CBCnews
Story Tools: EMAIL | PRINT | Text Size: S M L XL | REPORT TYPO | SEND YOUR FEEDBACK | Bookmark and Share

Rogers quarterly earnings jump 44%

Debt is still massive but smaller than a year ago

Last Updated: Friday, February 22, 2008 | 4:15 PM ET

CBC News

Ted Rogers, who commands Canada's biggest cable and cellular networks, saw his empire prosper in the fourth quarter, with revenue up 13 per cent and profit up 44 per cent.

Ted Rogers, shown holding up his cellphone, says his company is 'exceptionally well positioned' to do well in 2008.Ted Rogers, shown holding up his cellphone, says his company is 'exceptionally well positioned' to do well in 2008.
(Nathan Denette/Canadian Press)

Toronto-based Rogers Communications, which survived towering debts and nonexistent profits in past decades as it bulked up its customer base, reported further gains in subscriber numbers — for basic cable, digital cable, cable internet, phone-over-cable and wireless  — in the three months to Dec. 31.

It also added five Citytv stations to its broadcast stable.

In financial statements issued Friday, Rogers said its profit for the quarter was $254 million or 40 cents a share, up from $176 million or 27 cents a year earlier. Revenue was $2.69 billion, up from $2.37 billion.

For all of 2007, profit was $637 million or 99 cents a share, up modestly from $622 million or 97 cents a year earlier.  Revenue was $10.12 billion, up from $8.84 billion.

The long-term debt number remained impressive: $6.03 billion at year end, down from $6.54 billion 12 months earlier.

Investors were not overcome with enthusiasm. The company's class B shares were down 25 cents at $38.75 early Friday in a generally falling Toronto market.

But Rogers — the president, chief executive officer and controlling shareholder — declared himself satisfied.

It was "a year of continued solid growth in customers, revenues and cash flow while at the same time we further deleveraged our balance sheet, simplified our corporate structure and laid the groundwork for returning increasing amounts of cash to our shareholders," he said in a statement.

Rogers three-month chartRogers three-month chart

He controls the company with more than 102 million class A shares worth 50 votes apiece at the annual meeting. The widely traded class B shares are non-voting.

"While we have much to do in continuing to reinforce our services and systems," he said, "I am confident that we are exceptionally well positioned to carry on our growth and success in 2008 and beyond."

Rogers class B shares rose 19 cents to end at $39.19 on the TSX on Friday.

  • This story is now closed to commenting.
Story Tools: EMAIL | PRINT | Text Size: S M L XL | REPORT TYPO | SEND YOUR FEEDBACK | Bookmark and Share
 

