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Rogers Reports First Quarter 2011 Financial and Operating ResultsFirst Quarter Revenue Increases 4% to $3.0 Billion, Adjusted Earnings Per Share up 13% to $0.76, $597 Million of Free Cash Flow Generated; Wireless Adds 45,000 Net New Postpaid Subscribers, Adds Record Number of New Smartphone Customers, While Wireless Data Revenue Growth Strong at 30% and Margins at 49%; Cable Operations Adjusted Operating Profit Increases 12% Driving Margins to 47% on Continued Subscriber Growth and Cost Efficiencies; Media Revenue up by 17% as Revenue Increased In All of Media's Divisions; $464 Million of Cash Returned to Rogers Shareholders in Dividends and Share Buybacks TORONTO, April 26 /CNW/ - Rogers Communications Inc. today announced its consolidated financial and operating results for the three months ended March 31, 2011 and 2010, in accordance with the newly adopted International Financial Reporting Standards ("IFRS"). Financial highlights are as follows (1):
"The first quarter results represent a healthy start to 2011 for Rogers," said Nadir Mohamed, President and Chief Executive Officer of Rogers Communications Inc. "We've maintained solid top line growth rates as a result of continued investments in our customer relationships, networks and products supported by a sharp focus on wireless data and subscriber retention initiatives. While at the same time, our successful focus on managing costs has enabled continued strong margins and the generation of substantial free cash flow." Highlights of the first quarter of 2011 include the following:
This earnings release, which is current as of April 26, 2011, is a summary of our first quarter 2011 results and should be read in conjunction with our first quarter 2011 MD&A, our first quarter 2011 Interim Unaudited Consolidated Financial Statements and Notes thereto, our 2010 Annual MD&A and our 2010 Annual Audited Consolidated Financial Statements and Notes thereto and other recent securities filings available on rogers.com or sedar.com. The financial information presented herein has been prepared on the basis of International Financial Reporting Standards ("IFRS") for interim financial statements and is expressed in Canadian dollars unless otherwise stated. The amounts in this earnings release, our MD&A and our interim financial statements for the three months ended March 31, 2010 have been restated to reflect our adoption of IFRS, with effect from January 1, 2010. Periods prior to January 1, 2010 have not been restated and are prepared in accordance with Canadian GAAP. Please refer to Note 3 of our First Quarter 2011 Interim Unaudited Consolidated Financial Statements for a summary of the differences between our financial statements previously prepared under Canadian GAAP and to those under IFRS for the three months ended March 31, 2010 and for the year ended December 31, 2010. Concurrent with the impact of the transition to IFRS, we made certain changes to our reportable segments. Commencing January 1, 2011, the results of the former Rogers Retail segment are reported as follows: the results of the Video retailing portion are now presented as a separate operating sub-segment under the Cable segment, and the portions related to retail distribution of cable and wireless products and services are now included in the results of operations of Cable Operations and Wireless, respectively. In addition, certain intercompany transactions between the Company's Rogers Business Solutions ("RBS") segment and other operating segments, which were previously recorded as revenue in RBS and operating expenses in the other operating segments, are now recorded as cost recoveries in RBS beginning January 1, 2011. While there is no change to the consolidated results of the Company or to the adjusted operating profit of RBS, as a result of this second change, the reported revenue of RBS is lower as intercompany sales are no longer included. Comparative figures for 2010 have been reclassified to conform to the current year's presentation of both changes discussed above. As this earnings release includes forward-looking statements and assumptions, readers should carefully review the sections of this earnings release entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions". In this earnings release, the terms "we", "us", "our", "Rogers" and "the Company" refer to Rogers Communications Inc. and our subsidiaries, "Wireless", "Cable", and "Media". SUMMARIZED CONSOLIDATED FINANCIAL RESULTS
SEGMENT REVIEW WIRELESS Summarized Wireless Financial Results
Summarized Wireless Subscriber Results
Wireless Subscribers and Network Revenue The year-over-year increase in total net subscriber additions for the quarter reflects relatively steady level of postpaid net additions combined with incremental prepaid sales activity from Wireless' launch of its urban zone-based unlimited voice and text service, chatr. The increase in network revenue for the three months ended March 31, 2011, compared to the corresponding period of 2010, was driven predominantly by the continued growth of Wireless' postpaid subscriber base and the continued adoption of wireless data services. For the three months ended March 31, 2011, wireless data revenue increased by approximately 30% from the corresponding period of 2010, to $542 million. This growth in wireless data revenue reflects the continued penetration and growing usage of smartphone and wireless laptop devices which are driving increased usage of e-mail, wireless Internet access, text messaging and other wireless data services. For the three months ended March 31, 2011, data revenue represented approximately 34% of total network revenue, compared to approximately 26% in the corresponding period of 2010. For the three months ended March 31, 2011, Wireless activated