Rogers Communications Reports Third Quarter 2013 Results

Revenue Grew 2% to $3.2 Billion with Adjusted Operating Profit up 4%;

Wireless Adjusted Operating Profit Margin Expanded and Customer Base Grew with 64,000 Wireless Postpaid Net Subscriber Additions While Postpaid Churn Declines to 1.23%;

Cable Revenue and Adjusted Operating Profit Margin Both Grew Reflecting Continued Internet and Cable Telephony Growth;

Business Solutions and Media Delivered Accelerating Growth in Revenue and Adjusted Operating Profit;

Consolidated Pre-tax Cash Flow Grew 5% and Adjusted Diluted Earnings Per Share Up 1% Reflecting Top Line Growth and Continued Efficiency Improvements

TORONTO, Oct. 24, 2013 /CNW/ - Rogers Communications Inc., a leading diversified Canadian communications and media company, today announced its unaudited consolidated financial and operating results for the third quarter ended September 30, 2013, prepared in accordance with International Financial Reporting Standards ("IFRS").

Financial Highlights from Continuing Operations

     
  Three months ended September 30      Nine months ended September 30
(In millions of dollars, except per share amounts) 2013 2012 % Chg 2013 2012 % Chg
             
Operating revenue $    3,224 $     3,176                2 $    9,463 $    9,225                3
As adjusted 1 :            
  Operating profit 1          1,341         1,288                4        3,826        3,658                 5
  Net income 1             501            495                 1          1,412         1,333                6
  Diluted earnings per share 1           0.97          0.96                 1           2.73           2.55                 7
             
Pre-tax free cash flow 1           620            589                 5          1,765         1,733                2
             
Operating income            819            818                 -        2,309         2,190                 5
Net income           464           466                 -         1,349         1,203               12
Diluted earnings per share          0.90          0.90                 -          2.60          2.30               13
Cash provided by operating activities         1,052          1,146              (8)         2,918         2,753                6
1 For details on the determination of the 'adjusted' amounts and pre-tax free cash flow, which are non-GAAP measures, see the section "Non-GAAP Measures". The items do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.


"During the third quarter, we delivered both revenue and adjusted operating profit growth with strong data growth across our leading wireless and broadband cable platforms," said Nadir Mohamed, President & Chief Executive Officer of Rogers Communications Inc. "We also delivered strong and expanding margins at our Wireless and Cable segments as well as accelerated growth at our Business Solutions and Media segments. And we made significant investments in our networks, Media brands and service infrastructure while delivering even greater value to our customers. While there has been a continued level of heightened regulatory activity in the Canadian telecom sector, our core focus remains steadfastly upon delivering the most innovative products, greater value and reliable service to our customers."

Quarterly Highlights

Revenue increased

  • Consolidated revenue growth of 2% reflected 4% revenue growth in Cable, 8% in Business Solutions and 12% in Media compared to the same quarter last year, partly offset by a 2% decline in Wireless revenue. The decline in Wireless mainly represents a 1% decline in network revenue related to the introduction of lower priced roaming plans and pricing changes over the past year. Excluding the decline in roaming revenue this quarter compared to the third quarter of the previous year, Wireless network revenue would have increased 1% compared to the third quarter of last year. The modest slowing of cable revenue growth reflects the basic competitive subscriber losses offset by continued growth in Internet and home phone.

  • Wireless data revenue grew by 15% from last year and now represents 48% of Wireless network revenue. Wireless activated and upgraded 574,000 smartphones, of which approximately 38% were new subscribers. Customers with smartphones now represent 73% of Wireless postpaid subscribers.

Continued gains in cost efficiency drove strong margins

  • Consolidated adjusted operating profit increased by 4% compared to the same quarter last year, due largely to cost efficiencies, with a 4% increase in Wireless, 5% increase in Cable, 32% increase in Business Solutions, and 10% increase in Media.

  • The improvement in consolidated adjusted operating profit margin of 41.6% was driven by strong adjusted operating profit margins of 50.7% at Wireless and 48.7% at Cable. Adjusted net income and adjusted diluted earnings per share of $0.97 both increased 1% from the same quarter last year.

  • Consolidated operating income, net income and diluted earnings per share were consistent with the same quarter last year, driven by increases in restructuring, acquisition and other expenses and depreciation and amortization, offset by a reduction in stock-based compensation expense.

Continued to enhance our leading networks to monetize rapid data growth

  • Rogers was named both the fastest broadband Internet service provider and the fastest wireless network in Canada by PCMag.com, a leading U.S. based technology website.

  • Pivot Data Centres and Granite Networks acquisitions were announced late in the quarter. These two acquisitions, combined with Blackiron acquired earlier this year, further positions Business Solutions as a leader in Canadian data centre and hosting services and will enhance Business Solutions' ability to serve customers in key markets with enhanced managed and cloud service offerings.

Continued to enrich the customer experience

  • Rogers loyalty credit card received regulatory approval to launch and augments our previously announced Rogers First Rewards loyalty program that allows customers to earn points on their eligible purchases and redeem them for a wide selection of Rogers' products and services. Rogers' customers will be able to participate in the credit card program enabling them to accelerate the rate at which they earn loyalty reward points.

  • Share Everything, Canada's first complete wireless share plans, were launched allowing individuals, families and small businesses to share wireless data, unlimited nationwide talk and text, call display and voicemail across up to 10 wireless devices.

  • Connected Car M2M agreement with Sprint was announced to bring the first comprehensive in-car infotainment solution to the Canadian market. Vehicles that use the Sprint Velocity solution will have access to a seamless, connected experience on the road, including infotainment, navigation, climate control, security, emergency services and vehicle diagnostics that are all available with a convenient in-dash touch screen connected to Rogers' advanced wireless networks.

  • LTE U.S. wireless roaming was launched with AT&T, making Rogers the first Canadian carrier to offer LTE roaming for customers travelling to the U.S. Rogers is also the only Canadian carrier to have launched LTE roaming in Switzerland, Hong Kong and South Korea.

  • Launched a hybrid wireless home and small business phone solution that operates on our national wireless network. The service is available in regions outside Rogers' cable territories and offers a traditional home or office phone service without the need for a landline or Internet connection.

