Pat do not forget that Shaw just recently sold TERN
shares:
CALGARY, Jan 18 (Reuters) - Shaw Communications Inc. (Toronto:SJRb.TO - news),
operator of Canada's No. 2 cable-TV service, said on Tuesday it returned to profit in its
fiscal first quarter due to increased sales of cable and Internet services.
Calgary-based Shaw also reported its earnings were bolstered by a C$69.7-million gain
from sales of stock from its portfolio, consisting of holdings in such high-flying technology
and Internet firms as Terayon Communications Systems Inc. (NasdaqNM:TERN - news)
and ExciteAtHome Corp. (NasdaqNM:ATHM - news)
The portfolio, which also includes a sizable holding of cell phone maker Motorola Inc. (NYSE:MOT - news), is still valued at
more than C$1 billion ($690 million) even after the sales during the quarter ended November 30, 1999.
Shaw, best known for providing cable-TV service to customers across the country, reported first-quarter earnings from
continuing operations of C$40 million, or 36 Canadian cents a share, up from a loss of C$12.9 million, or 18 Canadian cents
a share, the year before.
The most recent figure excludes a loss of C$239,000 from the disposal of paging operations. The prior-year figure excludes
net income from its media operations of C$4.3 million. Shaw spun off the unit, now called Corus Entertainment Inc.
(Toronto:CJRb.TO - news) during the recent quarter.
First-quarter operating income, before the gain on the share sales, rose 24 percent to C$11.3 million from year-earlier
C$9.1 million.
Revenues totaled C$212 million, up 26 percent from C$165 million.
The company said its cable division chalked up gains in revenue and operating income of 20 percent in the period, due to
acquisitions on Atlantic Canada and Chilliwack, British Columbia as well as strong subscriber growth.
Its ShawAtHome Internet service, which provides access to the World Wide Web via large-diameter cable, attracted
37,000 new subscribers, translating into growth of 28 percent in the first quarter versus a year earlier, the company said.
($1=$1.45 Canadian) |
