Cogeco Cable posts third quarter (end-May 2013) results

Thursday, July 11th, 2013
Cogeco logo

MONTRÉAL, Québec — Today, Cogeco Cable Inc. (TSX:CCA) (“Cogeco Cable” or the “Corporation”) announced its financial results for the third quarter of fiscal 2013, ended May 31, 2013, in accordance with International Financial Reporting Standards (“IFRS”).

Canadian Cable Services

For the third quarter and the first nine months net customer losses for Television service customers stood at 7,363 and 17,771, respectively, compared to 4,453 and 9,112 for the same periods of the prior year. Television service customer net losses are mainly due to the promotional offers of competitors for the video service combined with the tightening of our customer credit controls.

                                                       Net additions (losses)
                                          -----------------------------------
                                            Quarters ended  Nine months ended
                                          ----------------  -----------------
                                 May 31,  May 31,  May 31,   May 31,  May 31,
                                    2013     2013     2012      2013     2012
                               ---------  -------  -------  --------  -------
Television service customers     845,344  (7,363)  (4,453)  (17,771)  (9,112)

American Cable Services

On November 30, 2012, the Corporation completed the acquisition of Atlantic Broadband (ABB), an independent cable system operator formed in 2003 and providing Analogue and Digital Television, as well as HSI and Telephony services. ABB operates cable systems in Western Pennsylvania, Southern Florida, Maryland, Delaware and South Carolina. Fiscal 2013 nine-month period included six months of operations of ABB.

                                                       Net additions (losses)
                                          -----------------------------------
                                            Quarters ended  Nine months ended
                                          ----------------  -----------------
                                 May 31,  May 31,  May 31,   May 31,  May 31,
                                    2013     2013     2012      2013     2012
                               ---------  -------  -------  --------  -------
Television service customers     233,941  (1,044)        -   (3,372)        -  

Customer statistics – Television service customers

               May 31,  February 28,  November 30,  August 31,  May 31,
                  2013          2013          2012        2012     2012
             ---------  ------------  ------------  ----------  -------
Total        1,079,285     1,087,692     1,098,352     863,115  868,873
  CANADA       845,344       852,707       861,039     863,115  868,873
  US           233,941       234,985       237,313           -        -

Digital        924,155       922,703       922,576     771,503  765,585
  CANADA       779,950       778,728       780,724     771,503  765,585
  US           144,205       143,975       141,852           -        -

Analogue       155,130       164,989       175,776      91,612  103,288
  CANADA        65,394        73,979        80,315      91,612  103,288
  US            89,736        91,010        95,461           -        -