  • Next generation superior TV experience was unveiled with NextBox 3.0 giving viewers unprecedented access to record up to eight HD programs at one time and store up to 240 hours of HD content. The NextBox 3.0 experience includes whole home PVR capability and becomes a wireless TV experience allowing viewers to navigate their cable guide, use a virtual remote, set PVR recordings and live stream channels all from a tablet or smartphone.

  • Rogers Smart Home Monitoring, our innovative home security and automation system, was expanded to include residents of New Brunswick and Newfoundland. Rogers Smart Home Monitoring allows customers to easily control and automate their home security, lights, cameras, thermostats and appliances and to monitor for water leaks and carbon monoxide levels, all remotely through their smartphone, tablet or computer.

Media accelerates digital content and enhances The Shopping Channel

  • Next Issue Canada, an innovative, all-you-can-read subscription digital magazine service that provides consumers with exclusive and unlimited access to a catalogue of more than 100 premium Canadian and U.S. titles, was launched by Rogers Media. Next Issue Canada will deliver access to our leading brands alongside many of the most popular U.S. magazines titles.

  • The Shopping Channel launched a brighter, easier, and more engaging multi-channel retail experience and a refreshed on-air and online look, an all-new mobile app, special-themed programming and improved shipping. The leading interactive and only Canadian multi-channel retailer is also adding on-air social media engagement, new leading brands and more celebrity guest appearances.

Balance sheet and available liquidity remained strong

  • Generated $620 million of consolidated quarterly pre-tax free cash flow, defined as adjusted operating profit less property, plant and equipment expenditures and interest on long-term debt (net of capitalization). This was an increase of 5% over the same quarter last year, and reflects growth of adjusted operating profit partly offset by a modestly increased level of expenditures on property, plant and equipment. Cash provided by operating activities was 8% lower than the same quarter last year mainly because of an increase in cash income taxes.

  • Ended the third quarter with an aggregate of $3.1 billion of available liquidity, comprised of $844 million cash on hand, $2.0 billion available under our bank credit facility and $250 million available under our $900 million accounts receivable securitization program.

  • Subsequent to the quarter end, on October 2, 2013 we issued U.S.$1.5 billion of senior unsecured notes, consisting of U.S.$850 million of 4.10% Senior Notes due 2023 and U.S.$650 million of 5.45% Senior Notes due 2043, both of which have been fully hedged against fluctuations in foreign exchange rates, further supplementing our liquidity.

Announcement of newly appointed CEO

  • Guy Laurence was announced as Rogers' President and Chief Executive Officer, effective in December 2013, succeeding Nadir Mohamed who announced his plan earlier this year to retire from Rogers. Mr. Laurence is a seasoned executive who brings 30 years of global experience in the telecommunications and media industries.

This earnings release contains important information about our business and our performance in the third quarter of 2013.

This earnings release is a summary of our third quarter 2013 results, and should read in conjunction with our third quarter 2013 MD&A, our third quarter 2013 Unaudited Interim Condensed Consolidated Financial Statements and Notes thereto, our 2012 annual MD&A and our 2012 Audited Annual Consolidated Financial Statements and Notes thereto, and our other recent filings with Canadian and U.S. securities regulatory authorities, which are available on SEDAR at sedar.com or EDGAR at sec.gov.

This earnings release contains non-GAAP measures such as adjusted operating profit, adjusted net income, adjusted basic and diluted earnings per share, pre-tax free cash flow and after-tax free cash flow. These non-GAAP measures should not be considered as a substitute or alternative for GAAP measures. See the section "Non-GAAP Measures" for a reconciliation of these measures, which do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

The financial information presented is in accordance with IFRS for interim financial statements and all amounts are in Canadian dollars unless otherwise stated. As this earnings release includes forward-looking statements and assumptions, readers should carefully review the section of this earnings release entitled "About Forward-Looking Information".

We, us, our, Rogers, Rogers Communications and the Company refer to Rogers Communications Inc. and our subsidiaries: Wireless, Cable, Business Solutions and Media. RCI refers to the legal entity Rogers Communications Inc., not including our subsidiaries. RCI holds a 37.5% interest in Maple Leaf Sports & Entertainment Ltd. ("MLSE") among other investments.

Consolidated Financial Results

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars, except per share amounts) 2013 2012 % Chg 2013 2012 % Chg
             
Operating revenue            
  Wireless $    1,846 $    1,889               (2) $    5,419 $    5,360                  1
  Cable           873           838                 4        2,604        2,506                  4
  Business Solutions             93             86                 8           276           263                  5
  Media 440           392               12        1,251        1,186                  5
  Corporate items and intercompany eliminations    (28)   (29)  (3) (87) (90) (3)
Operating revenue        3,224        3,176                 2        9,463        9,225                  3
             
Adjusted operating profit            
  Wireless           875           843                 4        2,461        2,376                  4
  Cable           425           403                 5        1,285        1,184                  9
  Business Solutions             29             22               32             77             62                24
  Media             55             50               10           112           115 (3)
  Corporate items and intercompany eliminations            (43)            (30)             (43) (109)    (79)      (38)
Adjusted operating profit1        1,341        1,288                 4        3,826        3,658                  5
             
Operating income           819           818                 -        2,309        2,190                  5
             
Net income from continuing operations           464           466                 -        1,349        1,203                12
Diluted earnings per share - continuing operations          0.90          0.90                 -          2.60          2.30                13
             
Net income         464         466                 -      1,349      1,171                15
Diluted earnings per share          0.90          0.90                 -          2.60          2.24                16
             
Adjusted net income1         501         495                 1      1,412      1,333                  6
Adjusted diluted earnings per share1          0.97          0.96                 1          2.73          2.55                  7
             
Additions to property, plant and equipment $       548 $       528                 4 $    1,537 $    1,435                  7
               
Pre-tax free cash flow1           620           589                 5        1,765        1,733                  2
After-tax free cash flow1           506           561             (10)        1,439        1,610 (11)
Cash provided by operating activities        1,052        1,146               (8)        2,918        2,753                  6
1 Adjusted operating profit, adjusted net income, adjusted diluted earnings per share, pre-tax free cash flow and after-tax free cash flow are non-GAAP measures and should not be considered as a substitute or alternative for GAAP measures, in each case determined in accordance with IFRS. See the section "Non-GAAP Measures" for a reconciliation of these measures, which do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

