate voting share.
FORWARD-LOOKING STATEMENTS
Certain statements in this Management's Discussion and Analysis ("MD&A") may
constitute forward-looking information within the meaning of securities laws.
Forward-looking information may relate to COGECO'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 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 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 2011 annual MD&A) that could cause actual
results to differ materially from what COGECO currently expects. These factors
include technological changes, changes in market and competition, governmental
or regulatory developments, general economic conditions, the development of new
products and services, the enhancement of existing products and services, and
the introduction of competing products having technological or other advantages,
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 expressly disclaims any
such obligation), and does not undertake to update or alter this information
before the next quarter.
As described in note 1 to the condensed interim consolidated financial
statements for the three and nine-month periods ended May 31, 2012, Canadian
Generally Accepted Accounting Principles ("GAAP"), which were previously used in
preparing the consolidated financial statements, were replaced on the adoption
of International Financial Reporting Standards ("IFRS") on January 1, 2011. The
Corporation's condensed interim consolidated financial statements for the three
and nine-month periods ended May 31, 2012 have therefore been prepared in
accordance with IFRS. Comparative figures for 2011 have also been restated.
All amounts are stated in Canadian dollars unless otherwise indicated. This
report should be read in conjunction with the Corporation's consolidated
financial statements and MD&A for the fiscal year ended August 31, 2011 included
in the Corporation's 2011 Annual Report. It should also be read in conjunction
with the Corporation's condensed interim consolidated financial statements and
MD&A for the first quarter of fiscal 2012 as well as the information on the
adjustments to the fiscal 2011 financial figures upon adoption of IFRS,
explained in Note 19 of the condensed interim consolidated financial statements
for the three and nine-month periods ended May 31, 2012.
Corporate strategies and objectives
COGECO Inc.'s ("COGECO" or the "Corporation") objectives are to maximize
shareholder value by increasing profitability and ensuring continued growth. The
strategies employed to reach these objectives, supported by tight controls over
costs and business processes, are specific to each sector. For the cable sector,
sustained corporate growth and the continuous improvement of networks and
equipment are the main strategies used. In the other sector, the radio
activities focus on continuous improvement of programming in order to increase
listenership market share, consequently advertising revenue market share and,
thereby, profitability. COGECO uses operating income before depreciation and
amortization(1), operating margin(1), free cash flow(1) and primary service
units ("PSU")(2) growth in order to measure its performance against these
objectives.
(1) The indicated terms do not have standardized definitions prescribed by
IFRS and therefore, may not be comparable to similar measures presented
by other companies. For more details, please consult the "Non-IFRS
financial measures" section.
(2) Represents the sum of Television, High Speed Internet ("HSI") and
Telephony service customers.
During the first nine months of fiscal 2012, the Corporation's subsidiary,
Cogeco Cable Inc. ("Cogeco Cable" or the "Cable subsidiary"), invested
approximately $140.1 million in its network infrastructure and equipment to
upgrade its capacity, improve its robustness and extend its territories in order
to better serve and increase its service offerings for new and existing
clientele.
PSU growth and penetration of service offerings in the cable sector
During the nine-month period ended May 31, 2012, the number of PSU in the Cable
subsidiary increased by 64,705 or 3.4%, to reach 1,962,174, mainly as a result
of targeted marketing initiatives and of the continuing interest for high
definition ("HD") television service. As a result of the lower growth than
expected in the first nine months of the fiscal year, Cogeco Cable revised its
guidelines from 80,000 PSU, as issued on April 11, 2012, to 72,000 PSU for a
growth of approximately 3.8% when compared to August 31, 2011. PSU growth is
expected to stem primarily from HSI and Telephony services, the continued strong
interest in Digital Television services, enhanced service offerings, and through
promotional activities. For further details, please consult the fiscal 2012
revised projections in the "Fiscal 2012 financial guidelines" section.
Operating income before depreciation and amortization and operating margin
First nine months operating income before depreciation and amortization
increased by 8.9% when compared to the same period of fiscal 2011 to reach $
443.2 million and operating margin decreased to 42.2% from 43.5%. The operating
margin reduction is mostly attributable to the growth in the radio activities
and the acquisition of Metromedia CMR Plus Inc. ("Metromedia") for which the
operating margin are generally lower than the cable sector. As a result of the
improvement of operating income before depreciation and amortization during the
first nine-month period, management revised upwards its April 2012 projections
for fiscal 2012. Operating income before depreciation and amortization is now
expected to reach $600 million from $595 million. For further details, please
consult the fiscal 2012 revised projections in the "Fiscal 2012 financial
guidelines" section.
Free cash flow
For the nine-month period ended May 31, 2012, COGECO reports free cash flow of
$73.8 million, compared to $85.7 million for the first nine months of the
previous fiscal year, representing a decrease of $11.9 million. This variance is
mostly attributable to the increase in acquisition of property, plant and
equipment, partly offset by the improvement of operating income before
depreciation and amortization. Giving effect to the revised guidelines of
operating income before depreciation and amortization, management also revised
its free cash flow projections from $95 million to $100 million. For further
details, please consult the fiscal 2012 revised projections in the "Fiscal 2012
financial guidelines" section.
