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.
(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 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.