Key Changes in Financial Results from 2012

  Three months ended    Nine months ended
(In millions of dollars)  September 30 September 30
Operating revenue changes - higher (lower):    
Network revenue - Wireless  $ (18) $ 71
Equipment sales - Wireless  (25) (12)
Cable   35 98
Business Solutions   7 13
Media    48 65
Corporate items and intercompany eliminations  1 3
Higher operating revenue compared to 2012  48 238
     
Adjusted operating profit changes - higher (lower):    
Wireless  32 85
Cable  22 101
Business Solutions  7 15
Media   5 (3)
Corporate items and intercompany eliminations  (13) (30)
Higher adjusted operating profit1 compared to 2012  53 168
Lower (higher) stock-based compensation expense  19 (46)
(Higher) lower restructuring, acquisition and other expenses  (31) 21
Higher depreciation and amortization  (40) (24)
Higher operating income compared to 2012  1 119
Higher finance costs  (11) (58)
Gain on sale of interest in TVtropolis  - 47
Lower income taxes  5 27
Other  3 11
Change in net income from continuing operations from 2012  (2) 146
Loss from discontinued operations in 2012  - 32
Change in net income compared to 2012  (2) 178
1 As defined. See the section "Non-GAAP Measures".


Operating revenue
Wireless network revenue was lower this quarter compared to the same period last year mainly because of the recent introduction of lower priced roaming plans, pricing changes made over the past year and heightened competition in wireless voice services, partially offset by higher adoption and usage of wireless data services. Year to date network revenue increased because growth in data services outpaced voice service declines.

Cable operating revenue was higher this quarter and year to date compared to the same periods last year, mainly because of Internet and cable phone growth, partially offset by a decline in television revenue.

Media operating revenue was higher this quarter and year to date compared to the same periods last year, mainly because of revenue growth at Sportsnet, higher attendance at Toronto Blue Jays games and higher sales at The Shopping Channel.

Adjusted operating profit
Wireless adjusted operating profit was higher this quarter and year to date compared to the same periods last year, mainly because of the changes in revenue described above and cost management and productivity initiatives we are implementing across various segments, as well as a lower cost of equipment sales.

Cable adjusted operating profit was higher this quarter and year to date compared to the same periods last year because of the continued shift in our product mix towards higher margin Internet and phone products.

Media's adjusted operating profit was higher this quarter and slightly lower year to date compared to the same periods last year. The increase in operating revenue was offset by higher player salaries at the Toronto Blue Jays, additional operating costs following the acquisition of theScore and higher merchandise spending at The Shopping Channel. The increase year to date also reflects increased programming spending at Sportsnet because more NHL games were aired in the first two quarters of the year due to the NHL lockout in the 2012/2013 season.

Operating income and net income
Operating income and net income this quarter were consistent with the same quarter last year because the increase in adjusted operating profit was offset by higher restructuring, acquisition and other expenses and higher depreciation and amortization. The increase in net income year to date was for the same reasons as well as a $47 million gain on sale of our interest in TVtropolis.

Financial Guidance
We are revising the guidance range provided earlier in the year for full year 2013 cash income tax payments to approximately $500 million, down from the range of $650 million to $700 million previously provided. This $150 to $200 million improvement reflects the results of a number of tax planning initiatives including the timing impacts of certain income and tax deductions and credits.

We have no changes to the 2013 annual consolidated guidance ranges for adjusted operating profit, additions to property, plant and equipment or pre-tax free cash flow that we provided with our 2012 Annual MD&A report. See the section "About Forward-Looking Information" and the sections "Caution Regarding Forward-Looking Statements, Risks and Assumptions" in our 2012 Annual MD&A.

Results of our Business Segments

WIRELESS

Financial results

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars, except margin) 2013 2012 % Chg 2013 2012 % Chg
             
Operating revenue            
  Network revenue $    1,726 $    1,744             (1) $    5,079 $    5,008              1
  Equipment sales          120          145           (17)          340          352             (3)
Total operating revenue - Wireless       1,846       1,889             (2)       5,419       5,360              1
             
Operating expenses            
  Cost of equipment1         (321)         (379)           (15)      (1,048)      (1,027)              2
  Other operating expenses         (650)         (667)             (3)      (1,910)      (1,957)             (2)
          (971)      (1,046)             (7)      (2,958)      (2,984)             (1)
Adjusted operating profit - Wireless $       875 $       843              4 $    2,461 $    2,376              4
             
Adjusted operating profit margin as            
  % of network revenue 50.7% 48.3%   48.5% 47.4%  
             
Additions to property, plant and equipment $       192 $       299           (36) $       622 $       737           (16)
             
Data revenue included in network revenue $       824 $       719            15 $    2,350 $    1,995            18
             
Data revenue as a % of network revenue 48% 41%   46% 40%  
1Includes the cost of equipment sales and direct channel subsidies.

Subscriber results1

     
(Subscriber statistics in thousands,   Three months ended September 30    Nine months ended September 30
except ARPU and churn)  2013 2012 Chg 2013 2012 Chg
             
Postpaid            
  Gross additions          359          386           (27)       1,052       1,070           (18)
  Net additions            64            76           (12)          194          210           (16)
  Total postpaid subscribers       8,040       7,788          252       8,040       7,788          252
  Monthly churn 1.23% 1.34% (0.11) pts 1.21% 1.25% (0.04) pts
  Monthly average revenue per user ("ARPU")2 $   68.77 $   71.50 $    (2.73) $   68.22 $   69.13 $    (0.91)
             
Prepaid             
  Gross additions          161          186           (25)          405          496           (91)
  Net additions (losses)            16              1            15         (133)         (117)           (16)
  Total prepaid subscribers       1,458       1,644         (186)       1,458       1,644         (186)
  Monthly churn 3.33% 3.77% (0.44) pts 3.99% 4.05% (0.06) pts
  ARPU2 $   16.84 $   16.73 $     0.11 $   15.70 $   15.83 $    (0.13)
             
Blended ARPU2 $   60.81 $   61.92 $   (1.11) $   59.91 $   59.55 $     0.36
  Data ARPU       29.03       25.53         3.50       27.72       23.72         4.00
  Voice ARPU       31.78       36.39        (4.61)       32.19       35.83        (3.64)
1Does not include subscribers from our wireless home phone product.
2ARPU is a key performance indicator.


