Rogers Reports Fourth Quarter 2011 Financial and Operating Results

Fourth Quarter Adjusted Operating Profit up 3%, Adjusted EPS up 17% to $0.70;

Wireless Revenue up 2% with Postpaid Wireless Net Subscriber Additions of 42,000 Driven by Record Number of New Smartphone Customers and iPhone Activations;

Cable Operations Revenue up 3% on 59% Increase in Total Cable Service Unit Net Additions While Margins of 48% Reflect Ongoing Realization of Cost Efficiencies;

Media Revenue Growth of 3% Reflects Slowing in Ad Market but New Initiatives and Cost Controls Combine to Drive Adjusted Operating Profit Growth of 83%;

$564 million of Cash Returned to Shareholders Through Combination of Dividends and Share Buybacks

TORONTO, Feb. 22, 2012 /CNW/ - Rogers Communications Inc. today announced its consolidated financial and operating results for the three and twelve months ended December 31, 2011, in accordance with International Financial Reporting Standards ("IFRS").

Financial highlights are as follows(1):

     
  Three months ended December 31 Twelve months ended December 31,
(In millions of dollars, except per share amounts) 2011 2010 % Chg 2011 2010 % Chg
             
Operating revenue $   3,177 $   3,138              1 $ 12,428 $ 12,142              2
Adjusted operating profit       1,094       1,064              3       4,716       4,635              2
Adjusted net income          372          338            10       1,747       1,678              4
Adjusted earnings per share $     0.70 $     0.60            17 $     3.22 $     2.91            11
Adjusted diluted earnings per share $     0.70 $     0.60            17 $     3.19 $     2.89            10

(1)   This summary of our fourth quarter 2011 results should be read in conjunction with our fourth quarter 2011 earnings release, our 2010 Annual MD&A and our 2010 Annual Audited Consolidated Financial Statements and Notes thereto, as well as our 2011 quarterly interim financial statements, which all of which are incorporated by reference in this news release. The financial information presented herein has been prepared on the basis of International Financial Reporting Standards ("IFRS") for interim financial statements and is expressed in Canadian dollars.

"During the fourth quarter we sold a record number of new wireless smartphones and increased the number of total cable service unit net additions by 59% versus last year in the face of intense competition, while at the same time we held our expenditures in solid check enabling us to continue to deliver healthy margins," said Nadir Mohamed, President and Chief Executive Officer of Rogers Communications Inc. "We not only continued our growth during 2011, but we also met our adjusted operating profit and free cash flow targets which enabled the returning of more than $1.9 billion cash to shareholders through a combination of increased dividends and continued share buybacks, while at the same time further strengthening our already healthy balance sheet."

Highlights of the fourth quarter of 2011 include the following: 

  • Generated consolidated quarterly revenue growth of 1%, with Wireless revenue growth of 2%, Cable Operations revenue growth of 3%, and Media revenue growth of 3%, versus the same quarter last year. Adjusted operating profit increased from the prior year by 83% at Media and by 8% at Cable Operations, but was offset by a 5% decline at Wireless primarily reflecting the upfront costs associated with a record number of smartphone activations and iPhone sales and a decline in voice average monthly revenue per user ("ARPU").
  • Wireless data revenue grew by 19% and net postpaid subscriber additions totalled 42,000, helping drive wireless data revenue to now comprise 37% of Wireless network revenue. During the fourth quarter, Wireless activated 791,000 additional smartphones, of which approximately 35% were for subscribers new to Wireless, compared to 635,000 in the prior year quarter. This resulted in subscribers with smartphones, who typically generate ARPU nearly twice that of voice only subscribers, representing 56% of the overall postpaid subscriber base as at December 31, 2011, up from 41% as at December 31, 2010.
  • Rogers announced that Canada's first and largest Long Term Evolution ("LTE") 4G broadband wireless network service is now available in even more cities in Ontario, British Columbia and Quebec.  LTE is a next generation technology that enables unparalleled connectivity, offering speeds that are between three and four times faster than HSPA+ with peak theoretical download rates of up to 150 Megabits per second ("Mbps") and upload speeds of up to 70 Mbps. During the summer of 2011, Rogers was first to launch LTE in Canada in Ottawa followed by Toronto, Montreal and Vancouver, and today more than eleven million Canadians already have access to Rogers' continually expanding LTE network.
  • Rogers introduced Rogers Live TV in beta, a service that lets customers stream live TV channels on their iPads. Marking another Canadian industry first, Rogers Live TV streaming app gives customers the freedom to watch shows from anywhere in the home, offering a seamless entertainment experience. Rogers Live TV app is another exciting component of Rogers' TV Anywhere vision and lets customers experience live TV on their tablets seamlessly and as part of their current entertainment package.
  • Rogers announced the launch of its cable Digital Starter Pack trial in London, Ontario, an innovative, new trial that gives Rogers cable customers a new level of choice and flexibility. Rogers Digital Starter Pack offers customized programming choices that give customers more flexibility combined with all the benefits of reliable, digital cable, including Rogers On Demand. The Rogers Digital Starter Pack delivers a standard set of 86 core TV channels, including government mandated channels. Customers can order the Digital Starter Pack and then choose any additional 15, 20, or 30 channels from more than 100 options.
  • Rogers On Demand TV app became available on Microsoft's newly designed Xbox 360 LIVE dashboard bringing Rogers On Demand to the gaming console, and is one of many new TV innovations expected from Rogers in the coming months. The Rogers On Demand TV app, free for Rogers' cable TV customers, already includes over 1,000 hours of video content.
  • Rogers announced that it, along with Bell Canada, is jointly acquiring a net 75 percent equity interest in Maple Leaf Sports and Entertainment ("MLSE") being sold by the Ontario Teachers' Pension Plan. The investment advances Rogers' strategy to deliver highly sought-after content anywhere, anytime, on any platform across our advanced broadband and wireless networks and our media assets, while continuing to strengthen and enhance the value of our Sportsnet media brands. MLSE is Canada's preeminent leader in delivering top quality sports and entertainment experiences through its ownership of the NHL's Toronto Maple Leafs, the NBA's Toronto Raptors, MLS's Toronto FC, and the AHL's Toronto Marlies, along with sports entertainment venues and specialty television networks. Rogers' net cash commitment, following a planned leveraged recapitalization of MLSE, will total approximately $533 million, representing a 37.5 percent equity interest in MLSE, and will be funded with currently available liquidity.
  • Media announced the launch of yet another digital media property, RDeals, a new daily deals offering that brings local and national deals to Canadians with significant discounts. RDeals offers quality-branded products and services at discount prices, including food, fashion, technology, vacations, spa treatments, fitness classes, and more. This new initiative enables Rogers to extend its leadership in digital media by combining online advertising with technology solutions to connect brands with audiences.
  • Media launched its CityNews Channel, a new 24-hour, interactive, local news channel in Toronto leveraging trusted news brands Citytv, 680News and Maclean's and also launched the FX (Canada) specialty channel, which delivers acclaimed programming including FX original series and movies together with original Canadian programming.
  • We introduced Rogers Youth Fund - a corporate wide initiative that supports Canadian youth and education. This represents Rogers' national commitment to help Canada's youth overcome barriers to education, empowering them to succeed in the classroom and beyond. The program's goal is to help youth between the ages of 12 and 19, especially those who are at-risk due to poverty, isolation, having to adjust to a new language and culture, or who are facing challenges at home.
  • Generated $200 million of consolidated free cash flow in the quarter, defined as adjusted operating profit less PP&E expenditures, interest on long-term debt (net of capitalization) and cash income taxes, reflecting steady levels of adjusted operating profit being offset by an increased level of PP&E expenditures and cash income taxes paid.  For the full year 2011, free cash flow totalled $1,851 million.
  • Repurchased 10 million RCI Class B Non-Voting shares for $374 million during the quarter under our $1.5 billion share buyback authorization, and paid dividends on our common shares totalling $190 million, in total returning $564 million of cash to Rogers shareholders during the quarter.  During the full year, we repurchased 31 million of our Class B Non-Voting common shares for $1.1 billion and paid dividends totalling $758 million, in total returning $1.9 billion of cash to shareholders.
  • Rogers also announced today that our Board of Directors has approved an 11% increase in the annualized dividend to $1.58 per share effective immediately, and that it has approved a renewed share buyback program for the repurchase of up to $1.0 billion of RCI shares on the open market during the next twelve months.