and upgraded approximately 534,000 smartphones, compared to approximately 348,000 smartphones in the first quarter of 2010. These smartphones were predominately iPhone, BlackBerry and Android devices, of which approximately 36% were for subscribers new to Wireless, during the three months ended March 31, 2011. This resulted in subscribers with smartphones representing 45% of the overall postpaid subscriber base as at March 31, 2011, compared to 33% as at March 31, 2010. These subscribers generally commit to new multi-year-term contracts, and typically generate ARPU nearly twice that of voice only subscribers. This is the largest number of new smartphone customer additions that Wireless has ever reported in a quarter. Year-over-year blended ARPU decreased by 2.7%, which reflects declines in roaming, long-distance, out-of-plan usage and network access fee revenues, offset by higher wireless data and feature revenues. These decreases are primarily due to the creation of voice and data roaming value plans for frequent travelers over the past year and general competitive intensity. Wireless Equipment Sales The year-over-year increase for the three months ended March 31, 2011 in revenue from equipment sales, including activation fees and net of equipment subsidies, versus the corresponding period of 2010, reflects an increase in the number of smartphone activations. Wireless Operating Expenses
The $65 million increase in cost of equipment sales for the three months ended March 31, 2011, compared to the corresponding period of 2010, was primarily the result of an increase in gross additions versus the prior period and a continued increase in the mix of smartphones for both new and upgrading subscribers. This was the single largest factor driving the year-over-year increase in expenses, and Wireless views these costs as net present value positive investments in the acquisition and retention of higher ARPU, in that they reflect lower churning customers who are on term contracts. The year-over-year increase in other operating expenses for the three months ended March 31, 2011, excluding retention spending discussed below, was driven by increased spending on advertising and promotion costs for new marketing campaigns, higher data activations, and higher sales costs associated with both volumes and mix, which were offset by savings resulting from cost reduction initiatives and scale efficiencies across various functions. Total retention spending, including subsidies on handset upgrades, was $183 million in the three months ended March 31, 2011, compared to $150 million in the corresponding period of 2010. The significant increase is a result of a higher mix of smartphone upgrades by existing subscribers, versus the corresponding period in 2010. Wireless Adjusted Operating Profit The 5% year-over-year decrease in adjusted operating profit and the 48.9% adjusted operating profit margin on network revenue (which excludes equipment sales revenue) for the three months ended March 31, 2011 primarily reflect the increase in the total operating expenses discussed above, driven heavily by the high level of smartphone activations and upgrades and related level of subsidy spending, partially offset by the increase in network revenue. Wireless Additions to PP&E Wireless additions to PP&E are classified into the following categories:
Wireless PP&E additions for the three months ended March 31, 2011 reflect spending on network capacity, such as radio channel additions, network core improvements and network enhancing features, including the continued deployment of our HSPA+ network. Quality-related additions to PP&E are associated with upgrades to the network to enable higher throughput speeds in addition to improved network access associated activities, such as site build programs and network sectorization work. Moreover, Quality includes test and monitoring equipment and operating support system activities. Investments in Network - other are associated with network reliability and renewal initiatives, infrastructure upgrades and new product platforms. Information technology and other wireless specific system initiatives include billing and back-office system upgrades, and other facilities and equipment spending. The increase in Wireless PP&E additions for the three months ending March 31, 2011 is largely due to the increase in Information technology and other which was driven primarily by Wireless' share of an enterprise data warehouse project and a new enterprise-wide billing system. CABLE Summarized Cable Financial Results
The following segment discussions provide a detailed discussion of the Cable operating results. CABLE OPERATIONS Summarized Financial Results
Summarized Subscriber Results
Cable Television Revenue The increase in Cable Television revenue for the three months ended March 31, 2011, compared to the corresponding period of 2010, reflects the continued increase in penetration of our digital cable product offerings and pricing changes. The slowdown in the year-over-year growth rate of Cable Television revenue from the fourth quarter of 2010 to the first quarter of 2011 partially reflects on-going targeted bundling and retention initiatives to transition portions of the subscriber base to term contracts and a lower number of subsidized digital box sales. Cable continues to lead the Canadian cable industry in digital cable penetration. The digital cable subscriber base grew by 3% and represented 76% of television subscriber base as at March 31, 2011, compared to 74% as at March 31, 2010. Increased demand from subscribers for the larger selection of digital content, video on-demand, HDTV and personal video recorder ("PVR") equipment continues to contribute to the growth in the digital subscriber base and cable television revenue. Cable Internet Revenue The