Disposal of subsidiary and discontinued operations
On February 29, 2012, a subsidiary of the Corporation, Cogeco Cable, completed
the sale of its Portuguese subsidiary, Cabovisao - Televisao por Cabo, S.A.
("Cabovisao") for a cash consideration of EUR45 million or approximately $59.3
million. Operating results from European operations have therefore been
classified as discontinued operations. For further details on the European's
operating results, please refer to the "Disposal of a subsidiary and
discontinued operations" section.
Other
BBM Canada's spring 2012 survey in the Montreal region, conducted with the
Portable People Meter ("PPM"), shows that 98.5 FM is the leading radio station
in the Montreal francophone market with listeners and men two years old and over
("2+"), while Rythme FM has maintained its leadership position in the female 2+
segment. In the other Quebec regions, our radio stations registered good
ratings.
On December 6, 2011, COGECO Inc. concluded an agreement to acquire Metromedia
CMR Plus Inc. ("Metromedia"), subject to customary closing adjustments and
conditions. Metromedia is a Quebec company that operates an advertising
representation house in the public transit sector. Metromedia represents over
100 public transit markets notably in Montreal, in other Quebec regions as well
as in major cities and numerous markets in the rest of Canada. The transaction
was completed on December 26, 2011.
On February 1, 2011, a subsidiary of the Corporation, Cogeco Diffusion
Acquisitions Inc. ("Cogeco Diffusion"), completed the acquisition of 11 radio
stations in the province of Quebec ("Quebec Radio Stations Acquisition"), which
was originally announced on April 30, 2010 and then subject to the Canadian
Radio-television and Telecommunications Commission ("CRTC") approval. When the
CRTC approved the Quebec Radio Stations Acquisition, there was an order to
divest three radio stations to comply with the common ownership policy in the
Quebec City and Sherbrooke markets.
On November 30, 2011, Cogeco Diffusion concluded an agreement for the sale of
two of its four Quebec City FM radio stations, CJEC-FM and CFEL-FM for a cash
consideration of $4.6 million, subject to CRTC approval and customary closing
adjustments and conditions. On December 6, 2011, Cogeco Diffusion closed its
Sherbrooke radio station, CJTS-FM. On January 19, 2012, the CRTC approved the
sale of CJEC-FM and CFEL-FM which have been completed on January 30, 2012 and
marked the end of the process established with the CRTC for the divestiture of
these three radio stations.
OPERATING RESULTS FROM CONTINUING OPERATIONS
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Quarters ended May 31, Nine months ended May 31,
2012 2011 Change 2012 2011 Change
($000, except
percentages) $ $ % $ $ %
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(unaudited) (unaudited) (unaudited) (unaudited)
Revenue 358,032 330,258 8.4 1,049,668 936,241 12.1
Operating
expenses 199,586 188,233 6.0 606,443 529,080 14.6
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Operating
income before
depreciation
and
amortization 158,446 142,025 11.6 443,225 407,161 8.9
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Operating
margin 44.3% 43.0% - 42.2% 43.5% -
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Revenue
Fiscal 2012 third-quarter revenue rose by $27.8 million, or 8.4%, to reach $358
million, when compared to the prior year. The increase is primarily due to the
cable sector and the recent acquisition of Metromedia. For the first nine
months, revenue amounted to $1,049.7 million, an increase of $113.4 million, or
12.1% when compared to the first nine months of fiscal 2011. The increase is
primarily due to the cable sector, the results of the Quebec Radio Stations
Acquisition and the recent acquisition of Metromedia.
Cable revenue increased by $21.6 million, or 7.2%, for the third quarter and by
$74.1 million, or 8.4%, for the first nine months of fiscal 2012 when compared
to the same periods of fiscal 2011. For further details on Cogeco Cable's
operating results, please refer to the "Cable sector" section.
Revenue from the radio and advertising representation house activities improved
by $6.2 million in the third quarter mainly as a result of the recent
acquisition of Metromedia and by $39.4 million in the first nine months, mainly
as a result of the Quebec Radio Stations Acquisition and the recent acquisition
of Metromedia.
Operating expenses
For the third quarter and first nine months of fiscal 2012, operating expenses
amounted to $199.6 million and $606.4 million, increases of $11.4 million, or
6%, and of $77.4 million, or 14.6%, when compared to the prior year. For the
third quarter, the increase is primarily due to the cable sector and the recent
acquisition of Metromedia. For the first nine months, the increase is mainly
attributable to the cable sector as well as the Quebec Radio Stations
Acquisition and the recent acquisition of Metromedia.
