Rogers posts year-end profit
AT&T share sales help Canuck cabler back to black
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During the fourth quarter ended Dec. 31 Rogers sold some AT&T Canada investments, resulting in an accounting gain of $593.7 million. Net income for the quarter was $458.4 million, compared to a loss the previous fourth quarter of $114 million, on revenues of $766 million, up 12% from the same quarter a year ago.
Excluding one-time gains during the fourth quarters of 2002 and 2001, Rogers would have recorded a 2002 fourth quarter loss of $58 million, compared with a loss of $78.6 million a year earlier.
Revenue for the year was up 10.5% at $2.8 billion, with cable revenue up 11.4% at $1 billion, revs at the wireless division up 12.1% at $1.3 billion and media revenue of $532.3 million up 12.3%. The year-end profit of $204.8 million reps a turnaround from $304.9 million in red ink the previous year.
"We ended a good year with a strong fourth quarter across all of our business units," said company prexy and CEO Ted Rogers. "We enter 2003 with all of our businesses extremely well positioned strategically in their respective markets and well financed for future success."
Acquisition of TV and radio stations increased the company's debt levels, however. Debt at Rogers during the year increased from $3.3 billion to $3.7 billion, and during the quarter Toronto-based Rogers pinkslipped 187 employees and axed 62 contract positions, incurring $3.9 million in severance costs.