year-over-year increase in Internet revenue for the three months ended March 31, 2011 primarily reflects the increase in the Internet subscriber base, combined with Internet services price changes made in July 2010 and the timing and mix of promotional programs. With the high-speed Internet base at approximately 1.7 million subscribers, Internet penetration is approximately 45% of the homes passed by our cable networks and 74% of our television subscriber base, as at March 31, 2011. Home Phone Revenue Home Phone revenue for the three months ended March 31, 2011, reflects the year-over-year growth in the cable telephony customer base with a corresponding cable telephony revenue growth of approximately 5%, offset by the ongoing decline of the legacy circuit-switched telephony base. This decline of the legacy circuit-switched telephony base was 80,000 compared to the base as at March 31, 2010. During the three months ended March 31, 2011, approximately 12,000 circuit-switched lines were migrated, of which 9,000 were migrated to a third-party reseller, and the remaining 3,000 were migrated to RBS. The lower net additions of cable telephony lines in the three months ended March 31, 2011, versus the corresponding period of 2010, are the result of lower sales and increased competition. Cable telephony lines in service grew 6% from March 31, 2010 to March 31, 2011. At March 31, 2011, cable telephony lines represented 27% of the homes passed by our cable networks and 44% of television subscribers. Cable continues to focus principally on growing its on-net cable telephony line base. Therefore, it continues its strategy to de-emphasize the off-net circuit-switched telephony business where services cannot be provided fully over Rogers' own network facilities. During the third quarter of 2010, Cable announced that it was divesting most of the assets related to the remaining circuit-switched telephony operations. Under this arrangement, most of its co-location sites and related equipment were sold. In addition, the sale involved residential circuit-switched lines, with the customers served by these facilities being migrated to a third party reseller starting late in the third quarter of 2010 and continuing over the first half of 2011. Approximately 42,000 of these subscribers have been migrated, leaving approximately 28,000 lines which will be migrated during the second quarter of 2011. For the three months ended March 31, 2011 the revenue reported by Cable Operations associated with the residential circuit-switched telephony business being divested totalled approximately $7 million. Excluding the impact of the declining circuit-switched telephony business that Cable is in the process of divesting, the year-over-year revenue growth for Home Phone and for Cable Operations overall for the three months ended March 31, 2011 would have been 5% and 5%, respectively. Cable Operations Operating Expenses The decrease in Cable Operations' operating expenses for the three months ended March 31, 2011, compared to the corresponding period of 2010, was primarily due to lower equipment sales and cost reduction and efficiency initiatives across various functions. Cable Operations continues to focus on implementing a program of permanent cost reduction and efficiency improvement initiatives to control the overall growth in operating expenses. Cable Operations Adjusted Operating Profit The year-over-year growth in adjusted operating profit was primarily the result of the revenue growth and cost changes described above. As a result, Cable Operations' adjusted operating profit margins increased to 47.0% for the three months ended March 31, 2011, compared to 43.0% in the corresponding period of 2010. ROGERS BUSINESS SOLUTIONS Summarized Financial Results
Summarized Subscriber Results
RBS Revenue RBS revenues include external revenues only and any intercompany revenues are treated as cost recoveries in our current presentation. Previously, intercompany revenues were included in RBS revenues. Comparative futures for 2010 have been reclassified to conform to the current year's presentation. The increase in RBS revenues primarily reflects the acquisition of Atria, partially offset by the ongoing decline in the legacy portions of the business. RBS is focused on leveraging on-net and near-net revenue opportunities utilizing both the acquired Atria network and Cable's existing network facilities to expand offerings to the medium-sized enterprise customer base. For the three months ended March 31, 2011, the acquisition of Atria contributed revenue of $20 million, principally in the areas of data and Internet, which was partially offset by a decline in long-distance revenue and a decline in local revenues, compared to the corresponding period of 2010. RBS Operating Expenses Operating expenses decreased for the three months ended March 31, 2011, compared to the corresponding period of 2010 and reflects the decrease in long-distance costs due to lower volumes and country mix, lower sales and marketing within the medium and large enterprise and carrier segments, and operating efficiencies with the integration of Blink and Atria. RBS Adjusted Operating Profit The year-over-year growth in adjusted operating profit reflects the acquisition of the higher margin Atria and Blink data businesses and the RBS focus on growing its on-net data revenue which has more than offset the declines in the lower margin voice business. Cost reductions and efficiency initiatives across various functions have also contributed to higher operating profit in the quarter. For the three months ended March 31, 2011, Atria contributed adjusted operating profit of $13 million. RBS adjusted operating profit margins increased to 22.4% for the three months ended March 31, 2011, compared to 7.2% in the corresponding period of 2010.