This summary of our fourth quarter 2011 earnings release should be read in conjunction with our fourth quarter 2011 earnings release, our 2010 Annual MD&A and our 2010 Audited Annual Consolidated Financial Statements and Notes thereto, as well as our 2011 quarterly interim financial statements and other recent securities filings available on SEDAR at sedar.com or at rogers.com/investors.

The financial information presented herein has been prepared on the basis of IFRS for interim financial statements and is expressed in Canadian dollars unless otherwise stated. Comparative amounts for 2010 included in this earnings release have been conformed to reflect our adoption of IFRS, with effect from January 1, 2010. Periods prior to January 1, 2010 have not been conformed and are prepared in accordance with Canadian generally accepted accounting principles ("GAAP").

Concurrent with the impact of the transition to IFRS, we made certain changes to our reportable segments. Commencing January 1, 2011, the results of the former Rogers Retail segment are reported as follows: the results of the Video retailing portion are now presented as a separate operating sub-segment under the Cable segment, and the portions related to retail distribution of wireless and cable products and services are now included in the results of operations of Wireless and Cable Operations, respectively. In addition, certain intercompany transactions between the Rogers Business Solutions ("RBS") segment and other operating segments, which were previously recorded as revenue in RBS and operating expenses in the other operating segments, are now recorded as cost recoveries in RBS beginning January 1, 2011. While there is no change to the consolidated results or to the adjusted operating profit of RBS, as a result of this second change, the reported revenue of RBS is lower as intercompany sales are no longer included. Comparative figures for 2010 have been reclassified to conform to the current year's presentation of both changes discussed above.

As this summary of our earnings release includes forward-looking statements and assumptions, readers should carefully review the section of this summary of our earnings release entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions".

In this summary of our earnings release, the terms "we", "us", "our", "Rogers" and "the Company" refer to Rogers Communications Inc. and our subsidiaries "Wireless", "Cable" and "Media".

SUMMARIZED CONSOLIDATED FINANCIAL RESULTS (Unaudited)

     
  Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except per share amounts) 2011 2010 % Chg 2011 2010 % Chg
             
Operating revenue            
 Wireless $   1,826 $   1,788              2 $   7,138 $   6,973              2
 Cable            
  Cable Operations          838          811              3       3,309       3,190              4
  RBS            93          111          (16)          405          452          (10)
  Video            22            32          (31)            82          143          (43)
           953          954              -       3,796       3,785              -
 Media          428          416              3       1,611       1,461            10
 Corporate items and eliminations          (30)          (20)            50        (117)          (77)            52
Total operating revenue       3,177       3,138              1     12,428     12,142              2
             
Adjusted operating profit (loss)            
 Wireless          670          704            (5)       3,036       3,173            (4)
 Cable            
  Cable Operations          403          372              8       1,549       1,419              9
  RBS            20            12            67            86            40          115
  Video            (7)          (20)          (65)          (23)          (33)          (30)
           416          364            14       1,612       1,426            13
 Media            44            24            83          180          131            37
 Corporate items and eliminations          (36)          (28)            29        (112)          (95)            18
Adjusted operating profit       1,094       1,064              3       4,716       4,635              2
Stock-based compensation (expense) recovery          (34)            26 n/m          (64)          (50)            28
Settlement of pension obligations              -              - n/m          (11)              - n/m
Integration, restructuring and acquisition expenses          (23)          (22)              5          (70)          (40)            75
Other items, net              -              5 n/m            -            (14) n/m
Operating profit       1,037       1,073            (3)       4,571       4,531              1
Other income and expense, net          710          771            (8)       3,008       3,029            (1)
Net income $      327 $      302              8 $   1,563 $   1,502              4
             
Basic earnings per share $     0.62 $     0.54            15 $     2.88 $     2.61            10
Diluted earnings per share $     0.61 $     0.50            22 $     2.86 $     2.59            10
             