Operating expenses in the cable sector increased by increased by $7 million, or
4.4%, for the third quarter and by $39.3 million, or 8.3%, for the first
nine-months of fiscal 2012 when compared to the same period of fiscal 2011. For
further details on Cogeco Cable's operating results, please refer to the "Cable
sector" section.
Operating expenses from the radio and advertising representation house
activities grew by $4.2 million in the third quarter mainly as a result of the
recent acquisition of Metromedia and by $37.3 million in the first nine months
mainly as a result of the Quebec Radio Stations Acquisition and the recent
acquisition of Metromedia.
Operating income before depreciation and amortization and operating margin
Mainly as a result of growth in the cable sector and the Quebec Radio Stations
Acquisition, operating income before amortization grew by $16.4 million, or
11.6%, in the third quarter to reach $158.4 million, and by $36.1million, or
8.9%, at $443.2 million for the first nine months of fiscal 2012, when compared
to the same periods of the previous year. COGECO's third quarter operating
margin increased to 44.3%, from 43% in the third quarter of the previous year.
For the first nine months, COGECO's operating margin decreased to 42.2% from
43.5% in the first nine months of fiscal 2011. The operating margin reduction
for the first nine-months of fiscal 2012 is mostly attributable to the growth in
the radio activities and the acquisition of Metromedia for which the operating
margin are generally lower than the cable sector. For further details on Cogeco
Cable's operating results, please refer to the "Cable sector" section.
PROFIT FOR THE PERIOD FROM CONTINUING OPERATIONS
For the three and nine-month periods ended May 31, 2012, profit for the period
from continuing operations amounted to $55.4 million, or $1.15 per share, and
$129.3 million, or $2.71 per share, respectively. For the comparable periods of
fiscal 2011, profit for the period from continuing operations amounted to $54.4
million, or $1.13 per share in the quarter, and $134 million, or $2.48 per share
in the first nine months. Profit progression for the quarter is attributable to
the improvement of operating income before depreciation and amortization, partly
offset by the increase in fixed charges. For the first nine-month period, the
variance is mostly attributable to the increase of depreciation and amortization
expense due to the reduction of depreciation period for certain property, plant
and equipment in the cable sector, partly offset by the increase in operating
income before depreciation and amortization and the decrease in financial
expense.
PROFIT FOR THE PERIOD
For the three and nine-month periods ended May 31, 2012, profit for the period
amounted to $55.4 million and $184.8 million, respectively. For the comparable
periods of fiscal 2011, loss for the period amounted to $179.2 million and $117
million, respectively. Profit progression for the period is mostly attributable
to the write-off, in the cable sector, of the Corporation's net investment in
the Portuguese subsidiary recorded through a non-cash impairment loss in the
amount of $225.9 million during the third quarter of fiscal 2011 and the
improvement of operating income before depreciation and amortization
improvement, partly offset by the increase of depreciation and amortization
expense.
For the three and nine-month periods ended May 31, 2012, profit for the period
attributable to owners of the Corporation amounted to $19.3 million, or $1.15
per share, and $63.2 million, or $3.78 per share, respectively. For the
comparable periods of fiscal 2011, loss for the period attributable to owners of
the Corporation amounted to $56.3 million, or $3.36 per share in the quarter,
and $39.3 million, or $2.35 per share in the first nine months. Profit
progression for the period is mostly attributable to the previously described
impairment loss recorded in the cable sector during the third quarter of fiscal
2011 and the improvement of operating income before depreciation and
amortization improvement, partly offset by the increase of depreciation and
amortization expense.
The non-controlling interest represents a participation of approximately 67.9%
in Cogeco Cable's results. During the third quarter and the first nine months of
fiscal 2012, the profit for the period attributable to non-controlling interest
amounted to $36.1 million and $121.6 million due to the cable sector's positive
results, compared to a loss of $122.9 million and $77.7 million in the same
periods of fiscal 2011 mainly due to the impairment loss recorded in the cable
sector during the third quarter of fiscal 2011.
FINANCING ACTIVITIES
In the normal course of business, COGECO has incurred financial obligations,
primarily in the form of long-term debt, operating and finance leases and
guarantees. COGECO's obligations, discussed in the 2011 Annual Report, have not
materially changed since August 31, 2011, except as mentioned below.
As a result of the sale of Cogeco Cable's Portuguese subsidiary, the letters of
credits which were issued to guarantee the payment by Cabovisao of stamp taxes
and withholding taxes have been released.
On February 14, 2012, Cogeco Cable completed pursuant to a public debt offering,
the issue of $200 million Senior Secured Debentures Series 3. These Debentures
mature on February 14, 2022 and bear interest at 4.925% per annum payable
semi-annually. These debentures are indirectly secured by a first priority fixed
and floating charge and a security interest on substantially all present and
future real and personal property and undertaking of every nature and kind of
the Corporation.
