Wednesday, February 17, 2010

Rogers Communications up in profit and dividend; media division has 6% revenue decline

Rogers Communications Inc.'s media division experienced a 6% revenue decline in the year ending December 31, 2009. The division, which includes the company's magazines and as well as television properties like the Shopping Channel, the Outdoor Life Network, Omni and CityTV and other enterprises like the Toronto Blue Jays, had operating revenues of $1.407 billion, compared with $1.496 billion last year. There were no details published for consumer and trade magazines.

The company's release noted that media operating expenses had also been brought down by 5%, but after various restructuring expenses and other extraordinary adjustments, operating profit had dropped $69 million from $142 million in 2008 to $73 million in 2009.

For Rogers Communications as a whole, including its cable and wireless business, which dominates company results, adjusted operating profit was up 8% from $4.060 million to $4,388 million. Income per share increased 27% to $2.51. The 10% increase in the companies annual dividend met analysts' expectations, as did the $1.35 billion share buyback.
"Against a tough economic backdrop, we delivered solid financial and operating results during the fourth quarter," said Nadir Mohamed, President and Chief Executive Officer, Rogers Communications Inc. "Importantly, the results show a healthy balance of growth, cost control, improved churn and a double-digit increase in cash flow generation."

"2009 was a solid year for Rogers, we returned increasing amounts of cash to shareholders and we delivered on our commitments," continued Mr. Mohamed. "Looking ahead, we are extremely well positioned with a terrific asset mix and strong customer demand for our products and services. The dividend increase and the renewal of our share buyback program for 2010 underline our continued confidence in the strategic position of the Company."

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