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Rogers Reports Fourth Quarter 2010 Financial and Operating Results

$3.2 Billion $0.64

Wireless Adds 123,000 Net New Subscribers, Activates and Upgrades a Record 635,000 Smartphones, and Accelerates Wireless Data Revenue Growth to 32%;

Cable Operations Adjusted Operating Profit Increases 16% Driving Margins to 46.1% on Continued Subscriber Growth and Cost Efficiencies;

$531 Million

Feb. 16 December 31, 2010

Financial highlights are as follows (1) :

 
      Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except per share amounts) 2010 2009 % Chg 2010 2009 % Chg
                 
Operating revenue   $         3,152 $         3,057                    3 $       12,186 $       11,731                    4
Operating profit               1,084             1,049                    3             4,552             4,316                    5
Net income                    327                310                    5             1,528             1,478                    3
Basic and diluted net income per share $           0.58 $           0.51                  14 $           2.65 $           2.38                  11
                  
As adjusted:              
    Operating profit   $         1,074 $         1,101                  (2) $         4,653 $         4,388                    6
    Net income                  359                370                  (3)             1,707             1,556                  10
    Basic and diluted net income per share  $           0.64  $           0.61 5  $           2.96  $           2.51 18
                              
             
(1)     rogers.com sedar.com sec.gov

$2 billion

Highlights of the fourth quarter of 2010 include the following:

  • December 31, 2010 December 31, 2009
  • January 2011
  • January 2011
  • $347 million $1.5 billion $184 million
  • $2.1 billion
  • $1,312 million $734 million $2.0 billion
  • $1.42 $1.5 billion

www.sedar.com

In this earnings release, the terms "we", "us", "our", "Rogers" and "the Company" refer to Rogers Communications Inc. and our subsidiaries, which are reported in the following segments: "Wireless", "Cable", and "Media".

SUMMARIZED CONSOLIDATED FINANCIAL RESULTS (Unaudited)

           
        Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except per share amounts)     2010 2009 % Chg 2010 2009 % Chg
                   
Operating revenue                
  Wireless     $         1,784 $         1,734                    3 $         6,968 $         6,654                    5
  Cable                
      Cable Operations                     809                795                    2             3,185             3,074                    4
      RBS                     141               124                  14                560                503                  11
      Rogers Retail                       91                110                (17)                355                399                (11)
      Corporate items and eliminations                     (10)                (10)                     –                (48)                (28)                  71
                      1,031             1,019                    1             4,052             3,948                    3
  Media                    428                393                    9             1,501             1,407                    7
  Corporate items and eliminations                    (91)                (89)                    2              (335)              (278)                  21
Total                 3,152             3,057                    3           12,186           11,731                    4
                   
Adjusted operating profit (loss)                
  Wireless                    697                744                  (6)             3,167             3,042                    4
  Cable                
      Cable Operations                     373                322                  16             1,424             1,298                  10
      RBS                       12                    5                140                  40                  35                  14
      Rogers Retail                     (15)                  (2) n/m                (27)                  (9)                200
                         370                325                  14             1,437             1,324                    9
  Media                      35                  52                (33)                147                119                  24
  Corporate items and eliminations                    (28)                (20)                  40                (98)                (97)                    1
Adjusted operating profit                 1,074             1,101                  (2)             4,653             4,388                    6
Stock-based compensation (expense) recovery                      27                (29) n/m                (47)                  33 n/m
Settlement of pension obligations                         –                (30) n/m                     –                (30) n/m
Integration and restructuring expenses                    (22)                (65)                (66)                (40)              (117)                (66)
Other items, net                        5                     – n/m                (14)                     – n/m
Contract termination fees                         –                  (7) n/m                     –                (19) n/m
Adjustment for CRTC Part II fees decision                         –                  79 n/m                     –                  61 n/m
Operating profit                 1,084             1,049                    3             4,552             4,316                    5
Other income and expense, net                    757                739                    2             3,024             2,838                    7
Net income     $            327 $            310                   5 $         1,528 $         1,478                    3
                   
Basic and diluted net income per share     $           0.58 $           0.51                  14 $           2.65 $           2.38                  11
                   
As adjusted:                
    Net income     $            359 $            370                  (3) $         1,707 $         1,556                  10
    Basic and diluted net income per share     $           0.64 $           0.61                    5 $           2.96 $           2.51                  18
                   
Additions to PP&E                
  Wireless     $            346 $            266                  30 $            937 $            865                    8
  Cable                
       Cable Operations                     157                202                (22)                611                642                  (5)
       RBS                       13                  10                  30                  38                  37                    3
       Rogers Retail                         8                    5                  60                  13                  14                  (7)
                         178                217                (18)                662                693                  (4)
  Media                      17                  21                (19)                  46                  62                (26)
  Corporate                      51                  67                (24)                194                235                (17)
Total     $            592 $            571                    4 $         1,839 $         1,855                  (1)
                 

SEGMENT REVIEW

WIRELESS

Summarized Wireless Financial Results

     
        Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except margin) 2010 2009 % Chg 2010 2009 % Chg
                   
Operating revenue            
  Postpaid     $         1,574 $         1,524                    3 $         6,272 $         5,948                    5
  Prepaid                      78                  74                    5                297                297                    –
  Network revenue               1,652             1,598                    3             6,569             6,245                    5
  Equipment sales                  132                136                  (3)                399                409 (2)
Total operating revenue               1,784             1,734

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