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Rogers Reports First Quarter 2012 Financial and Operating Results

$2,954 Million $1,091 Million $0.68 $485 Million

Postpaid Wireless Net Subscriber Additions of 47,000 Driven by Second Highest Quarter of Smartphone Activations Ever, Including a 35% Increase in iPhone Activations and a Stabilizing Trend in Postpaid Churn, Wireless Network Margins Remain Strong at 46%;

Cable Total Service Units Down 7,000 in Seasonally Slow and Highly Competitive Quarter, While Margins of 46% Reflect Ongoing Realization of Cost Efficiencies;

Media Revenue Growth of 4% Reflects Seasonally Slow Quarter Combined With Continued Softness in the Ad Market Offset by Strong Subscriber Growth, While Programming Investments and New Initiatives Incrementally Dilute Margins;

TORONTO April 24, 2012 March 31, 2012

Financial highlights are as follows (1) :

                               
        Three months ended March 31,
(In millions of dollars, except per share amounts)         2012     2011 % Chg
                               
Operating revenue       $       2,954   $       2,987                 (1)
Adjusted operating profit               1,091           1,160                 (6)
Adjusted net income               356            423               (16)
Adjusted earnings per share       $       0.68   $       0.76               (11)
Adjusted diluted earnings per share       $       0.67   $       0.76               (12)

(1)

Nadir Mohamed

Highlights of the first quarter of 2012 include the following:

  • March 31, 2012 March 31, 2011
  • Canada’s Calgary Halifax St John’s Canada
  • Canada
  • Canada’s
  • Bill Linton Anthony Staffieri
  • $485 million
  • $1.58 February 2012 $0.395 $1.0 billion

April 24, 2012 sedar.com

The financial information presented herein has been prepared on the basis of IFRS for interim financial statements and is expressed in Canadian dollars unless otherwise stated.

As this earnings release includes forward-looking statements and assumptions, readers should carefully review the section of this earnings release entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions".

In this earnings release, the terms "we", "us", "our", "Rogers" and "the Company" refer to Rogers Communications Inc. and our subsidiaries, "Wireless", "Cable" and "Media".

SUMMARIZED CONSOLIDATED FINANCIAL RESULTS

                                                 
          Three months ended March 31,
(In millions of dollars, except per share amounts)           2012       2011   % Chg
                                                 
Operating revenue                                                
  Wireless         $       1,706     $       1,721               (1)
  Cable                                                
    Cable Operations                 825             813               1
    RBS                 87             116               (25)
    Video                 11             24               (54)
                  923             953               (3)
  Media                 354             339               4
  Corporate items and eliminations                 (29)             (26)               (12)
Total operating revenue                 2,954             2,987               (1)
                                                 
Adjusted operating profit (loss)                                                
  Wireless                 737             790               (7)
  Cable                                                
    Cable Operations                 378             382               (1)
    RBS                 18             26               (31)
    Video                 (3)             (7)               57
                  393             401               (2)
  Media                 (14)             (10)               (40)
  Corporate items and eliminations                 (25)             (21)               (19)
Adjusted operating profit                 1,091             1,160               (6)
Stock-based compensation expense                 (6)             (8)               (25)
Integration, restructuring and acquisition expenses                 (64)             (11)               n/m
Operating profit                 1,021             1,141               (11)
Other income and expense, net                 (716)             (806)               (11)
Net income         $       305     $       335               (9)
                                                 
Basic earnings per share         $       0.58     $       0.60               (3)
Diluted earnings per share         $       0.57     $       0.60               (5)
                                                 
As adjusted:                                                
  Net income         $       356     $       423               (16)
  Basic earnings per share         $       0.68     $       0.76               (11)
  Diluted earnings per share         $       0.67     $       0.76               (12)
                                                 
Additions to property, plant and equipment ("PP&E")                                                
  Wireless         $       223     $       218               2
  Cable                                                
    Cable Operations                 188             150               25
    RBS                 15             11               36
    Video                                           n/m
                   203             161               26
  Media                 10             8               25
  Corporate                 13             8               63
Total additions to PP&E         $       449     $       395               14
                                                 

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