On November 30, 2011, the Corporation renewed its credit agreement for a $100
million credit facility in the form of a four-year renewed Term Revolving
Facility. The renewed Term Revolving Facility will mature on February 1, 2016,
but may be extended by additional one-year periods on an annual basis, subject
to lenders' approval. The renewed Term Revolving Facility is indirectly secured
by a first priority fixed and floating charge on substantially all present and
future real and personal property and undertaking of every nature and kind of
the Corporation and certain of its subsidiaries, excluding the capital stock and
assets of the Corporation's subsidiary, Cogeco Cable Inc., and guaranteed by its
subsidiaries, excluding Cogeco Cable.
On November 22, 2011, Cogeco Cable renewed its credit agreement for a $750
million credit facility, with an option to increase to a total amount of up to
$1 billion, subject to lenders' participation, in the form of a five year Term
Revolving Facility. The renewed Term Revolving Facility was arranged by a group
of financial institutions. The renewed Term Revolving Facility will mature on
November 22, 2016, but may be extended by additional one-year periods on an
annual basis, subject to lenders' approval. The renewed Term Revolving Facility
is indirectly secured by a first priority fixed and floating charge on
substantially all present and future real and personal property and undertaking
of every nature and kind of Cogeco Cable and certain of its subsidiaries, and
provides for certain permitted encumbrances, including purchased money
obligations, existing funded obligations and charges granted by any subsidiary
prior to the date when it becomes a subsidiary, subject to a maximum amount.
On November 7, 2011, the Corporation completed, pursuant to a private placement,
the issue of 6.50 % Unsecured Notes for a total of $35 million maturing November
7, 2021. Interest on these Notes is payable semi-annually in arrears on November
7 and May 7 of each year commencing May 7, 2012. Net proceeds of approximately
$34.6 million was used to reduce COGECO Inc.'s bank indebtedness.
DIVIDEND DECLARATION
At its July 11, 2012 meeting, the Board of Directors of COGECO declared a
quarterly eligible dividend of $0.18 per share for multiple voting and
subordinate voting shares, payable on August 8, 2012, to shareholders of record
on July 25, 2012. The declaration, amount and date of any future dividend will
continue to be considered and approved by the Board of Directors of the
Corporation based upon the Corporation's financial condition, results of
operations, capital requirements and such other factors as the Board of
Directors, at its sole discretion, deems relevant. There is therefore no
assurance that dividends will be declared, and if declared, their amount and
frequency may vary.
CABLE SECTOR
CUSTOMER STATISTICS
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% of
Net additions (losses) Penetration(1)
Quarters ended May Nine months ended
31, May 31,
May 31,
2012 2012 2011 2012 2011 2012 2011
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PSU 1,962,174 6,246 18,304 64,705 86,570
Television
service
customers
(2) 868,873 (4,453) (1,401) (9,112) 4,849 52.9 54.5
HSI service
customers 628,852 2,835 6,989 27,638 34,411 38.3 36.8
Telephony
service
customers 464,449 7,864 12,716 46,179 47,310 28.3 25.1
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(1) As a percentage of Homes Passed.
(2) The number of Television service customers includes 765,585 Digital
Television service customers.
Fiscal 2012 third-quarter and first nine months, PSU net additions were lower
than in the comparable period of the prior year mainly as a result of category
maturity, competitive offers and tightening of our credit controls and
processes. For the third quarter and the first nine months net customer losses
for Television service customers stood at 4,453 and 9,112, respectively,
compared to 1,401 and net additions of 4,849 for the same periods of the prior
year. Television service customer net losses in the third quarter are usual and
due to the end of the school year for college and university students.
Television service customer net losses in the first nine months of fiscal 2012
are mainly due to the competitive promotional offers for the video service
combined with the tightening of our credit controls and processes. For the three
and nine-month periods ended May 31, 2012, Telephony service customers grew by
7,864 and 46,179 compared to 12,716 and 47,310 for the same periods last year,
and the number of net additions to the HSI service stood at 2,835 and 27,638
customers compared to 6,989 and 34,411 customers for the same periods of the
prior year. HSI and Telephony net additions continue to stem from the
enhancement of the product offering, the impact of the bundled offer (Cogeco
Complete Connection) of Television, HSI and Telephony services, and promotional
activities. For the three and nine-month periods ended May 31, 2012, additions
to the Digital Television service which are included in the Television service
customers, stood at 12,943 and 87,259 compared to 34,080 and 89,444 for the
comparable periods of the prior year. Digital Television service net additions
are due to targeted marketing initiatives to improve penetration, the launch of
new HD channels, the continuing interest for HD television service and the
deployment of Digital Terminal Adapters technology to migrate customers from
analog to digital services.