As adjusted:            
 Net income $      372 $      338            10 $   1,747 $   1,678              4
 Basic earnings per share $     0.70 $     0.60            17 $     3.22 $     2.91            11
 Diluted earnings per share $     0.70 $     0.60            17 $     3.19 $     2.89            10
             
Additions to property, plant and equipment ("PP&E")            
 Wireless $      347 $      346             - $   1,192 $      937            27
 Cable            
  Cable Operations          231          157            47          748          611            22
  RBS            13            13              -            55            38            45
  Video              -              8 n/m            -              13 n/m
            244          178            37          803          662            21
 Media            31            15          107            61           38            61
 Corporate            31            52          (40)            71          197          (64)
Total additions to PP&E $      653 $      591            10 $   2,127 $   1,834            16
             

SEGMENT REVIEW

WIRELESS

Summarized Wireless Financial Results

     
    Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except margin) 2011 2010 % Chg 2011 2010 % Chg
             
Operating revenue            
 Network revenue $    1,641 $    1,641              - $    6,601 $    6,526              1
 Equipment sales          185          147            26          537          447            20
Total operating revenue       1,826       1,788              2       7,138       6,973              2
             
Operating expenses before the undernoted            
 Cost of equipment sales          465          404            15       1,425       1,225            16
 Other operating expenses          691          680              2       2,677       2,575              4
        1,156       1,084              7       4,102       3,800              8
Adjusted operating profit          670          704            (5)       3,036       3,173            (4)
Stock-based compensation (expense) recovery            (5)              2 n/m          (10)          (12)          (17)
Settlement of pension obligations              -              - n/m            (2)              - n/m
Integration, restructuring and acquisition expenses            (3)            (1)          200          (16)            (5) n/m
Other items, net              -              5 n/m              -            (5) n/m
Operating profit $       662 $       710            (7) $    3,008 $    3,151            (5)
             
Adjusted operating profit margin as            
 % of network revenue 40.8% 42.9%   46.0% 48.6%  
             
Additions to PP&E $      347 $      346              - $    1,192 $     937            27
             
Data revenue included in network revenue $       600 $       505            19 $    2,325 $    1,832            27
             

Summarized Wireless Subscriber Results

     
(Subscriber statistics in thousands,   Three months ended December 31, Twelve months ended December 31,
except ARPU, churn and usage)  2011 2010 Chg 2011 2010 Chg
             
Postpaid            
 Gross additions          377          344            33       1,449       1,330          119
 Net additions            42            49            (7)          269          319          (50)
 Total postpaid retail subscribers       7,574       7,325          249       7,574       7,325          249
 Monthly churn 1.49% 1.35% 0.14% 1.32% 1.18% 0.14%
 Average monthly revenue per user ("ARPU") $    68.63 $   71.31 $   (2.68) $    70.26 $   72.62 $   (2.36)
             
Prepaid             
 Gross additions          191          221          (30)          845          731          114
 Net additions               5            74          (69)          109          147          (38)
 Total prepaid retail subscribers       1,761       1,652          109       1,761       1,652          109
 Monthly churn 3.51% 3.04% 0.47% 3.64% 3.18% 0.46%
 ARPU $    16.85 $   16.09 $     0.76 $    16.02 $   16.10 $   (0.08)
             
Blended ARPU $    58.82 $   61.31 $   (2.49) $    60.20 $   62.62 $   (2.42)
Blended average monthly minutes of usage          471          477            (6)          466          478          (12)
             

Wireless Subscribers and Network Revenue

For the three months ended December 31, 2011, Wireless activated and upgraded approximately 791,000 smartphones compared to approximately 635,000 in the fourth quarter of 2010. This is the highest number of smartphone activations and upgrades that Wireless has ever reported in a quarter. These smartphones were predominantly iPhone, BlackBerry and Android devices, of which approximately 35% were for subscribers new to Wireless during the quarter. These additions increased the percentage of subscribers with smartphones to 56% of the overall postpaid subscriber base at December 31, 2011, compared to 41% as at December 31, 2010. These subscribers generally commit to new multi-year term contracts, typically generate ARPU nearly twice that of voice only subscribers, and churn at lower rates than voice only subscribers.

The year-over-year decrease in overall subscriber net additions for the quarter primarily reflects an increase in the level of churn associated with heightened competitive intensity.

The relatively unchanged Wireless network revenue for the three months ended December 31, 2011 predominantly reflects the continued growth of Wireless' subscriber base and the increased adoption and usage of wireless data services, offset by a decrease in voice ARPU in large part driven by the heightened competitive intensity as discussed below.

For the three months ended December 31, 2011, wireless data revenue increased by approximately 19% from the corresponding period of 2010, to $600 million. This growth in wireless data revenue reflects the continued penetration and growing usage of smartphones, wireless laptops and tablet devices, which drive increased usage of e-mail, wireless Internet access, text messaging and other wireless data services. The sequential slowing of the wireless data revenue growth rate from the third to fourth quarter primarily reflects reductions in data roaming revenue related to outbound wireless data roaming value packages that were recently introduced combined with the general level of competitive intensity. For the three months ended December 31, 2011, wireless data revenue represented approximately 37% of total network revenue, compared to approximately 31% in the corresponding period of 2010.

Year-over-year ARPU decreased by 4%, which reflects declines in wireless voice revenues, primarily offset by higher wireless data and feature revenues. Driving this decline was a 12% decrease in the wireless voice component of ARPU which was primarily due to the general level of competitive intensity in the wireless voice services market, and was partially offset by a 14% increase in wireless data ARPU.

Wireless Equipment Sales

The increase in revenue from equipment sales for the three months ended December 31, 2011, including activation fees and net of equipment subsidies, versus the corresponding period of 2010, reflects the increase in the number of smartphone activations, in particular iPhones, to the highest levels ever reported as discussed above.