VIDEO Summarized Financial Results
The results of the Video segment include our video and game sale and rental business. Previously, the Rogers Retail segment also included the retail distribution of cable and wireless products and services. The business related to retail distribution of cable and wireless products and services are now included in the results of operations of Cable Operations and Wireless, respectively. Comparative figures for 2010 have been reclassified to conform to the current year's presentation. Video Revenue The decrease in Video revenue for the three months ended March 31, 2011, compared to the corresponding period of 2010, was the result of a continued decline in video rental and sales activity much of which is associated with the closure of 74 low margin store locations. Video Adjusted Operating Loss The adjusted operating loss at Video increased for the three months ended March 31, 2011, compared to the corresponding period of 2010, reflecting the trends noted above. Cable Additions to PP&E Cable additions to PP&E are classified into the following categories:
The Cable Operations segment categorizes its PP&E expenditures according to a standardized set of reporting categories that were developed and agreed to by the U.S. cable television industry and that facilitate comparisons of additions to PP&E between different cable companies. Under these industry definitions, Cable Operations additions to PP&E are classified into the following five categories:
Additions to Cable PP&E include continued investments in the cable network to enhance the customer experience through increased speed and performance of our Internet service and capacity enhancements to our digital network to allow for incremental HD and On-Demand services to be added. The increase in Cable Operations PP&E for the three months ended March 31, 2011, compared to the corresponding period of 2010 resulted primarily from higher Scalable infrastructure and Support capital expenditures due to projects associated with increasing capacity on our Video platform and quality related investments on our Voice platform. The increases in RBS PP&E additions for the three months ended March 31, 2011 reflect the timing of expenditures on customer networks and support capital. MEDIA Summarized Media Financial Results
Media Revenue The 17% increase in Media's revenue for the three months ended March 31, 2011, compared to the corresponding period of 2010, was mainly the result of new subscriber fees generated from Sportsnet ONE and increases in advertising sales. Overall, all divisions within Media experienced a growth in revenue for the three months ended March 31, 2011, compared to the corresponding period of 2010. Media Operating Expenses Media's operating expenses for the three months ended March 31, 2011 increased, compared to the corresponding period of 2010, due primarily to planned increases in Television programming costs, principally in the area of sports content. In the first quarter, Media broadcasts a seasonally high and growing amount of relatively expensive NHL and NBA programming. Those expenses moderate during the off-season quarters while subscriber fees stay relatively constant thus contributing to increasing margins in those quarters. Media Adjusted Operating Profit (Loss) The first quarter is historically the seasonally weakest margin quarter for Media. The decrease in Media's adjusted operating profit for the three months ended March 31, 2011, compared to the corresponding period of 2010, primarily reflects the revenue and expense changes discussed above. The acquisition of BV! Media contributed approximately $4 million of revenue and $2 million of expenses during the quarter. Media Additions to PP&E Media's PP&E additions during the three months ended March 31, 2011 increased from the corresponding period in 2010 due primarily to Television broadcast equipment additions related to the CRTC mandated digital transition and facilities upgrades at The Shopping Channel. Other Media Developments On January 31, 2011, we closed agreements to acquire BOUNCE (CHBN-FM) in Edmonton, Alberta and BOB-FM (CHST-FM) in London, Ontario. 2011 FINANCIAL AND OPERATING GUIDANCE We have no specific revisions to the 2011 annual guidance ranges which we provided on February 16, 2011. See the section entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions" below. Rogers Communications Inc.