Slightly lower wireless revenue this quarter due to new lower priced roaming plans
Network revenue was down slightly this quarter compared to last year. This was the net effect of:

  • industry leadership to new lower priced U.S. and international roaming plans which offer consumers more value
  • the introduction of simplified share everything price plans reduced voice feature revenue but we believe this contributed to a reduction of 11 basis points in quarterly churn levels compared to last year
  • higher data revenue related to an increase in subscriber levels and higher usage of wireless data services.

Excluding the decline in roaming revenue this quarter compared to the same period last year, network revenue would have increased 1% and data revenue would have increased 22%.

Network revenue was slightly higher year to date compared to last year as a net result of:

  • a higher postpaid subscriber base
  • higher adoption and usage of wireless data services.

Wireless data revenue was higher this quarter and year to date compared to last year mainly because of the continued penetration and growing use of smartphones, tablet devices and wireless laptops, which increased the use of e-mail, wireless, Internet access, text messaging, data roaming, and other wireless data services. Wireless data revenue represented approximately 48% of total network revenue this quarter, compared to approximately 41% in the same period last year.

Gross postpaid subscriber additions were 359,000 this quarter, 7% lower than the same period last year. Net postpaid subscriber additions were 64,000 this quarter, 16% lower than in 2012. We believe that the industry transition from three year to two year plans may have slowed overall wireless growth during this quarter.

We activated and upgraded approximately 574,000 smartphones this quarter, compared to approximately 707,000 in the same period last year. The decrease was mainly the result of a 24% reduction in hardware upgrades by existing customers during the quarter. The percentage of subscribers with smartphones increased to 73% of the total postpaid subscriber base at September 30, 2013, compared to 65% last year. Smartphone subscribers typically generate significantly higher ARPU, are less likely to churn and more likely to commit to term contracts than non-smartphone subscribers.

Blended ARPU decreased slightly this quarter compared to the same period last year. Excluding the decline in roaming, blended ARPU would have increased 0.4% this quarter compared to the same period last year.

The slower growth in wireless data revenue from the second quarter of 2013 reflects the combined effect of:

  • new lower-priced U.S. and international data roaming plans introduced midway through the second quarter
  • heightened promotions during the second quarter that offered introductory months of free service.

The accelerated decline in the voice component of revenue and ARPU from last quarter primarily reflects the further penetration of simplified share everything plans which bundle in certain voice features such as voice mail and caller ID that prior to the first quarter of 2013 were charged on an individual basis.

Lower equipment sales
Revenue from equipment sales is lower this quarter and year to date, mainly the result of fewer hardware upgrades by existing subscribers and a reduction in the number of gross activations. This was offset by the trend of increased revenue due to the shift in the mix of smartphones activated to higher priced devices.

Lower operating expenses
The cost of equipment sales was 15% lower this quarter and 2% higher year to date compared to the same period last year. The decrease for the quarter was because fewer existing customers upgraded hardware during the quarter versus the prior year. The year to date increase of 2% reflects the higher cost per unit of smartphones versus last year.

Total customer retention spending (including subsidies on handset upgrades) was $192 million this quarter compared to $214 million in the same period last year. The reduction was mainly the result of fewer hardware upgrades by existing subscribers. It was also the result of improvements we implemented in our handset upgrade processes earlier in the year and the device price changes following the recent shift to two year contracts. Year to date retention spending increased to $647 million compared to $622 million last year mainly due to a shift in the mix of smartphones activated to higher value devices.

Other operating expenses (excluding retention spending) were down by 3% this quarter and year to date, due to a continued focus on cost productivity initiatives we are implementing across various functions.

Higher adjusted operating profit
Adjusted operating profit was 4% higher this quarter and year to date compared to the same periods last year. The increase for the quarter reflects the net impact of continued growth of wireless data, lower volumes of hardware sales and upgrades, and our improvements in cost management and efficiency improvements. The increase year to date reflects higher network revenue and our improvements in cost management and efficiency.

CABLE

Financial results

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars, except margin) 20131 2012 % Chg 20131 2012 % Chg
             
Operating revenue            
    Television $      452 $      466             (3) $    1,367 $   1,406             (3)
    Internet          294          249            18          858          735            17
    Phone          125          119              5          373          355              5
  Service revenue          871          834              4       2,598       2,496              4
  Equipment sales              2              4           (50)              6            10           (40)
Total operating revenue - Cable          873          838              4       2,604       2,506              4
             
Operating expenses             
  Cost of equipment             (2)             (5)           (60)             (4)           (14)           (71)
  Other operating expenses         (446)         (430)              4      (1,315)      (1,308)              1
          (448)         (435)              3      (1,319)      (1,322)               -
Adjusted operating profit - Cable $      425 $      403              5 $    1,285 $   1,184              9
             
Adjusted operating profit margin 48.7% 48.1%   49.3% 47.2%  
             
Additions to property, plant and equipment $      299 $      186            61 $       747 $      573            30
1Results of operations include Mountain Cable's operating results as of May 1, 2013 (the date of acquisition).

Subscriber results

     
  Three months ended September 30    Nine months ended September 30
(Subscriber statistics in thousands) 2013 2012 Chg 2013 2012 Chg
             
Cable homes passed1       3,956       3,799          157       3,956       3,799          157
             
Television            
  Net losses           (39)           (16)           (23)           (99)           (58)           (41)
  Total television subscribers1       2,155       2,239           (84)       2,155       2,239           (84)
             
Internet            
  Net additions            18            29           (11)            50            51             (1)
  Total Internet subscribers1       1,948       1,844          104       1,948       1,844          104
             
Phone            
  Net additions              3              4             (1)            37            13            24
  Total phone subscribers1       1,148       1,065            83       1,148       1,065            83
             
Total service units1,2            
  Net additions (losses)           (18)            17           (35)           (12)              6           (18)
  Total service units       5,251       5,148          103       5,251       5,148          103
1On May 1, 2013, we acquired 40,000 television subscribers, 38,000 digital cable households, 34,000 cable high-speed Internet subscribers and 37,000 cable telephony lines from our acquisition of Mountain Cable. These subscribers are not included in net additions, but do appear in the ending total balance for September 30, 2013. The acquisition also increased homes passed by 59,000.
2Includes television, Internet and phone subscribers.


