World News: 00:44 GMT Friday 11th January 2019. [Cogeco inc. via Globe Newswire via SPi World News]
MONTREAL, Jan. 10, 2019 (GLOBE NEWSWIRE) -- Today, Cogeco Inc. (TSX: CGO) (“Cogeco” or the “Corporation”) announced its financial results for the first quarter ended November 30, 2018, in accordance with International Financial Reporting Standards (“IFRS”).
For the first quarter of fiscal 2019:
“Overall results for the first quarter are in line with our 2019 financial guidance,” declared Philippe Jetté, President and Chief Executive Officer of Cogeco Inc. “At Cogeco Connexion, the stabilization phase related to the implementation of a new advanced customer management system extended into the first quarter as anticipated. I am confident that as of today these issues are mostly behind us and that operations in our Canadian broadband services operations are now running as expected.”
“In our American broadband services operations, we are pleased to report continued solid organic growth,” stated Mr. Jetté. “The acquisition of FiberLight’s south Florida fibre network has more than doubled Atlantic Broadband’s fibre footprint in the region, further expanding our presence in this strategic growth market.”
“Results in our Business ICT services operations reflect the continued increase in competition and pricing pressures in this market,” added Mr. Jetté. “Cogeco Peer 1 continues to focus on priorities such as driving efficiencies, offering a relevant suite of solutions and providing expert service to our customers.”
“In our radio business, although the advertising market continues to be soft, we were pleased to end the quarter by closing the acquisition of 10 regional radio stations owned by RNC Média inc.,” concluded Mr. Jetté. “Cogeco Media now has a network of 22 radio stations across the province of Québec and 1 in Ontario, providing an excellent opportunity to enhance our position in this industry while enriching our offering for both listeners and broadcasters.”
Cogeco Inc. is a diversified holding corporation which operates in the communications and media sectors. Its Cogeco Communications Inc. subsidiary provides residential and business customers with Internet, video and telephony services through its two-way broadband fibre networks, operating in Québec and Ontario, Canada, under the Cogeco Connexion name, and in the United States under the Atlantic Broadband brand (in 11 states along the East Coast, from Maine to Florida). Through Cogeco Peer 1, Cogeco Communications Inc. provides business customers with a suite of information technology services (colocation, network connectivity, hosting, cloud and managed services), by way of its 16 data centres, extensive FastFiber Network® and more than 50 points of presence in North America and Europe. Its Cogeco Media subsidiary owns and operates 23 radio stations with complementary radio formats and extensive coverage serving a wide range of audiences mainly across the province of Québec, as well as Cogeco News, a 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).
Globe Newswire: 00:44 GMT Friday 11th January 2019
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