Wireless Operating Expenses

     
  Three months ended December 31, Twelve months ended December 31,
(In millions of dollars) 2011 2010 % Chg 2011 2010 % Chg
             
Operating expenses            
 Cost of equipment sales $      465 $      404            15 $    1,425 $   1,225            16
 Other operating expenses          691          680              2       2,677       2,575              4
Operating expenses before the undernoted       1,156       1,084              7       4,102       3,800              8
Stock-based compensation expense (recovery)              5            (2) n/m            10            12          (17)
Settlement of pension obligations              -              - n/m              2              - n/m
Integration, restructuring and acquisition expenses              3              1          200            16              5 n/m
Other items, net              -            (5) n/m              -              5 n/m
Total operating expenses  $   1,164 $   1,078              8 $    4,130 $   3,822              8
             

The increase in cost of equipment sales for the three months ended December 31, 2011, compared to the corresponding period of 2010, was the result of an increased number of iPhone upgrades due to the launch of the iPhone 4S in the fourth quarter this year compared to the launch of the iPhone 4 in the third quarter of 2010. In the last half of 2011 we sold 16% more iPhones and sold 20% more smartphones than in the same period last year.

Total retention spending, including subsidies on handset upgrades, was $238 million in the three months ended December 31, 2011, compared to $256 million in the corresponding period of 2010. The changes for the three month period primarily reflect revenues from the introduction of an advanced hardware upgrade program, partially offset by higher smartphone volume and mix, which was primarily due to the timing of the launch of the iPhone 4S, as discussed above.

The modest year-over-year increase in other operating expenses for the three months ended December 31, 2011 excluding retention spending discussed above, was driven by higher customer care and network costs associated with a larger subscriber base, as well as higher sales and marketing costs. These increases were predominantly offset by efficiency gains resulting from cost reduction initiatives across various functions.

Wireless Adjusted Operating Profit

The 5% year-over-year decrease in adjusted operating profit and the 41% adjusted operating profit margin on network revenue (which excludes equipment sales revenue) for the three months ended December 31, 2011 primarily reflect the increase in equipment costs associated with the record high volume of smartphone sales and activations as discussed above.

Wireless Additions to PP&E

Wireless additions to PP&E are classified into the following categories:

     
  Three months ended December 31, Twelve months ended December 31,
(In millions of dollars) 2011 2010 % Chg 2011 2010 % Chg
             
Additions to PP&E            
 Capacity $      151 $      146              3 $       628 $      446            41
 Quality            93          103          (10)          250          284          (12)
 Network - other            24            38          (37)            61            61              -
 Information technology and other            79            59            34          253          146            73
Total additions to PP&E $      347 $      346              - $    1,192 $      937            27
             

Wireless PP&E additions for the three months ended December 31, 2011 reflect spending on network capacity, such as radio channel additions, network core improvements and network enhancing features, including the continued deployment of our LTE and HSPA+ networks. Quality-related additions to PP&E are associated with upgrades to the network to enable higher throughput speeds in addition to improved network access associated activities, such as site build programs and network sectorization work. Quality also includes test and monitoring equipment and operating support system activities. Investments in Network - other are associated with network reliability and renewal initiatives, infrastructure upgrades and new product platforms. Information technology and other wireless specific system initiatives include billing and back-office system upgrades, and other facilities and equipment spending.

Wireless PP&E additions was flat for the three months ending December 31, 2011 due to lower network investments for development work on new voice platform capabilities offset by higher information technology investments on our customer billing systems and platforms for new services.

CABLE

Summarized Cable Financial Results

     
  Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except margin) 2011 2010 % Chg 2011 2010 % Chg
             
Operating revenue            
 Cable Operations $      838 $      811              3 $   3,309 $   3,190              4
 RBS            93          111          (16)         405          452          (10)
 Video            22            32          (31)            82          143          (43)
Total operating revenue          953          954              -       3,796       3,785              -
             
Adjusted operating profit (loss) before the undernoted            
 Cable Operations          403          372              8       1,549       1,419              9
 RBS            20            12            67            86            40         115
 Video            (7)          (20)          (65)          (23)          (33)          (30)
Adjusted operating profit          416          364            14       1,612       1,426            13
Stock-based compensation (expense) recovery            (5)              5 n/m            (9)            (7)            29
Settlement of pension obligations              -              - n/m            (5)              - n/m
Integration, restructuring and acquisition expenses          (16)          (10)            60          (39)          (23)            70
Other items, net              -              - n/m              -            (5) n/m
Operating profit $      395 $      359            10 $   1,559 $   1,391            12
             
Adjusted operating profit (loss) margin            
 Cable Operations 48.1% 45.9%   46.8% 44.5%  
 RBS 21.5% 10.8%   21.2% 8.8%  
 Video (31.8%) (62.5%)   (28.0%) (23.1%)  
             
Additions to PP&E            
 Cable Operations $      231 $      157            47 $      748 $      611            22
 RBS            13            13              -            55            38            45
 Video              -              8 n/m              -            13 n/m
Total additions to PP&E $      244 $      178            37 $      803 $      662            21
         

The following segment discussions provide a detailed discussion of the Cable operating results.

CABLE OPERATIONS

Summarized Financial Results

     
  Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except margin) 2011 2010 % Chg 2011 2010 % Chg
             
Operating revenue            
 Cable Television $      481 $      470              2 $    1,904 $   1,835              4
 Internet          239          217            10          927          848              9
 Home Phone          118          124            (5)          478          507            (6)
Total Cable Operations operating revenue          838          811              3       3,309       3,190              4
             
Operating expenses before the undernoted            
 Cost of equipment sales            10            12          (17)            29            41          (29)
 Other operating expenses          425          427              -       1,731       1,730              -
           435          439            (1)       1,760       1,771            (1)
Adjusted operating profit          403          372              8       1,549       1,419              9
Stock-based compensation (expense) recovery            (5)              5 n/m            (9)            (7)            29
Settlement of pension obligations              -              - n/m            (4)              - n/m
Integration, restructuring and acquisition expenses            (2)              - n/m            (8)            (3)          167
Other items, net              -              - n/m              -            (7) n/m
Operating profit $      396 $      377              5 $    1,528 $   1,402              9
             
Adjusted operating profit margin 48.1% 45.9%   46.8% 44.5%  
             

Summarized Subscriber Results

     
  Three months ended December 31, Twelve months ended December 31,
(Subscriber statistics in thousands) 2011 2010 Chg 2011 2010 Chg
             