Find the best interest rates

Sponsored Feature

Select a product  

Close Close this window

Sponsored Feature

Rate Comparison

Banks & Trusts Interest Rate Minimum Deposit Features
Home Trust Company 0.85% $2,500  
Equitable Trust 0.80% $5,000  
Ally 0.75% $1 Guaranteed earnings. No minimums, fees or service charges.
SunLife Financial Trust 0.70% $1,000  
ResMor Trust 0.65% $5,000  
ICICI Bank Canada 0.50% $1,000  
ING Direct 0.50% $1  
Peoples Trust 0.50% $5,000  
Pacific & Western Bank 0.45% $5,000  
Bank West 0.35% $5,000  
Banks & Trusts Interest Rate Minimum Deposit Features
Home Trust Company 1.25% $2,500  
ResMor Trust 1.10% $5,000  
Ally 1.00% $1 Guaranteed earnings. No minimums, fees or service charges.
Equitable Trust 0.85% $5,000  
SunLife Financial Trust 0.80% $1,000  
Pacific & Western Bank 0.70% $5,000  
ING Direct 0.50% $1  
Manulife Bank 0.50% $25,000  
Peoples Trust 0.50% $5,000  
General Bank of Canada 0.50% $25,000  
Banks & Trusts Interest Rate Minimum Deposit Features
Home Trust Company 1.25% $2,500  
ResMor Trust 1.10% $5,000  
Ally 1.10% $1 Guaranteed earnings. No minimums, fees or service charges.
Equitable Trust 0.85% $5,000  
SunLife Financial Trust 0.80% $1,000  
Pacific & Western Bank 0.75% $5,000  
Manulife Bank 0.50% $25,000  
Peoples Trust 0.50% $5,000  
General Bank of Canada 0.50% $25,000  
ING Direct 0.50% $1  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 1.75% $1 No-Penalty option, no fees, daily compounded interest.
Home Trust Company 1.55% $1,000  
Pacific & Western Bank 1.55% $1,000  
ResMor Trust 1.46% $1,000  
SunLife Financial Trust 1.45% $1,000  
Community Trust 1.35% $1,000  
Korea Exchange Bank 1.30% $3,500  
State Bank of India (C) 1.30% $2,000  
ING Direct 1.25% $1  
Alterna Bank 1.20% $500  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 2.30% $1 Guaranteed earnings. No minimums, fees or service charges.
ING Direct 2.25% $1  
Pacific & Western Bank 2.15% $1,000  
Home Trust Company 2.15% $1,000  
ResMor Trust 2.11% $1,000  
SunLife Financial Trust 2.05% $1,000  
State Bank of India (C) 2.00% $2,000  
Korea Exchange Bank 2.00% $3,500  
Community Trust 1.95% $1,000  
HomEquity Bank 1.90% $5,000  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 2.75% $1 Guaranteed earnings. No minimums, fees or service charges.
Alterna Bank 2.75% $500  
Home Trust Company 2.65% $1,000  
SunLife Financial Trust 2.65% $1,000  
ResMor Trust 2.60% $1,000  
HomEquity Bank 2.55% $5,000  
Manulife Bank 2.50% $2,500  
ING Direct 2.50% $1  
President's Choice Fin'l 2.50% $500  
State Bank of India (C) 2.50% $2,000  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 3.60% $1 Guaranteed earnings. No minimums, fees or service charges.
SunLife Financial Trust 3.45% $1,000  
Home Trust Company 3.35% $1,000  
Pacific & Western Bank 3.30% $1,000  
B2B Trust 3.30% $500  
President's Choice Fin'l 3.25% $500  
ING Direct 3.25% $1  
HomEquity Bank 3.25% $5,000  
Manulife Bank 3.25% $2,500  
Canadian Western Bank 3.20% $500  
Banks & Trusts Interest Rate Minimum Deposit Features
Peoples Trust 2.10% $0  
Ally 2.00% $0 No minimums, no fees, daily compounded interest.
State Bank of India (C) 1.25% $1,000  
Canadian Tire Bank 1.20% $0  
ICICI Bank Canada 1.20% $0  
ING Direct 1.05% $0  
Amex Bank of Canada 1.00% $0  
Manulife Bank 1.00% $0  
Alterna Bank 0.85% $0  
Royal Bank of Canada 0.75% $0  
Banks & Trusts Interest Rate Minimum Deposit Features
Ally 2.00% $0 Invest up to $5000/year tax-free, withdraw at any time.
State Bank of India (C) 1.75% $0  
Bank of Nova Scotia 1.50% $0  
Canadian Tire Bank 1.50% $0  
ICICI Bank Canada 1.40% $0  
ING Direct 1.05% $0  
President's Choice Fin'l 1.00% $0  
Manulife Bank 1.00% $0  
BMO Bank of Montreal 1.00% $0  
HSBC Bank Canada 0.80% $0  

Money Headlines

Ottawa will stay course on stimulus: Flaherty Video
Rather than turning off the stimulus taps or pouring more fuel on the economic fire, Ottawa will stand pat with the $61 billion in stimulus spending announced in January, Finance Minister Jim Flaherty says.
Canada Post struggles to innovate
Canada's postal service is reinventing itself as it struggles to make up for dwindling demand in the face of a devastating global economic slowdown.
The 10-billion-barrel battle
Henry Lyatsky wants B.C.'s coast opened to oil drilling but environmentalists stand opposed.
CAW, Johnson Controls reach tentative deal Video
After a successful late-night bargaining session, the Canadian Auto Workers Union and management at Johnson Controls have reached a tentative agreement on a new three-year labour deal.
Agrium's bid for CF stumbles
Calgary-based Agrium has suffered a setback in its bid to take over rival CF Industries.

Money Features

SMALL BUSINESSFeatures & video
Issues, trends and tricks that entrepreneurs need to know about
ECONOMYWashington
Birthday for a bailout
BUSINESSTwitter
Follow Amanda Lang and Kevin O'Leary
ECONOMYStrategic thinking
Friedman's theory finds little traction in economic recovery
ECONOMYInflation
MONEY TALKSMichael Hlinka
Those longer mortgages are going to hit retirement plans hard
More Features

Top CBCNews.ca Headlines

Headlines

Iranian-Canadian journalist talks of prison ordeal Video
Iranian-Canadian journalist Maziar Bahari says he was regularly beaten and threatened with execution while imprisoned in Iran for 118 days.
Afghan prisoner transfers halted 'more than 1 time' Video
Canadian officials have halted the transfer of prisoners to Afghanistan's intelligence service "more than one time," because of the possibility of torture, Canada's chief of defence staff said Sunday.
Indonesian ferry sinks in storm
Rescuers saved more than 240 people aboard an Indonesian passenger ferry that sank Sunday in rough waters off Sumatra island, but at least 29 people have died, officials said.
Iranian forces practise defending nuke sites
Iran on Sunday began large-scale air defence war games aimed at protecting the country's nuclear facilities against any possible attack, state television reported.
Teens named in 4-death crash near Calgary
Police have released the names of three young women killed in a two-vehicle crash south of Calgary on Saturday afternoon, but have yet to reveal the name of a fourth woman who died.