Rogers Communications Inc.
Rogers Communications Inc.
Caution Regarding Forward-Looking Statements, Risks and Assumptions This earnings release includes forward-looking statements and assumptions concerning our business, its operations and its financial performance and condition approved by management on the date of this earnings release. These forward-looking statements and assumptions include, but are not limited to, statements with respect to our objectives and strategies to achieve those objectives, statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions, including guidance and forecasts relating to revenue, adjusted operating profit, PP&E expenditures, free cash flow, dividend payments, expected growth in subscribers and the services to which they subscribe, the cost of acquiring subscribers and the deployment of new services, the currently estimated financial impacts of converting to IFRS accounting standards, and all other statements that are not historical facts. Such forward-looking statements are based on current objectives, strategies, expectations and assumptions, most of which are confidential and proprietary, that we believe to be reasonable at the time including, but not limited to, general economic and industry growth rates, currency exchange rates, product pricing levels and competitive intensity, subscriber growth and usage rates, changes in government regulation, technology deployment, device availability, the timing of new product launches, content and equipment costs, the integration of acquisitions, industry structure and stability, and current guidance from accounting standard bodies with respect to the conversion to IFRS accounting standards. Except as otherwise indicated, this earnings release and our forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be considered or announced or may occur after the date of the financial information contained herein. We caution that all forward-looking information, including any statement regarding our current intentions, is inherently subject to change and uncertainty and that actual results may differ materially from the assumptions, estimates or expectations reflected in the forward-looking information. A number of factors could cause actual results to differ materially from those in the forward-looking statements or could cause our current objectives and strategies to change, including but not limited to new interpretations from accounting standards bodies, economic conditions, technological change, the integration of acquisitions, unanticipated changes in content or equipment costs, changing conditions in the entertainment, information and communications industries, regulatory changes, litigation and tax matters, the level of competitive intensity and the emergence of new opportunities, many of which are beyond our control and current expectation or knowledge. Therefore, should one or more of these risks materialize, should our objectives or strategies change, or should any other factors underlying the forward-looking statements prove incorrect, actual results and our plans may vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering any such forward-looking information herein and that it would be unreasonable to rely on such statements as creating any legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any forward-looking statements or assumptions whether as a result of new information, future events or otherwise, except as required by law. Before making any investment decisions and for a detailed discussion of the risks, uncertainties and environment associated with our business, fully review the sections entitled "Risks and Uncertainties Affecting our Businesses" and "Government Regulation and Regulatory Developments" in our 2010 Annual MD&A. Our annual and quarterly reports can be found online at rogers.com, sedar.com and sec.gov or are available directly from Rogers. About Rogers Communications Inc. Rogers Communications is a diversified Canadian communications and media company. We are Canada's largest provider of wireless voice and data communications services and one of Canada's leading providers of cable television, high-speed Internet and telephony services. Through Rogers Media we are engaged in radio and television broadcasting, televised shopping, magazines and trade publications, sports entertainment, and digital media. We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For further information about the Rogers group of companies, please visit rogers.com. Quarterly Investment Community Conference Call As previously announced by press release, a live webcast of our quarterly results conference call with the investment community will be broadcast via the Internet at rogers.com/webcast beginning at 5:00 p.m. ET today, April 26, 2011. A rebroadcast of this teleconference will be available on the Webcast Archive page of the Investor Relations section of rogers.com for a period of at least two weeks following the conference call.
For further information: Investment Community Contacts Bruce M. Mann, 416.935.3532, bruce.mann@rci.rogers.com Media Contacts Wireless, Cable and Corporate: Terrie Tweddle, 416.935.4727, terrie.tweddle@rci.rogers.com Index of Releases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Tuesday, April 26, 2011
Rogers Reports First Quarter 2011 Financial and Operating Results
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