Cable homes passed       3,754       3,708            46       3,754       3,708            46
             
Television            
   Net additions (losses)            (6)            (4)            (2)          (14)              4          (18)
   Total television subscribers       2,297       2,305            (8)       2,297       2,305            (8)
             
 Digital cable            
    Households, net additions            10            14            (4)            39            67          (28)
    Total digital cable households       1,777       1,733            44       1,777       1,733            44
             
Cable high-speed Internet            
   Net additions            25            13            12            83            64            19
   Total cable high-speed Internet subscribers       1,793       1,686          107       1,793       1,686          107
             
Cable telephony lines            
   Net additions and migrations              8              8              -            45            66          (21)
   Total cable telephony lines       1,052       1,003            49       1,052       1,003            49
             
Total cable service units            
   Net additions            27            17            10          114          134          (20)
   Total cable service units       5,142       4,994          148       5,142       4,994          148
             
Circuit-switched lines            
   Net losses and migrations to cable telephony platform              -            (9)              9          (12)          (48)            36
   Total circuit-switched lines              -            46          (46)              -            46          (46)
             

Cable Television Revenue

The increase in Cable Television revenue for the three months ended December 31, 2011, compared to the corresponding period of 2010, reflects pricing changes made in March 2011, together with continued increase in penetration of our digital cable product offerings and greater usage of on-demand and pay-per-view services.

The digital cable subscriber base grew by 3% and represented 77% of the television subscriber base as at December 31, 2011, compared to 75% as at December 31, 2010. Increased demand from subscribers for the larger selection of digital content, video on-demand, HDTV and personal video recorder ("PVR") equipment continues to contribute to the growth in the digital subscriber base and Cable Television revenue.

Cable expects to begin a substantial conversion of the remaining analog cable customers onto its digital cable platform during 2012 and 2013.  This migration will enable the reclamation of significant amounts of network capacity as well as reduce network operating and maintenance costs going forward. The migration will entail incremental PP&E and operating costs as each of the remaining analog homes are fitted with digital converters and various analog filtering equipment is removed.

Cable Internet Revenue

The year-over-year increase in Internet revenue for the three months ended December 31, 2011 reflects the increase in the Internet subscriber base, combined with Internet service pricing changes made over the previous twelve months. Also impacting the increase is the timing of promotional programs, a general movement by subscribers towards higher end tiers and a modest increase in revenue from additional usage.

With the high-speed Internet customer-base at approximately 1.8 million subscribers, Internet penetration is approximately 48% of the homes passed by our cable networks and 78% of our television subscriber base, as at December 31, 2011.

Home Phone Revenue

The year-over-year decrease in Home Phone revenue for the three months ended December 31, 2011, reflects the declines in revenue associated with the legacy circuit-switched telephony base that Cable has divested over the past five quarters. The decline was partially offset by the increase in the cable telephony Home Phone customer base combined with price changes in March 2011.

Excluding the impact of the declining circuit-switched telephony business that Cable has divested as described below, the year-over-year revenue growth for Home Phone and for Cable Operations for the three months ended December 31, 2011 would have been 3% and 5%, respectively.

Cable telephony Home Phone lines in service grew 5% from December 31, 2010 to December 31, 2011. At December 31, 2011, cable telephony lines represented 28% of the homes passed by our cable networks and 46% of television subscribers.

Cable continues to focus principally on growing its on-net cable telephony line base. As a result, in the third quarter of 2010, it announced that it was divesting the assets of its off-net circuit-switched telephony business where services cannot be provided over Rogers' own cable network facilities. Under this arrangement, most of its co-location sites and related equipment were sold. In addition, the sale involved residential circuit-switched lines, with the customers served by these facilities being migrated to a third-party reseller starting late in the third quarter of 2010 and was completed during the fourth quarter of 2011, resulting in a decline of 46,000 lines in the legacy circuit-switched telephony base from December 31, 2010. During the three and twelve months ended December 31, 2011, approximately 1,000 and 34,000 circuit-switched lines were migrated to third-party resellers, with the exception of 3,000 which were migrated to RBS in the first quarter of 2011. For the three and twelve months ended December 31, 2011, the revenue reported by Cable Operations associated with the residential circuit-switched telephony business being divested totalled approximately $2 million and $15 million, respectively, whereas the circuit-switched telephony revenues in the three and twelve months ended December 31, 2010 totalled approximately $11 million and $61 million, respectively.

Cable Operations Operating Expenses

Cable Operations' operating expenses decreased slightly for the three months ended December 31, 2011, compared to the corresponding period of 2010, due to timing of expenses, cost reduction and efficiency initiatives across various functions, with activity driven costs generally benefiting from lower customer churn versus the same period in the prior year. Cable Operations continues to focus on implementing a program of permanent cost reduction and efficiency improvement initiatives to control the overall growth in operating expenses.

Cable Operations Adjusted Operating Profit

Cable Operations' adjusted operating profit margin was 48.1% for the three months ended December 31, 2011, compared to 45.9% in the corresponding period of 2010. The year-over-year growth in adjusted operating profit was primarily the result of the revenue and cost changes described above.

ROGERS BUSINESS SOLUTIONS

Summarized Financial Results

       
    Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except margin) 2011 2010 % Chg 2011 2010 % Chg
               
Operating revenue $         93 $      111          (16) $       405 $      452          (10)
               
Operating expenses before the undernoted            73            99          (26)          319          412          (23)
Adjusted operating profit            20            12            67            86            40          115
Settlement of pension obligations              -              - n/m            (1)              - n/m
Integration, restructuring and acquisition expenses          (11)            (9)            22          (17)          (13)            31
Operating profit $           9 $          3          200 $         68 $        27          152
               
Adjusted operating profit margin 21.5% 10.8%   21.2% 8.8%  
             

Summarized Subscriber Results

       
    Three months ended December 31, Twelve months ended December 31,
(Subscriber statistics in thousands) 2011 2010 Chg 2011 2010 Chg
               
Local line equivalents            
 Total local line equivalents          109          146          (37)          109          146          (37)
               
Broadband data circuits            
 Total broadband data circuits            32            42          (10)            32            42          (10)
             

RBS Revenue

The decrease in RBS revenue for the three months ended December 31, 2011, primarily reflects the planned decline in certain categories of the lower margin legacy business, partially offset by the growth in next generation IP and other on-net services. RBS' focus is primarily on IP-based services and increasingly on leveraging higher margin on-net and near-net revenue opportunities utilizing both the acquired Atria and Blink networks and Cable's existing network facilities to expand offerings to the medium-sized enterprise, public sector and carrier markets. The lower margin off-net legacy business, which includes long-distance, local and certain legacy data services, continues to decline and was down 40% for the quarter and 32% for the year. In comparison, the higher margin next generation business was up 14% and 11%, respectively. For the three and twelve months ended December 31, 2011, the acquisition of Atria contributed revenue of $17 million and $72 million, respectively.