Revenue and subscribers
Overall cable revenue grew at a steady 4% rate this quarter compared to the same period last year, the net result of:

  • continued growth in subscribers for our Internet and phone products
  • greater penetration of the small business market
  • partially offset by television subscriber losses.

Television revenue lower
Revenue from television was down 3% this quarter and year to date compared to the same periods last year, the net result of:

  • the year-over-year decline in television subscribers
  • the impact of promotional and retention pricing activity associated with heightened competition
  • partially offset by pricing increases during the year.

The digital cable subscriber base represented 83% of our total television subscriber base at the end of the quarter, compared to 79% at September 30, 2012. We believe that the larger selection of digital content, video on-demand, HDTV and PVR equipment continues to contribute to the increasing penetration of the digital subscriber base as a percentage of our total television subscriber base.

Internet revenue and subscribers higher
Internet revenue was 18% higher this quarter and 17% higher year to date compared to the same periods last year. This was the net result of:

  • a larger Internet subscriber base
  • general movement to higher end speed and usage tiers
  • an increase in Internet service pricing.

Our Internet customer base is now 1.9 million subscribers, and Internet penetration is approximately:

  • 90% of our television subscribers, compared to 82% for 2012
  • 49% of the homes passed by our cable network; unchanged from the third quarter last year.

Phone revenue and subscribers higher
Phone revenue was 5% higher this quarter and year to date compared to the same periods last year, the net result of:

  • higher phone customer base and pricing
  • partially offset by higher promotional pricing activity.

Phone lines in service grew 8% from the third quarter last year and represent:

  • 53% of our television subscribers, compared to 48% last year.
  • 29% of the homes passed by our cable network, compared to 28% last year

Operating expenses up this quarter and relatively flat year to date
Operating expenses increased 3% this quarter and were unchanged year to date compared to the same periods last year.
The increase this quarter related to higher investments in customer care and network.

Higher adjusted operating profit
Adjusted operating profit was 5% higher this quarter and 9% higher year to date compared to the same periods last year, mainly resulting from higher service revenue, investments in certain areas and our improvements in efficiency. The increase in the adjusted operating profit margin reflects a continued shift in product mix to the higher margin Internet and phone products.

Excluding the Mountain Cable acquisition that closed in the second quarter of 2013:

  • revenue would have been 2% higher this quarter and 3% higher year to date
  • adjusted operating profit would have been 3% higher this quarter and 7% higher year to date compared to the same periods last year.

BUSINESS SOLUTIONS

Financial results

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars, except margin) 20131 2012 % Chg 20131 2012 % Chg
             
Operating revenue            
    Next generation $         54 $        41            32 $       150 $      119            26
    Legacy            38            44           (14)          115          140           (18)
  Service revenue            92            85              8          265          259              2
  Equipment sales              1              1             -            11              4          175
Total operating revenue - Business Solutions            93            86              8          276          263              5
             
Operating expenses           (64)           (64)             -         (199)         (201)             (1)
Adjusted operating profit - Business Solutions $         29 $        22            32 $         77 $        62            24
             
Adjusted operating profit margin 31.2% 25.6%   27.9% 23.6%  
             
Additions to property, plant, and equipment $         20 $        15            33 $         66 $        45            47
1 Results of operations include Blackiron's operating results as of April 17, 2013 (the date of acquisition).


Higher operating revenue
Operating revenue increased 8% this quarter and 5% year to date compared to the same periods last year, the net result of:

  • higher revenue from next generation services, which grew by 32% this quarter (26% year to date) largely due to the acquisition of Blackiron during the second quarter of this year
  • a non-recurring sale of equipment in the first quarter of this year
  • partially offset by lower revenue from legacy services.

Business Solutions is focusing mainly on IP-based services, and increasingly on leveraging higher margin on-net and near-net next generation service revenue opportunities, using existing network facilities to expand offerings to the medium and large sized enterprise, public sector and carrier markets. Next generation services represent 59% of total service revenue. Revenue from the lower margin off-net legacy business generally includes local and long-distance voice services and legacy data services which often use facilities that are leased rather than owned.

Operating expenses
Operating expenses were unchanged this quarter and 1% lower year to date compared to the same periods last year because:

  • legacy service-related costs were down because volumes were lower
  • ongoing initiatives improved costs and productivity.

Business Solutions continued to focus on implementing a program of cost reduction and efficiency improvement initiatives to control the overall growth in operating expenses and to increase adjusted operating profit margin.

Higher adjusted operating profit
Adjusted operating profit was 32% higher this quarter and 24% higher year to date compared to the same periods last year, resulting from growth in higher margin next generation business, coupled with cost efficiencies. This increased the adjusted operating profit margin to 31.2% this quarter from 25.6% in the same period last year, and to 27.9% year to date from 23.6% in the same period last year.

Excluding the Blackiron acquisition that closed in the second quarter of 2013:

  • operating revenue would have been 3% lower this quarter and 2% lower year to date compared to same periods last year
  • adjusted operating profit would have been 25% higher this quarter and 19% higher year to date compared to the same periods last year.

Acquisitions
We acquired Pivot Data Centres on October 1, 2013 for $155 million (after the end of the third quarter), and Granite Networks on September 19, 2013 for $6 million. These two acquisitions, combined with our acquisition of Blackiron earlier this year, positions Business Solutions as a Canadian leader in data centre and hosting services.

MEDIA

Financial results

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars, except margin) 20131 2012 % Chg 20131 2012 % Chg
             
Operating revenue - Media $      440 $      392            12 $    1,251 $   1,186              5
             
Operating expenses         (385)         (342)            13      (1,139)      (1,071)              6
Adjusted operating profit - Media $        55 $        50            10 $       112 $      115             (3)
             
Adjusted operating profit margin 12.5% 12.8%   9.0% 9.7%  
             
Additions to property, plant and equipment $        18 $        11            64 $         45 $        32            41
1 Results of operations include theScore's operating results as of April 30, 2013 (the date of acquisition).