OPERATING RESULTS FROM CONTINUING OPERATIONS
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Quarters ended May 31, Nine months ended May 31,
2012 2011 Change 2012 2011 Change
($000, except
percentages) $ $ % $ $ %
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue 319,771 298,211 7.2 952,930 878,872 8.4
Operating
expenses 167,110 160,064 4.4 515,218 475,918 8.3
Management
fees - COGECO
Inc. - - - 9,485 9,172 3.4
----------------------------------------------------------------------------
Operating
income before
depreciation
and
amortization 152,661 138,147 10.5 428,227 393,782 8.7
----------------------------------------------------------------------------
Operating
margin 47.7% 46.3% 44.9% 44.8%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue
Fiscal 2012 third-quarter revenue rose by $21.6 million, or 7.2%, to reach
$319.8 million, when compared to the prior year. For the first nine months,
revenue amounted to $952.9 million, an increase of $74.1 million, or 8.4% when
compared to the first nine months of fiscal 2011. The increase in revenue was
driven by PSU growth, rate increases implemented in April and October 2011
combined with the acquisitions of MTO Telecom Inc. ("MTO") and Quiettouch Inc.
("QTI") during the fourth quarter of fiscal 2011.
Operating expenses
For the third quarter of fiscal 2012, operating expenses, excluding management
fees payable to COGECO Inc., increased by $7 million, to reach $167.1 million,
an increase of 4.4% compared to prior year. For the first nine months of the
fiscal year, operating expenses, excluding management fees payable to COGECO
Inc., amounted to $515.2 million, an increase of $39.3 million, or 8.3%, when
compared to the same period of fiscal 2011. The increase in operating expenses
is mainly attributable to servicing additional PSU, the launch of new HD
channels, additional programming costs, deployment and support costs related to
the migration of Television service customers from analog to digital and the
acquisitions of MTO and QTI.
Operating income before depreciation and amortization and operating margin
Fiscal 2012 third-quarter operating income before depreciation and amortization
increased by $14.5 million, or 10.5% to reach $152.7 million, and by $34.4
million, or 8.7%, in the first nine months to reach $428.2 million. Cogeco
Cable's third-quarter operating margin increased to 47.7% from 46.3% in the
comparable period of the prior year. For the first nine months, the operating
margin increased to 44.9% from 44.8% in the first nine months of fiscal 2011.
DISPOSAL OF SUBSIDIARY AND DISCONTINUED OPERATIONS
On February 29, 2012, the Corporation completed the sale of its Portuguese
subsidiary for a cash consideration of EUR45 million ($59.3 million). The
selling price has been reduced by selling fees of approximately EUR8.5 million
($11.2 million) and contingent claims assumed up to a maximum amount of EUR5
million ($6.6 million). The carrying value of the net liabilities disposed of on
February 29, 2012 was $6.7 million resulting in a gain on disposal of $48.2
million recorded in the interim consolidated statements of profit or loss.
The details of the assets and liabilities disposed of are as follows:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
($000) $
----------------------------------------------------------------------------
(unaudited)
Cash and cash equivalents 13,041
Trade and other receivables 7,693
Income taxes receivable 277
Prepaid expenses and other 2,777
Property, plant and equipment 38,931
Trade and other payables (42,514)
Provisions (6,665)
Deferred and prepaid revenue (411)
Foreign currency translation adjustment (19,817)
----------------------------------------------------------------------------
(6,688)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
As a result of the sale and in accordance with IFRS 5 - Non-Current Assets Held
for Sale and Discontinued Operations, the Corporation reclassified the current
and prior year results and cash flows of the European operations, up to the date
of the disposal, as discontinued operations.
Profit (loss) for the period from discontinued operations
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Quarters ended May 31, Nine months ended May 31,
2012 2011 2012 2011
($000) $ $ $ $
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Revenue - 43,647 80,546 128,971
Operating expenses - 37,637 70,247 114,544
Depreciation and
amortization - 13,640 2,814 40,068
----------------------------------------------------------------------------
Operating income
(loss) - (7,630) 7,485 (25,641)
Financial income - 7 155 85
Impairment of
goodwill - 29,344 - 29,344
Impairment of
property, plant and
equipment - 196,529 - 196,529
Gain on disposal - - 48,215 -
----------------------------------------------------------------------------
Profit (loss) before
income taxes - (233,496) 55,855 (251,429)
Income taxes - 77 409 (474)
----------------------------------------------------------------------------
Profit (loss) for
the period - (233,573) 55,446 (250,955)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cash flows from discontinued operations
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Quarters ended May 31, Nine months ended May 31,
2012 2011 2012 2011
($000) $ $ $ $
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Net cash flows from
operating
activities - 6,292 13,637 15,849
Net cash flows from
investing
activities - (7,934) 36,826 (26,073)
Effect of exchange
rate changes on
cash and cash
equivalents
denominated in a
foreign currency - 573 (866) 438
----------------------------------------------------------------------------
Net increase
(decrease) in cash
and cash
equivalents - (1,069) 49,597 (9,786)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FISCAL 2012 FINANCIAL GUIDELINES
As a result of revised projections in the cable sector described below, the
Corporation revised its consolidated projections. Revenue is now expected to
reach $1,410 million, a reduction of $5 million when compared to the April 2012
revised projections. Operating income before depreciation and amortization
should increase from $595 million to $600 million and free cash flow should
reach $100 million, an increase of $5 million from April 2012 projections.