RBS Operating Expenses

The decrease in operating expenses for the three months ended December 31, 2011, compared to the corresponding period of 2010, reflects the planned decrease in legacy services related costs due to lower volumes and subscriber levels, permanent cost reductions resulting from a 2010 restructuring of the employee base, lower sales within certain customer segments, and operating efficiencies stemming from the integration of Blink and Atria.

RBS Adjusted Operating Profit

The year-over-year growth in adjusted operating profit reflects the acquisition of the higher margin Atria and Blink on-net data businesses, and the RBS focus on growing its on-net next generation data revenue. This strategic shift has more than offset the planned declines in the lower margin legacy voice and data services. Cost reductions and efficiency initiatives across various functions have also contributed to higher operating profit and adjusted operating profit margins in the quarter. For the three and twelve months ended December 31, 2011, the acquisition of Atria contributed adjusted operating profit of $10 million and $43 million, respectively, contributing to the growth of the next generation services market, including data and Internet.

VIDEO

Summarized Financial Results

     
  Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except margin) 2011 2010 % Chg 2011 2010 % Chg
             
Operating revenue $         22 $        32          (31) $         82 $      143          (43)
             
Operating expenses before the undernoted            29            52          (44)          105          176          (40)
Adjusted operating loss            (7)          (20)          (65)          (23)          (33)          (30)
Integration, restructuring and acquisition expenses            (3)            (1)          200          (14)            (7)          100
Other items, net              -              - n/m              -              2 n/m
Operating loss $      (10) $      (21)          (52) $      (37) $      (38)            (3)
             
Adjusted operating loss margin (31.8%) (62.5%)   (28.0%) (23.1%)  
         

Video Revenue

The results of the Video segment include our video and game sale and rental business which has been, and continues to be, restructured and downsized coinciding with the declining market opportunity. The decrease in Video revenue for the three months ended December 31, 2011, compared to the corresponding period of 2010, was the result of a continued decline in video rental and sales activity and the reduction of nearly 20% in the number of store locations since the start of 2010.

Video Adjusted Operating Loss

The adjusted operating loss at Video decreased for the three months ended December 31, 2011, compared to the corresponding period of 2010, reflecting the expected reduction of revenues and expenses, as discussed above.

Cable Additions to PP&E

Cable additions to PP&E are classified into the following categories:

       
    Three months ended December 31, Twelve months ended December 31,
(In millions of dollars) 2011 2010 % Chg 2011 2010 % Chg
               
Additions to PP&E            
 Customer premise equipment $         70 $        35          100 $       225 $      234            (4)
 Scalable infrastructure            86            67            28          267          201            33
 Line extensions            15            13            15            47            43              9
 Upgrades and rebuild              5              6          (17)            13            20          (35)
 Support capital            55            36            53          196          113            73
Total Cable Operations          231          157            47          748          611            22
RBS            13            13              -            55            38           45
Video              -              8 n/m              -            13 n/m
Total additions to PP&E $       244 $      178            37 $       803 $      662            21
   

The Cable Operations segment categorizes its PP&E expenditures according to a standardized set of reporting categories that were developed and agreed to by the U.S. cable television industry and that facilitate comparisons of additions to PP&E between different cable companies. Under these industry definitions, Cable Operations additions to PP&E are classified into the following five categories:

  • Customer premise equipment ("CPE"), which includes the equipment for digital set-top terminals, Internet modems and associated installation costs;
  • Scalable infrastructure, which includes non-CPE costs to meet business growth and to provide service enhancements;
  • Line extensions, which includes network costs to enter new service areas;
  • Upgrades and rebuild, which includes the costs to modify or replace existing coaxial cable, fibre-optic equipment and network electronics; and
  • Support capital, which includes the costs associated with the purchase, replacement or enhancement of non-network assets.

Additions to Cable PP&E include continued investments in the cable network to enhance the customer experience through increased speed and performance of our Internet service and capacity enhancements to our digital network to allow for incremental HD and On-Demand services to be added.

The increase in Cable Operations PP&E additions for the three months ended December 31, 2011, compared to the corresponding period of 2010, resulted from higher CPE, scalable infrastructure and support capital expenditures due to projects associated with quality related investments on IPv6 compliance initiatives, timing of spend on infrastructure projects and development work on new video platform capabilities. Support capital investments that contributed to the increase relate to customer billing systems and platforms for new services. Higher investments in set-top boxes due to higher subscriber activity, partially offset by lower unit pricing, contributed to the increase in CPE for the three months ended December 31, 2011.

RBS PP&E additions on customer networks and support capital were flat for the three months ended December 31, 2011, compared to the corresponding period of 2010.