Higher operating revenue
Operating revenue was 12% higher this quarter and 5% higher year to date compared to the same periods last year, mainly from:

  • increased subscription and advertising revenue generated by the Sportsnet properties, including the acquisition of theScore
  • higher sales at The Shopping Channel
  • higher attendance at the Toronto Blue Jays games.

Higher operating expenses

The increase in operating expenses this quarter compared to the same period last year was mainly the result of higher player salaries at the Toronto Blue Jays, additional operating costs following the acquisition of theScore and higher merchandise spending at The Shopping Channel. The increase year to date also reflects higher programming spending at Sportsnet because more NHL games were aired during the first two quarters of the year due to the accelerated 2013 schedule that resumed at the end of the NHL lockout in the 2012/2013 season. Player salaries at the Toronto Blue Jays were $21 million higher this quarter and $41 million higher year to date.

Higher adjusted operating profit this quarter
Adjusted operating profit was up 10% this quarter and down 3% year to date compared to last year, reflecting the revenue and expense changes described above.

Excluding the acquisition of theScore that closed in the second quarter of 2013:

  • operating revenue would have been 10% higher this quarter and 4% higher year to date compared to last year
  • adjusted operating profit would have been 6% higher this quarter.

Excluding the acquisition of theScore and the residual impact of the NHL lockout, year to date adjusted operating profit would have been 3% higher than the same period last year.

ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars)  2013 2012 % Chg 2013 2012 % Chg
             
Additions to property, plant and equipment            
  Wireless $      192 $      299           (36) $      622 $      737           (16)
  Cable          299          186            61          747          573            30
  Business Solutions            20            15            33            66            45            47
  Media            18            11            64            45            32            41
  Corporate            19            17            12            57            48            19
Total additions to property, plant and equipment $      548 $      528              4 $   1,537 $   1,435              7


Wireless
Wireless' additions were lower this quarter and year to date compared to last year due to the timing of the continued deployment of our LTE network and upgrades to the network to enhance the LTE and HSPA+ user experience. These investments were partially offset by higher investments to improve the quality and coverage of the network. By the end of the year our LTE network is expected to reach approximately 73% of Canada's population.

Cable
Cable additions were higher this quarter and year to date compared to 2012 because of the timing of initiatives related to service enhancements, including providing more content and higher speeds on our video and data platforms, and increased investment in customer premise equipment related to the rollout of Nextbox 2.0 and Nextbox 3.0 digital set-top boxes and the analog to digital subscriber migration.

The analog to digital subscriber migration will continue to strengthen the customer experience and, once complete (expected in 2015), will allow us to reclaim significant amounts of network capacity and reduce network operating and maintenance costs. The migration from analog to digital requires additional spending because it involves fitting analog homes with digital converters and removing various analog filtering equipment.

Business Solutions
Business Solutions' additions were higher this quarter and year to date compared to the same periods last year because of higher spending on customer specific network expansions.

Media
Media's additions were higher this quarter and year to date compared to last year because of higher spending on digital and broadcast systems.

Non-GAAP Measures

Adjusted operating profit, free cash flow and the 'adjusted' amounts listed below are reviewed regularly by management and our Board of Directors in assessing our performance and in making decisions regarding the ongoing operations of the business and the ability to generate cash flows. They include:

  • adjusted operating profit or loss and related margin
  • adjusted net income
  • adjusted basic and diluted earnings per share
  • pre-tax and after-tax free cash flow
  • adjusted net debt.

These measures do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. These measures are also used by investors and lending institutions as an indicator of our operating performance, our ability to incur and service debt, and as measurement to value companies in the telecommunications industry. We have reconciled these non-GAAP measures to their most directly comparable measure calculated in accordance with IFRS in the tables below.

Reconciliation of non-GAAP measures

Adjusted operating profit:
The term adjusted operating profit does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other companies. We define adjusted operating profit as operating income before stock-based compensation expense, restructuring, acquisition and other expenses, impairment of assets and depreciation and amortization. We use adjusted operating profit to evaluate the performance of our businesses and in making decisions regarding the ongoing operations of the business and the ability to generate cash flows. We believe that certain investors and analysts use adjusted operating profit to measure our ability to service debt and to meet other payment obligations. Adjusted operating profit is also one of the components in the determination of short-term incentive compensation for all management employees. The most comparable IFRS financial measure is operating income. The following table provides a reconciliation of operating income to adjusted operating profit.

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars) 2013 2012 2013 2012
         
Operating income $                819 $                818 $            2,309 $             2,190
Add (deduct):        
  Depreciation and amortization                    477                    437                  1,390                  1,366
  Stock-based compensation expense                         7                       26                       66                       20
  Restructuring, acquisition and other expenses                       38                         7                        61                       82
Adjusted operating profit $            1,341 $            1,288 $           3,826 $            3,658
         

Adjusted net income and adjusted basic and diluted earnings per share:
The terms adjusted net income and adjusted basic and diluted earnings per share do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other companies. We define adjusted net income as net income before stock-based compensation expense, restructuring, acquisition and other expenses, losses on redemption of long-term debt, impairment of assets, gain on spectrum distribution, gain on sale of TVtropolis, and the related income tax impacts of the preceding items and the legislative tax rate changes. We use adjusted net income and adjusted earnings per share, among other measures, to assess the performance of our businesses without the effects of the preceding items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. The most comparable IFRS financial measures are net income and earnings per share. The following table is a reconciliation of net income to adjusted net income on a consolidated basis.