Profit for the year attributable to the owners of the Corporation should reach
$77 million compared to $80 million, mainly as a result of the increase of the
corporate income tax rate in the cable sector as discussed in the "Income taxes
from continuing operations" section.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revised Revised
projections projections
July 11, 2012 April 11, 2012
Fiscal 2012 Fiscal 2012
(in millions of dollars) $ $
----------------------------------------------------------------------------
Financial guidelines
Revenue 1,410 1,415
Operating income before depreciation
and amortization 600 595
Financial expense 69 69
Current income taxes expense 90 90
Profit for the year attributable to
owners of the Corporation 77 80
Acquisitions of property, plant and
equipment and intangible assets 345 345
Free cash flow 100 95
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cable sector
For the first nine months of fiscal 2012, Cogeco Cable improved its financial
performance with regards to operating income before depreciation and
amortization, while PSU growth and revenue increased at a lower pace than
expected, when compared to the revised projections issued on April 11, 2012. As
a result, management revised downwards its revenue projections from $1,285
million to $1,280 million and PSU growth from 80,000 to 72,000 net additions, as
a consequence of a more competitive environment and tightening of credit
controls, thus containing collection and bad debt expenses. Nonetheless,
operating income before depreciation and amortization should increase from $580
million to $585 million to reflect the cost reduction initiatives implemented by
the Corporation over the year and, consequently operating margin should increase
from 45.2% to 45.7%.
Giving effect to the revised guidelines of operating income before depreciation
and amortization, management also revised its free cash flow projections from
$85 million to $90 million. Profit for the year is expected to amount to $225
million, $10 million lower when compared to the revised projections of April
2012, resulting from the increase of the corporate income tax rate as discussed
in the "Income taxes from continuing operations" section. Finally, management
has not revised its other financial projections for the 2012 fiscal year.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revised Revised
projections projections
July 11, 2012 April 11, 2012
Fiscal 2012 Fiscal 2012
(in millions of dollars, except net
customer additions and operating
margin) $ $
----------------------------------------------------------------------------
Financial guidelines
Revenue 1,280 1,285
Operating income before depreciation
and amortization 585 580
Operating margin 45.7% 45.2%
Depreciation and amortization 270 270
Financial expense 65 65
Current income taxes expense 90 90
Profit for the year 225 235
Acquisitions of property, plant and
equipment and intangible assets 340 340
Free cash flow 90 85
Net customer additions guidelines
PSU 72,000 80,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FISCAL 2013 PRELIMINARY FINANCIAL GUIDELINES
For fiscal 2013, COGECO expects revenue of approximately $1,490 million and
operating income before depreciation and amortization should amount to
approximately $630 million, as a result of Cogeco Cable's 2013 preliminary
guidelines, the full year impact of the Metromedia Acquisition and the improved
results of the radio activities. Free cash flow should generate approximately
$115 million and profit for the year attributable to the owners of the
Corporation of $65 million should be earned.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Preliminary Revised
projections Projections
Fiscal 2013 Fiscal 2012
(in millions of dollars) $ $
----------------------------------------------------------------------------
Financial guidelines
Revenue 1,490 1,410
Operating income before depreciation
and amortization 630 600
Financial expense 69 69
Current income taxes expense 96 90
Profit for the year attributable to
owners of the Corporation 65 77
Acquisitions of property, plant and
equipment and intangible assets 350 345
Free cash flow 115 100
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Cable sector
For fiscal 2013, Cogeco Cable expects to achieve revenue of $1,350 million,
representing growth of $70 million, or 5.5% when compared to the revised fiscal
2012 projections issued on July 11, 2012. The preliminary guidelines take into
consideration the current uncertain global economic environment. In Canada,
household debt remains a concern as credit market debt as a % of personal
disposal income continues to rise and average resale price to household income
continue to increase, which should coincide with a contraction in consumer
spending. In addition, the high value of the Canadian dollar may generate
further restructuring in the manufacturing sector and additional headwinds from
government spending restraints might result in slower 2013 growth. In previous
recessionary periods, demand for cable telecommunications services has generally
proven to be resilient; however there is no assurance that demand would remain
resilient in a prolonged difficult economic environment. These preliminary
guidelines also take into consideration the competitive environment that
prevails in Canada, the deployment of new technologies such as Fibre to the Home
("FTTH"), Fibre to the Node ("FTTN") and Internet Protocol Television ("IPTV")
by the incumbent telecommunications providers.
