TORONTO -- Rogers Communications announced financial results for the fourth quarter and year ended Dec. 31, 1999, that one analyst praised as "firing on all cylinders."
Company's net income for the year was C$840.5 million ($581.6 million), or $2.97 per share, up from $439.3 million, or $2.35 per share, from the previous year.
CIBC World Markets analyst Bob Bek called the numbers a "fake profit" fed by nonrecurring items such as hefty investment deals signed with Microsoft and AT&T and the sale of certain assets. Excluding nonrecurring items, the company actually recorded a loss of $79.9 million, or 52¢ per share. But that's much better than last year, which saw a loss of $135.7 million, or 88¢ per share. Revenues for fiscal 1999 were $2.16 billion, up 9.5% from fiscal 1998.
Operating income for the year, before depreciation and amortization, was $618.5 million, up from $591.7 million the previous year.
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