Cogeco Inc. Releases Its Results for the Third Quarter of Fiscal 2018

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MONTRÉAL, July 11, 2018 (GLOBE NEWSWIRE) -- Today, Cogeco Inc. (TSX: CGO) (“Cogeco” or the “Corporation”) announced its financial results for the third quarter ended May 31, 2018, in accordance with International Financial Reporting Standards  (“IFRS”).

For the third quarter of fiscal  2018:

For the nine-month period ended May 31, 2018:

“Overall we are satisfied with our performance for the third quarter of fiscal 2018,” declared Louis Audet, President and Chief Executive Officer of Cogeco Inc. “At Cogeco Communications, results for our Canadian broadband services subsidiary, Cogeco Connexion, have remained stable compared to the third quarter of fiscal 2017, despite the fact that it implemented a new advanced customer management system and had consequently temporarily reduced its marketing and sales activities during the system integration period.”

“The positive results at our American broadband services subsidiary are in line with expectations following the acquisition of the MetroCast cable systems earlier this year,” stated Mr. Audet. “Major integration steps are now concluded, along with the rebranding to Atlantic Broadband. We are now ready to launch TiVo and Internet speed upgrades to these customers.”

“Results at our Business ICT services subsidiary, Cogeco Peer 1, are stabilizing as evidenced by the trend we have been seeing over these last quarters,” added Mr. Audet. “The team continues to focus on building and offering a relevant suite of solutions and providing expert advice in a constantly evolving and intensely competitive market.”

“As for our radio business, Cogeco Media, advertising markets continue to be soft. Despite this, our teams are working hard to ensure our business retains the leadership position it enjoys,” continued Mr. Audet. “We were very pleased to announce, on April 24, the conclusion of an agreement to acquire 10 regional radio stations owned by RNC Média inc. The addition of these stations, following customary closing conditions, offers an excellent opportunity to further strengthen our solid position in the Québec radio industry.”

“The guidance we are providing for fiscal 2019 points to an exciting year ahead, including a significant increase in free cash flow. This is expected to be achieved while continuing to invest in our operations and upgrading our network to 1 gigabit Internet speeds in approximately 60% of the Canadian footprint and 85% of the American footprint by year end.” concluded Mr. Audet.

Cogeco Inc. is a diversified holding corporation which operates in the communications and media sectors. Through its Cogeco Communications Inc. subsidiary, Cogeco provides its residential and business customers with Internet, video and telephony services through its two-way broadband fibre networks. Cogeco Communications Inc. operates in Canada under the Cogeco Connexion name in Québec and Ontario, and in the United States under the Atlantic Broadband name in 11 states along the East Coast, from Maine to Florida. Through Cogeco Peer 1, Cogeco Communications Inc. provides its business customers with a suite of information technology services (colocation, network connectivity, hosting, cloud and managed services), through its 16 data centres, extensive FastFiber Network® and more than 50 points of presence in North America and Europe. Through its subsidiary Cogeco Media, Cogeco owns and operates 13 radio stations across most of Québec with complementary radio formats serving a wide range of audiences as well as Cogeco News, its news agency. Cogeco’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX:CGO). The subordinate voting shares of Cogeco Communications Inc. are also listed on the Toronto Stock Exchange (TSX:CCA).

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Globe Newswire: 22:39 GMT Wednesday 11th July 2018

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