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars) 2013 2012 2013 2012
         
Net income from continuing operations $      464 $      466 $       1,349 $    1,203
Add (deduct):        
  Stock-based compensation expense                    7                 26                 66                 20
  Restructuring, acquisition and other expenses                 38                   7                  61                 82
  Gain on sale of TVtropolis                -                    -                (47)                    -
Income tax impact of above items                 (8)                 (4)               (25)               (26)
Income tax adjustment, legislative tax change                    -                    -                   8                 54
Adjusted net income $      501 $      495 $       1,412 $    1,333
         


Free cash flow:
The terms pre-tax and after-tax free cash flow do not have any standardized meanings under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other companies. We define pre-tax free cash flow as adjusted operating profit less property, plant and equipment expenditures and interest expense on long-term debt (net of capitalization). After-tax free cash flow is pre-tax free cash flow less cash income taxes paid. We consider free cash flow to be an important indicator of the financial strength and performance of our business because it shows the amount of cash that is available to repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets. The most comparable IFRS financial measure is cash flows from operating activities. The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.

     
  Three months ended September 30    Nine months ended September 30
(In millions of dollars) 2013 2012 2013 2012
         
Cash provided by operating activities $     1,052 $     1,146 $   2,918 $   2,753
Add (deduct):        
  Property, plant and equipment expenditures                  (548)                  (528)                (1,537)                (1,435)
  Interest on long-term debt expense, net of capitalization                   (173)                    (171)                  (524)                  (490)
  Restructuring, acquisition and other expenses                       38                         7                        61                       82
  Cash income taxes                      114                       28                    326                     123
  Interest paid                    268                    223                     615                    555
  Other adjustments                    (131)                    (116)                     (94)                     145
Pre-tax free cash flow            620            589          1,765          1,733
  Cash income taxes                    (114)                     (28)                  (326)                   (123)
After-tax free cash flow $        506 $      561 $    1,439 $   1,610
         


Adjusted net debt:
The term adjusted net debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other companies. We define adjusted net debt as long-term debt before deferred transactions costs, plus Debt Derivatives, short-term borrowings less cash and cash equivalents. We use adjusted net debt to conduct valuation-related analysis and make capital structure related decisions. We believe this is useful to investors and analysts in enabling them to analyze our enterprise and equity value and to assess various leverage ratios as performance measures. The most comparable IFRS financial measure is long-term debt. The following table provides a reconciliation of long-term debt to adjusted net debt.

     
(In millions of dollars) September 30, 2013 December 31, 2012
     
Long-term debt $                         10,469 $                         10,441
Current portion of long-term debt                               1,133                                  348
                               11,602                             10,789
Add (deduct):    
  Net derivative liabilities for Debt Derivatives                                    94                                  524
  Deferred transaction costs                                    76                                    69
  Short-term borrowings                                  650                                      -
  Cash and cash equivalents                                (844)                                (213)
Adjusted net debt $                         11,578 $                         11,169
     

 
Rogers Communications Inc.
Unaudited Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts)
 
  Three months ended   Nine months ended
  September 30,   September 30,
  2013   2012   2013   2012
Operating revenue  $  3,224   $   3,176   $  9,463   $   9,225
Operating expenses:                      
  Operating costs     1,890     1,914     5,703     5,587
  Restructuring, acquisition and other expenses   38     7     61     82
  Depreciation and amortization     477     437     1,390     1,366
Operating income     819     818     2,309     2,190
Finance costs     (180)     (169)     (546)     (488)
Other income (expense)     (3)     (6)     67     9
Income before income taxes     636     643     1,830     1,711
Income tax expense     172     177     481     508
Net income for the period from                      
  continuing operations      464     466     1,349     1,203
Loss from discontinued operations,                      
  net of tax      -     -     -     (32)
Net income for the period   $  464   $   466   $  1,349   $   1,171
Earnings per share - basic:                       
Earnings per share from continuing operations   $   0.90   $  0.90   $   2.62   $  2.31
Loss per share from discontinued operations     -     -     -     (0.06)
Earnings per share - basic   $ 0.90   $ 0.90   $ 2.62   $ 2.25
Earnings per share - diluted:                       
  Earnings per share from                      
    continuing operations   $  0.90   $ 0.90   $ 2.60   $ 2.30
  Loss per share from                      
    discontinued operations         -     -     -   (0.06)
Earnings per share - diluted   $ 0.90   $ 0.90   $ 2.60   $ 2.24
                           

 
Rogers Communications Inc.
Unaudited Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars)
 
  September 30, December 31,
  2013 2012
Assets        
Current assets:        
  Cash and cash equivalents   $  844 $  213
  Accounts receivable     1,364   1,536
  Other current assets     554   464
  Current portion of derivative instruments     21   8
    2,783   2,221
         
Property, plant and equipment     9,964   9,576
Goodwill     3,652   3,215
Intangible assets     3,187   2,951
Investments     1,460   1,484
Derivative instruments     83   42
Other long-term assets     339   98
Deferred tax assets     29   31
  $  21,497 $  19,618
Liabilities and Shareholders' Equity        
         
Current liabilities:        
  Short-term borrowings   $  650 $  -
  Accounts payable and accrued liabilities    1,930   2,135
  Income tax payable    146   24
  Current portion of provisions     6   7
  Current portion of long-term debt     1,133   348
  Current portion of derivative instruments     103   144
  Unearned revenue     324   344
    4,292   3,002
         
Provisions     34   31
Long-term debt     10,469   10,441
Derivative instruments     114   417
Other long-term liabilities     459   458
Deferred tax liabilities     1,624   1,501
    16,992   15,850
         
Shareholders' equity     4,505   3,768
  $  21,497 $  19,618
         

             
Rogers Communications Inc.          
Unaudited Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars)          
             
