Rogers Reports Strong First Quarter 2008 Financial and Operating Results
Tuesday, April 29th, 2008TORONTO — Rogers Communications Inc. (NYSE: RCI) today announced its consolidated financial and operating results for the three months ended March 31, 2008.
Core Cable Revenue
The increase in Core Cable revenue for the three months ended March 31, 2008, compared to the corresponding period of the prior year, reflects a combination of the growing penetration of our digital cable products and the impact of price increases.
Basic cable net additions for the three months ended March 31, 2008 reflect the impact of the conversion of a large municipal housing authority’s cable TV arrangement with Rogers from a bulk to an individual tenant pay basis, which had the impact of reducing basic cable subscribers by approximately 5,000.
The digital cable subscriber base grew by 16% from March 31, 2007 to March 31, 2008. Digital penetration now represents 61% of basic cable households. Strong demand for high definition (“HD”) and personal video recorder (“PVR”) digital set-top box equipment combined with the success of Cable’s “triple play” marketing campaign, which package cable television, high-speed Internet and Rogers Home Phone services, contributed to the growth in the digital subscriber base of 49,000 households in the three months ended March 31, 2008.
Summarized Subscriber Results
------------------------------------------------------------------------- Three months ended March 31, (Subscriber statistics in thousands, ------------------------------ except ARPU) 2008 2007 Chg ------------------------------------------------------------------------- Cable homes passed 3,597 3,494 103 Basic Cable Net additions(1) - 1 (1) Total Basic Cable subscribers 2,295 2,278 17 Core Cable ARPU(2) $ 58.50 $ 54.56 $ 3.94 High-speed Internet Net additions 41 42 (1) Total Internet subscribers (residential)(3) 1,510 1,339 171 Internet ARPU(2) $ 37.07 $ 35.75 $ 1.32 Digital Cable Terminals, net additions 103 120 (17) Terminals in service 1,974 1,617 357 Households, net additions 49 70 (21) Households 1,402 1,204 198 Cable telephony subscriber lines Net additions and migrations(4) 46 75 (29) Total Cable telephony subscriber lines 702 441 261 Circuit-switched subscriber lines Net losses and migrations(4) (14) (16) 2 Total circuit-switched subscriber lines 320 333 (13) Total Rogers Home Phone subscriber lines Net additions 32 59 (27) Total Rogers Home Phone subscriber lines 1,022 774 248 RGUs(5) Net additions 122 172 (50) Total revenue generating units 6,229 5,595 634 -------------------------------------------------------------------------
(1) Basic cable net additions for the three months ended March 31, 2008 reflect the impact of the conversion of a large municipal housing authority’s cable TV arrangement with Rogers from a bulk to an individual tenant pay basis, which had the impact of reducing basic cable subscribers by approximately 5,000.
(2) As defined. See the “Key Performance Indicators and Non-GAAP Measures” and “Supplementary Information” sections.
(3) During the first quarter of 2008, a change in subscriber reporting resulted in the reclassification of approximately 4,000 high-speed Internet subscribers from RBS’ broadband data circuits to Cable Operations’ high-speed Internet subscriber base. These subscribers are not included in net additions for the three months ended March 31, 2008.
(4) Includes approximately 3,000 and 18,000 migrations from circuit- switched to cable telephony for the three months ended March 31, 2008, and 2007, respectively.
(5) RGUs are comprised of basic cable subscribers, digital cable households, residential high-speed Internet subscribers and Rogers Home Phone subscribers.
More: Earnings Release
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