Revenue should increase as a result of PSU growth stemming from targeted
marketing initiatives to improve penetration rates of the Digital Television,
HSI and Telephony services. Furthermore, the Digital Television service should
continue to benefit from the customers' ongoing strong interest in the
Corporation's growing HD service offerings. Revenue will also benefit from the
impact of rate increases implemented in June 2012 in Quebec and July 2012 in
Ontario, ranging an average between $2 to $3 per HSI and Telephony service
customers. Cogeco Cable's strategies include consistently effective marketing to
residential and business customers, competitive product offerings and superior
customer service, which combined, lead to the expansion and loyalty of the Basic
Cable Service clientele. As the penetration of residential HSI, Telephony and
Digital Television services increase, the new demand for these products should
slow, reflecting signs of maturity. However, growth in the commercial and
business sector is expected to continue at a consistent pace.
As a result of increased costs to service additional PSU, inflation and manpower
increases, as well as the continuation of the marketing initiatives and
retention strategies, operating expenses are expected to expand by approximately
$41 million, or 5.9% in the 2013 fiscal year when compared to the revised
projections for fiscal 2012.
For fiscal 2013, the Corporation expects operating income before depreciation
and amortization of $614 million, an increase of $29 million, or 5% when
compared to the revised fiscal 2012 projections issued on July 11, 2012. The
operating margin is expected to reach approximately 45.5% in fiscal 2013,
compared to revised projections of 45.7% for the 2012 fiscal year, reflecting
operating expenses growth slightly higher than the revenue growth.
Cogeco Cable expects the depreciation and amortization of property, plant and
equipment and intangible assets to increase by $20 million for fiscal 2013,
mainly from acquisition of capital expenditures and the increase in intangible
assets related to PSU growth and other initiatives and by the full year impact
of those of fiscal 2012. In addition, the depreciation and amortization expense
for fiscal 2012 included the impact from the reduction of the depreciation
period for certain home terminal devices. Cash flows from operations should
finance capital expenditures and the increase in intangible assets amounting to
$350 million, an increase of $10 million when compared to the revised fiscal
2012 projections. Capital expenditures projected for the 2013 fiscal year are
mainly due to customer premise equipment required to support PSU growth,
scalable infrastructure for product enhancements and the deployment of new
technologies, line extensions to expand existing territories, support capital to
improve business information systems and support facility requirements and
expansion for the data services business.
Fiscal 2013 free cash flow is expected to amount to $105 million, an increase of
$15 million, or 16.7% when compared to the projected free cash flow of $90
million for fiscal 2012, resulting from the growth in operating income before
depreciation and amortization. Generated free cash flow will result in reduced
Indebtedness net of cash and cash equivalent, thus improving the Corporation's
net leverage ratios. Financial expense should amount to $64 million, essentially
the same when compared to the 2012 revised projections, as a result of a slight
increase in the Corporation's cost of debt reflecting current market conditions,
partly offset by the reduction in Indebtedness level. As a result, profit for
the year of approximately $190 million should be achieved compared to $225
million for the revised fiscal 2012 projections. The 2012 projections of profit
for the year include $55.4 million profit from discontinued operations resulting
from the disposal of the Portuguese subsidiary. Excluding this item, the fiscal
2013 projected profit for the year represents an increase of $20.4 million, or
12%, when compared to the revised fiscal 2012 projected profit for the year.
The fiscal 2013 preliminary financial guidelines are as follows:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Preliminary Revised
projections projections
Fiscal 2013 Fiscal 2012
(in millions of dollars, except net
customer additions and operating
margin) $ $
----------------------------------------------------------------------------
Financial guidelines
Revenue 1,350 1,280
Operating income before depreciation
and amortization 614 585
Operating margin 45.5% 45.7%
Depreciation and amortization 290 270
Financial expense 64 65
Current income taxes expense 95 90
Profit for the year 190 225
Acquisitions of property, plant and
equipment and intangible assets 350 340
Free cash flow 105 90
Net customer addition guidelines
PSU 50,000 72,000
----------------------------------------------------------------------------
----------------------------------------------------------------------------
NON-IFRS FINANCIAL MEASURES
This section describes non-IFRS financial measures from continuing operations
used by COGECO throughout this MD&A. It also provides reconciliations between
these non-IFRS measures and the most comparable IFRS financial measures. These
financial measures do not have standard definitions prescribed by IFRS and
therefore, may not be comparable to similar measures presented by other
companies. These measures include "cash flow from operations", "free cash flow",
"operating income before depreciation and amortization" and "operating margin".
Cash flow from operations and free cash flow
Cash flow from operations is used by COGECO's management and investors to
evaluate cash flows generated by operating activities, excluding the impact of
changes in non-cash operating activities, amortization of deferred transaction
costs and discounts on long-term debt, income taxes paid or received, current
income tax expense or recovery, financial expense paid and financial expense.
This allows the Corporation to isolate the cash flows from operating activities
from the impact of cash management decisions. Cash flow from operations is
subsequently used in calculating the non-IFRS measure, "free cash flow". Free
cash flow is used, by COGECO's management and investors, to measure its ability
to repay debt, distribute capital to its shareholders and finance its growth.