   Three months ended  Nine months ended
  September 30, September 30,
  2013 2012 2013 2012
Cash provided by (used in):                
Operating activities:                
  Net income for the period  $ 464 $ 466 $ 1,349 $ 1,171
  Adjustments to reconcile net income to net cash flows                
    provided by operating activities:                
      Depreciation and amortization    477   437   1,390   1,366
      Gain on sale of TVtropolis       -   -   (47)   -
      Program rights amortization    11   11   35   60
      Finance costs   180   169   546   488
      Income tax expense   172   177   481   498
      Pension contributions, net of expense   (8)   (11)   (25)   (29)
      Stock-based compensation expense   7   26   66   20
      Other   3   9   (7)   (3)
      1,306   1,284   3,788   3,571
  Change in non-cash operating working capital items   128   113   71   (140)
      1,434   1,397   3,859   3,431
  Interest paid   (268)   (223)   (615)   (555)
  Income taxes paid   (114)   (28)   (326)   (123)
Cash provided by operating activities   1,052   1,146   2,918   2,753
Investing activities:                
  Additions to property, plant and equipment ("PP&E")   (548)   (528)   (1,537)   (1,435)
  Change in non-cash working capital items related to PP&E   (20)   53   (155)   (49)
  Acquisitions and other strategic transactions   (6)     (847)   -
  Proceeds on sale of TVtropolis   -   -   59   -
  Investments   -   (540)   -   (540)
  Additions to program rights   (15)   (46)   (41)   (67)
  Other   (7)   (19)   (32)   (33)
Cash used in investing activities   (596)   (1,080)   (2,553)   (2,124)
Financing activities:                
  Issuance of long-term debt   -   -   1,030   2,090
  Repayment of long-term debt    -   -   (356)   (1,240)
  Payment on settlement of cross-currency
               
    interest rate exchange agreements
and debt-related forward contracts

(263)   -   (1,029)   -
  Proceeds on settlement of cross-currency                
    interest rate exchange agreements
and debt-related forward contracts
  -   -   662   -
  Transaction costs incurred   -   (5)   (17)   (14)
  Repurchase of Class B Non-Voting shares
  -   -   (22)   (350)
  Proceeds on short-term borrowings   -   -   650   -
  Dividends paid   (224)   (205)   (652)   (599)
Cash provided (used) by financing activities   (487)   (210)   266   (113)
Change in cash and cash equivalents   (31)   (144)   631   516
Cash and cash equivalents, beginning of period   875   603   213   (57)
Cash and cash equivalents, end of period $ 844 $ 459 $ 844 $ 459
                 
The change in non-cash operating working capital items is as follows:        
    Accounts receivable $ 38 $ (84) $ 188 $ 116
    Other current assets   54   131   (64)   (80)
    Accounts payable and accrued liabilities   56   99   (29)   (150)
    Unearned revenue   (20)   (33)   (24)   (26)
      $ 128 $ 113 $ 71 $ (140)
                 

About Forward-Looking Information 

This earnings release includes "forward-looking information" within the meaning of applicable securities laws and assumptions concerning, among other things our business, its operations and its financial performance and condition approved by management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions.

Forward-looking information and statements

  • typically include words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance and similar expressions, although not all forward-looking information and statements include them
  • include conclusions, forecasts and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions and other factors, most of which are confidential and proprietary and that we believe to be reasonable at the time they were applied but may prove to be incorrect
  • were approved by management on the date of this earnings release.

Our forward-looking information and statements include guidance and forecasts related to the following items, among others:

  • revenue
  • adjusted operating profit
  • property, plant and equipment expenditures
  • cash income tax payments
  • free cash flow
  • dividend payments
  • expected growth in subscribers and the services they subscribe to
  • the cost of acquiring subscribers and deployment of new services
  • continued cost reductions and efficiency improvements
  • the growth of new products and services
  • all other statements that are not historical facts.

We base our conclusions, forecasts and projections on the following factors, among others:

  • general economic and industry growth rates
  • currency exchange rates
  • product pricing levels and competitive intensity
  • subscriber growth
  • price, usage and churn rates
  • changes in government regulation
  • technology deployment
  • availability of devices
  • timing of new product launches
  • content and equipment costs
  • the integration of acquisitions
  • industry structure and stability.

Except as otherwise indicated, this earnings release and our forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be considered or announced or may occur after the date the statement containing the forward-looking information is made.

Risks and uncertainties
Actual events and results can be substantially different from what is expressed or implied by forward-looking information because of risks, uncertainties and other factors, many of which are beyond our control including but not limited to:

  • new interpretations and new accounting standards from accounting standards bodies
  • economic conditions
  • technological change
  • the integration of acquisitions
  • unanticipated changes in content or equipment costs
  • changing conditions in the entertainment, information and communications industries
  • regulatory changes
  • litigation and tax matters
  • the level of competitive intensity
  • the emergence of new opportunities.

These factors can also affect our objectives, strategies and intentions. Many of these factors are beyond our control and current expectation or knowledge. Should one or more of these risks, uncertainties or other factors materialize, our objectives, strategies or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before you make an investment decision
Before making any investment decisions and for a detailed discussion of the risks, uncertainties and environment associated with our business, fully review the sections of our third quarter MD&A entitled "Update to Risks and Uncertainties" and "Regulatory Developments", and also fully review the "Operating Environment" sections entitled "Risks and Uncertainties Affecting Our Businesses" and "Government Regulation and Regulatory Developments" in our 2012 Annual MD&A. Our 2012 Annual MD&A can be found online at rogers.com/investors, sedar.com and sec.gov or is available directly from Rogers.

About Rogers Communications Inc.

Rogers Communications is a leading diversified public Canadian communications and media company. We are Canada's largest provider of wireless communications services and one of Canada's leading providers of cable television, high-speed Internet and telephony services to consumers and businesses. Through Rogers Media, we are engaged in radio and television broadcasting, televised shopping, magazines and trade publications, sports entertainment, and digital media.

We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).

For further information about the Rogers group of companies, please visit rogers.com/investors. Information in or connected to our website is not part of or incorporated into this earnings release.

Quarterly Investment Community Teleconference

The third quarter 2013 results teleconference will be held on:

A rebroadcast will be available at rogers.com/investors on the Events and Presentations page for at least two weeks following the teleconference.

For More Information

You can find additional information relating to us, including our Annual Information Form on our website (rogers.com/investors), on SEDAR (sedar.com) and on EDGAR (sec.gov), or by e-mailing your request to investor.relations@rci.rogers.com. Information on or connected to these and other website referenced above is not part of this earnings release.

You can also go to rogers.com/investors for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business. 

 

 

 

 

 

 

SOURCE Rogers Communications Inc.

For further information:


Investment community contacts
Bruce M. Mann
416.935.3532
bruce.mann@rci.rogers.com

Dan R. Coombes
416.935.3550
dan.coombes@rci.rogers.com

Media contact
Terrie Tweddle
416.935.4727
terrie.tweddle@rci.rogers.com