MEDIA

Summarized Media Financial Results

     
  Three months ended December 31, Twelve months ended December 31,
(In millions of dollars, except margin) 2011 2010 % Chg 2011 2010 % Chg
             
Operating revenue $       428 $      416              3 $    1,611 $   1,461            10
             
Operating expenses before the undernoted          384          392            (2)       1,431       1,330              8
Adjusted operating profit            44            24            83          180          131            37
Stock-based compensation (expense) recovery            (4)              3 n/m            (9)          (10)          (10)
Settlement of pension obligations              -              - n/m            (3)              - n/m
Integration, restructuring and acquisition expenses            (3)          (11)          (73)          (14)          (12)            17
Other items, net              -              - n/m              -            (4) n/m
Operating profit $         37 $        16          131 $       154 $      105           47
             
Adjusted operating profit margin 10.3% 5.8%   11.2% 9.0%  
             
Additions to PP&E $         31 $        15          107 $         61 $        38            61
             

Media Revenue

The increase in Media's revenue for the three months ended December 31, 2011 compared to the corresponding period of 2010 was mainly the result of increased advertising sales and new subscriber fees generated from Sportsnet ONE. For the three months ended December 31, 2011, Radio, Sportsnet, and Television, all contributed to the growth in revenue which was partially offset by declines at Publishing and Sports Entertainment, and relatively flat year-over-year sales at The Shopping Channel. The sequential slowing in the rate of Media's revenue growth from 10% in the third quarter of 2011 to 3% in the current quarter primarily reflects the slow-down in advertising market activity stemming from uncertainty associated with negative global economic news and the partial disposition of the trade publication portfolio in the second quarter of 2011.

Media Operating Expenses

Media's operating expenses decreased for the three months ended December 31, 2011, compared to the corresponding period of 2010, primarily due to focused cost management and the partial disposition of the trade publication portfolio partially offset by an increase in planned programming spending.

Media Adjusted Operating Profit

The increase in Media's adjusted operating profit for the three months ended December 31, 2011, compared to the corresponding period of 2010, primarily reflects the revenue and expense changes discussed above.

Media Additions to PP&E

Media's PP&E additions during the three months ended December 31, 2011 increased from the corresponding period in 2010 primarily due to television broadcast infrastructure upgrades.

2012 FINANCIAL GUIDANCE

The following table outlines guidance ranges and assumptions for selected 2012 financial metrics. This information is forward-looking and should be read in conjunction with the section entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions" and the related disclosures, for the various economic, competitive, and regulatory assumptions and factors that could cause actual future financial and operating results to differ from those currently expected.

             
Full Year 2012 Guidance   2011     2012  
(In millions of dollars)   Actual     Guidance  
               
Consolidated Guidance            
   Adjusted operating profit(1)   $            4,716   $                4,730 to $             4,915
   Additions to PP&E(2)               2,127                    2,075 to             2,175
   Pre-tax free cash flow(3)               1,950                 1,950 to              2,050
   Cash income taxes                    99                    425 to              475
             
Supplemental Details(4)   2011     2012  
(In millions of dollars)   Actual     Guidance  
Wireless            
   Network revenue   $            6,601   $                6,650 to $                  6,820
   Adjusted operating profit(1)               3,036                    3,025  to                   3,175
             
Cable Operations            
   Revenue(5)   $            3,309   $                  3,385 to $                 3,460
   Adjusted operating profit(1)               1,549                   1,550 to              1,600
             
Media            
   Revenue   $            1,611   $                 1,690 to $                 1,750
   Adjusted operating profit(1)                  180                     190 to                   215

(1)     Excludes (i) stock-based compensation expense (recovery); (ii) integration, restructuring and acquisition expenses; (iii) settlement of pension obligations; and (iv) other items (net)
(2)     Includes additions to Wireless, Cable Operations, Media, RBS, Video and Corporate PP&E expenditures.
(3)     Pre-tax free cash flow is defined as adjusted operating profit less PP&E expenditures and  interest on long-term debt (net of capitalization), and is not a defined term under IFRS.
(4)     This supplemental detail does not represent part of our formal 2012 guidance and is provided for informative purposes only. Any update over the course of 2012 would only be made to the consolidated level guidance ranges provided above.
(5)     Includes cable television, residential high-speed Internet and residential telephony services; excludes Rogers Business Solutions and Video.

Rogers Communications Inc.
Unaudited Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts)

                 
        Three months ended       Twelve months ended
        December 31,       December 31,
        2011   2010       2011   2010
                           
Operating revenue $    3,177 $    3,138     $   12,428 $   12,142
                         
Operating expenses:                    
    Operating costs      2,117      2,043          7,787      7,571
    Integration, restructuring and                    
       acquisition costs           23           22               70           40
    Depreciation and amortization         454         429          1,743      1,639
    Impairment of assets             -           11                 -           11
                           
Operating income         583         633          2,828      2,881
                         
Finance costs       (158)       (178)           (738)       (768)
Other income (expense), net           (6)           (5)                1           (1)
Share of the income of associates                    
  and joint ventures accounted for                    
  using the equity method, net of tax            3           (5)                7            2
                         
Income before income taxes         422         445          2,098      2,114
                         
Income tax expense           95         143             535         612
Net income for the period $       327 $       302     $    1,563 $    1,502
                         
Earnings per share:                    
    Basic $      0.62 $      0.54     $      2.88 $      2.61
    Diluted        0.61        0.50            2.86        2.59


Rogers Communications Inc.
Unaudited Consolidated Statements of Financial Position
(In millions of Canadian dollars)

               
      December 31,   December 31,   January 1,
      2011   2010   2010
                 
Assets            
                 
Current assets:            
  Cash and cash equivalents   $                  -   $                 -   $             378
  Accounts receivable                 1,574                1,443                1,289
  Other current assets                   322                  315                  277
  Current portion of derivative instruments                     16                      1                      4
                     1,912                1,759                1,948
                 
Property, plant and equipment                9,114                8,437                8,136
Goodwill                 3,280                3,108                3,011
Intangible assets                  2,721                2,591                2,640
Investments                 1,107                  933                  715
Derivative instruments                     64                      6                    78
Other long-term assets                   134                  147                  113
Deferred tax assets                     30                    52                    84
      $         18,362   $        17,033   $        16,725
                 
Liabilities and Shareholders' Equity            
                 
Current liabilities:            
  Bank advances    $               57   $              45   $                 -
  Accounts payable and accrued liabilities                 2,085                2,133                2,066
  Income tax payable                        -                  238                  147
  Current portion of provisions                      35                    21                    14
  Current portion of long-term debt                        -                      -                      1
  Current portion of derivative instruments                     37                    67                    80
  Unearned revenue                    335                  329                  335
                      2,549                2,833                2,643
                 