The most comparable IFRS financial measure is cash flow from operating
activities. Cash flow from operations is calculated as follows:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Quarters ended May 31, Nine months ended May 31,
2012 2011 2012 2011
($000) $ $ $ $
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Cash flow from
operating
activities 109,546 141,106 245,571 284,375
Changes in non-cash
operating
activities 20,507 (17,406) 85,288 56,048
Amortization of
deferred
transaction costs
and discounts on
long-term debt 1,681 1,141 3,357 2,902
Income taxes paid
(received) 10,634 (120) 67,711 (1,695)
Current income tax
recovery (expense) (25,016) 1,647 (72,306) (73,197)
Financial expense
paid 18,076 19,578 49,587 60,305
Financial expense (17,822) (16,619) (51,710) (57,983)
----------------------------------------------------------------------------
Cash flow from
operations 117,606 129,327 327,498 270,755
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Free cash flow is calculated as follows:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Quarters ended May 31, Nine months ended May 31,
2012 2011 2012 2011
($000) $ $ $ $
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Cash flow from
operations 117,606 129,327 327,498 270,755
Acquisition of
property, plant and
equipment (84,161) (61,026) (243,161) (176,514)
Acquisition of
intangible assets (3,980) (2,781) (10,570) (8,535)
----------------------------------------------------------------------------
Free cash flow 29,465 65,520 73,767 85,706
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Operating income before depreciation and amortization and operating margin
Operating income before depreciation and amortization is used by COGECO's
management and investors to assess the Corporation's ability to seize growth
opportunities in a cost effective manner, to finance its ongoing operations and
to service its debt. Operating income before depreciation and amortization is a
proxy for cash flows from operations excluding the impact of the capital
structure chosen, and is one of the key metrics used by the financial community
to value the business and its financial strength. Operating margin is a measure
of the proportion of the Corporation's revenue which is available, before income
taxes, to pay for its fixed costs, such as interest on Indebtedness. Operating
margin is calculated by dividing operating income before depreciation and
amortization by revenue.
The most comparable IFRS financial measure is operating income. Operating income
before depreciation and amortization and operating margin are calculated as
follows:
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Quarters ended May 31, Nine months ended May 31,
2012 2011 2012 2011
($000, except
percentages) $ $ $ $
----------------------------------------------------------------------------
(unaudited) (unaudited) (unaudited) (unaudited)
Operating income 95,473 90,242 229,046 242,167
Integration,
restructuring and
acquisition costs - - 108 13,222
Depreciation and
amortization 62,973 51,783 214,071 151,772
----------------------------------------------------------------------------
Operating income
before depreciation
and amortization 158,446 142,025 443,225 407,161
----------------------------------------------------------------------------
Revenue 358,032 330,258 1,049,668 936,241
----------------------------------------------------------------------------
Operating margin 44.3% 43.0% 42.2% 43.5%
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ABOUT COGECO
COGECO is a diversified communications corporation. Through its Cogeco Cable
subsidiary, COGECO provides its residential customers with Audio, Analogue and
Digital Television, as well as HSI and Telephony services using its two-way
broadband cable networks. Cogeco Cable also provides, to its commercial
customers, through its subsidiary Cogeco Data Services, data networking,
e-business applications, video conferencing, hosting services, Ethernet, private
line, VoIP, HSI access, data storage, co-location services, managed IT services,
cloud services and other advanced communication solutions. Through its
subsidiary, Cogeco Diffusion, COGECO owns and operates 13 radio stations across
most of Quebec with complementary radio formats serving a wide range of
audiences as well as Cogeco News, its news agency. Cogeco Diffusion also
operates Metromedia, an advertising representation house specialized in the
public transit sector that holds exclusive advertising rights in the Province of
Quebec where it also represents its business partners active across other
Canadian markets. COGECO's subordinate voting shares are listed on the Toronto
Stock Exchange (TSX:CGO). The subordinate voting shares of Cogeco Cable are also
listed on the Toronto Stock Exchange (TSX:CCA).
ADDITIONAL INFORMATION
For additional information relating to the Corporation, including its Annual
Information Form, and for a detailed analysis of COGECO's results for the third
quarter of 2012, please refer to the Management Discussion and Analysis and
condensed consolidated financial statements of COGECO, available on the SEDAR
website at www.sedar.com.
Analyst Conference Thursday, July 12, 2012 at 11:00 a.m. (Eastern Daylight
Call: Time)
Media representatives may attend as listeners only.
Please use the following dial-in number to have access
to the conference call by dialling five minutes before
the start of the conference:
Canada/USA Access Number: 1-800-820-0231
International Access Number: 1-416-640-5926
Confirmation Code: 1348176
By Internet at www.cogeco.ca/investors
A rebroadcast of the conference call will be available
until October 11, by dialling:
Canada and US access number: 1 888-203-1112
International access number: + 1 647-436-0148
Confirmation code: 1348176
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