MONTREAL – Cogeco is making more than a few doubters eat crow these days, given its recent operating results.
When it acquired Portugal’s Cabovisao on 2006, there was a lengthy line of complainers decrying the company’s decision to branch out beyond Canada. But, results across the Atlantic have been stellar and the company’s Canadian growth has continued unabated.
For the fourth quarter and the full year of fiscal 2007, ended August 31st, consolidated revenue grew 39.7% to $244.3 million and 51.4% to $938.9 million, respectively. Consolidated operating income before amortization increased 40.6% to $102.4 million and 46.6% to $370.8, million respectively.
Consolidated net income for the year amounted to $84.7 million up 29.2% and free cash flow reached $30.6 million as “strong subscriber growth continued with 49,576 net additions of revenue-generating units reaching 300,688 in fiscal 2007,” reads the company’s late Friday press release.
"Financially, Cogeco Cable’s fourth quarter results were very positive. We are well positioned to address the needs of our customers in the markets we serve, said Louis Audet, president and CEO, in the release. The relevance of our strategy has been recognized by the financial markets and the stock has continued to perform very well. Our new management structure will enable the Canadian operations to develop better synergies and therefore will have a positive impact in the way we deliver our services. Our balance sheet is solid and we are looking forward to achieving a strong fiscal 2008."
More to come after the company’s analyst conference call on Monday.
