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To: Johnny Canuck who wrote (44145)	5/2/2007 10:37:18 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69284

BCE profits rise, but wireless growth falters Last Updated: Wednesday, May 2, 2007 \| 11:08 AM ET CBC News Telecommunications giant BCE Inc., which is being checked out by possible suitors, reported higher first-quarter earnings on Wednesday, but slower growth in its wireless business. Canada's biggest phone company said it made $499 million, or 62 cents a share, in the quarter. That was up from $477 million, or 52 cents a share, a year earlier. BCE three-month trading Factoring out one-time charges and gains, BCE's earnings actually fell to $420 million from $454 million year-over-year. BCE's revenues for the quarter increased to $4.39 billion, up one per cent compared with the first quarter of 2006, on higher revenues at Bell, Bell Aliant and Telesat. Revenues at Bell, which is BCE's main unit, grew by 0.4 per cent year-over-year to $3.58 billion, driven mainly by growth in video, wireless, internet and broadband revenues. "Overall, our wireline services held their own against competitors this quarter," said Michael Sabia, the president and chief executive officer of BCE, and CEO of Bell Canada. Continue Article "There was less erosion in our local and long-distance revenues and we had good performance in high-speed internet. We also continued to deliver on our cost reduction goals. "However, aggressive changes in our wireless strategy during the last quarter had a significant adverse impact on wireless subscriber growth." Sluggish wireless growth BCE said it added 13,000 new wireless subscribers in Q1, down from 76,000 in the same quarter a year earlier. That sluggish growth led the company to cut its growth forecast for wireless customers to a range of four to six per cent for the full year. It had previously expected growth of eight to 10 per cent. Rogers Communications, which reported higher Q1 profits on Tuesday, said it added 94,500 wireless customers in the quarter, an increase from the 89,000 it added in the first quarter of 2006. Earlier this week, BCE said it hopes to have a strategic review — which could include the sale or privatization of the company — finished by the end of September. The company also said it planned to open an electronic data room for potential bidders this week. The Canada Pension Plan Investment Board, the independent investment arm of the CPP, is one of the potential bidders. BCE has confirmed it is in talks with a CPPIB-led consortium that includes Quebec's public pension fund (the Caisse de dépôt et placement du Québec), the Public Sector Pension Investment Board and the U.S.-based buyout firm Kohlberg Kravis Roberts & Co. The Ontario Teachers' Pension Plan, which is already BCE's biggest shareholder, has said it may make an offer for the company. BCE shares rose 29 cents to end at $37.59 on the TSX. More Money Headlines » Black's lawyer suggests key prosecution witnesses lied Conrad Black's lawyer suggested former Illinois Gov. James Thompson was lying when he said he knew nothing of the controversial non-compete payments. TSX to hit 15,000 by year-end: CIBC World Markets CIBC World Markets is forecasting that takeover fever will help to drive the benchmark index of the TSX to 15,000 by year's end. Mutual funds post best April sales in 9 years Mutual fund companies had another solid sales month, with the industry posting its best April sales figures since 1998. Nortel shares jump as guidance raised Shares of Nortel gained more than eight per cent Wednesday after it said its first quarter revenue would come in higher than analysts' estimates. BCE profits rise, but wireless growth falters BCE Inc., which is being checked out by suitors eyeing possible takeover bids, reported higher first-quarter earnings Wednesday, but slower wireless growth. Money Features IN DEPTH Conrad Black News, background, key players Notable exhibits VALUE ADDED Madelaine Drohan Questions we should be asking about BCE sale INTERACTIVE Media concentration Who owns what in the Canadian media