Provisions                      38                    62                    58
Long-term debt                 10,034                8,654                8,396
Derivative instruments                    503                  840                1,004
Other long-term liabilities                    276                  229                  177
Deferred tax liabilities                  1,390                  655                  291
                  14,790              13,273              12,569
               
Shareholders' equity                  3,572                3,760                4,156
      $         18,362   $        17,033   $        16,725


 

Rogers Communications Inc.
Unaudited Consolidated Statements of Cash Flows
(In millions of Canadian dollars)

                                   
              Three months ended       Twelve months ended
          December 31,       December 31,
          2011       2010       2011       2010
                                   
Cash provided by (used in):                            
                                   
Operating activities:                            
  Net income for the period $         327     $         302     $      1,563     $      1,502
  Adjustments to reconcile                             
    net income to net cash flows                             
    from operating activities:                               
      Depreciation and amortization               454               429            1,743            1,639
      Impairment of assets                    -                 11                    -                 11
      Program rights amortization                 15                 17                 57                 74
      Video rental amortization                   8                 20                 26                 54
      Finance costs               158               178               738               768
      Income tax expense                 95               143               535               612
      Pension contributions,                                 
         net of expense                 (3)               (10)               (41)               (35)
      Settlement of pension obligations                    -                    -                 11                    -
      Stock-based compensation expense                                
         (recovery)                 34               (26)                 64                 50
      Amortization of fair value                                
         decrement (increment) on                                
         long-term debt                    -                    -                   1                 (2)
      Share of the income of associates                                
         and joint ventures accounted                                
         for using the equity                                
         method, net of tax                 (3)                   5                 (7)                 (2)
      Other                   9                 12                   8                 12
               1,094            1,081            4,698            4,683
  Change in non-cash operating                              
    working capital items                99               (57)             (169)             (386)
                  1,193            1,024            4,529            4,297
  Income taxes paid            (82)                 (1)               (99)             (152)
  Interest paid            (86)             (130)             (639)             (651)
               1,025               893            3,791            3,494
                                   
Investing activities:                            
  Additions to property, plant                              
    and equipment ("PP&E")          (653)             (591)          (2,127)          (1,834)
  Change in non-cash working                              
    capital items related to PP&E              32               138               (89)               126
  Investment in Cogeco Inc. and Cogeco Cable Inc.                -               (75)                    -               (75)
  Acquisitions, net of cash and                              
    cash equivalents acquired                 -               (24)             (532)             (201)
  Additions to program rights              (6)                 (6)               (56)               (51)
  Other                 1               (11)               (27)               (29)
                (626)             (569)          (2,831)          (2,064)
 Financing activities:                            
  Issuance of long-term debt            450               460            4,100            2,935
  Repayment of long-term debt          (320)             (635)          (2,802)          (2,387)
  Premium on repayment of                              
    long-term debt                 -                    -               (76)               (79)
  Payment on settlement                              
    of cross-currency interest rate                              
    exchange agreements                              
    and forward contracts                 -                    -          (1,208)             (816)
  Proceeds on settlement                             
    of cross-currency interest rate                              
    exchange agreements                              
    and forward contracts                 -                    -               878               547
  Transaction costs incurred                 -                 (2)               (10)               (10)
  Repurchase of Class B                              
    Non-Voting shares          (374)             (347)          (1,099)          (1,312)
  Proceeds received on exercise                              
    of stock options               2                    -                   3                   3
  Dividends paid           (190)             (184)             (758)             (734)
                (432)             (708)             (972)          (1,853)
                                   
Change in cash and                             
   cash equivalents (bank advances)           (33)             (384)               (12)             (423)
                                   
Cash and cash equivalents                            
   (bank advances), beginning of period           (24)               339               (45)               378
Cash and cash equivalents                            
   (bank advances), end of period $         (57)     $         (45)     $         (57)     $         (45)
                                   
The change in non-cash operating working                             
   capital items is as follows:                            
  (Increase)/decrease in accounts receivable $       (117)     $         (76)     $         (86)     $       (147)
  (Increase)/decrease in other assets              57                 41               (33)               (89)
  Increase/(decrease) in accounts payable                              
    and accrued liabilities            153               (30)               (51)             (140)
  Increase/(decrease) in income tax payable                 -                   3                   5                 (2)
  Increase/(decrease) in unearned revenue                6                   5                 (4)                 (8)
        $           99     $         (57)     $       (169)     $       (386)

Audited Full Year 2011 Financial Statements

In late February 2012, we intend to file with securities regulators in Canada and the U.S. our Audited Annual Consolidated Financial Statements and Notes thereto for the year ended December 31, 2011 and MD&A in respect of such annual financial statements. Notification of such filings will be made by a press release and such statements will be made available on the rogers.com/investors, sedar.com and sec.gov websites or upon request.

Caution Regarding Forward-Looking Statements, Risks and Assumptions

This summary of our 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. This forward-looking information also includes, but is not limited to, guidance and forecasts relating to 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 to which they subscribe, the cost of acquiring subscribers and the deployment of new services, and all other statements that are not historical facts. The words "could", "expect", "may", "anticipate", "assume", "believe", "intend", "estimate", "plan", "project", "guidance", and similar expressions are intended to identify statements containing forward-looking information, although not all forward-looking statements include such words. Conclusions, forecasts and projections set out in forward-looking information are based on our current objectives and strategies and on estimates and other factors and expectations and assumptions, most of which are confidential and proprietary, that we believe to be reasonable at the time applied, but may prove to be incorrect, including, but not limited to: general economic and industry growth rates, currency exchange rates, product pricing levels and competitive intensity, subscriber growth, usage and churn rates, changes in government regulation, technology deployment, device availability, the timing of new product launches, content and equipment costs, the integration of acquisitions, industry structure and stability.

Except as otherwise indicated, this summary of our 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.

We caution that all forward-looking information, including any statement regarding our current objectives strategies and intentions and any factor, assumptions, estimate or expectation underlying the forward-looking information, is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change, 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 and the emergence of new opportunities.

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 or assumptions, 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 making any investment decisions and for a detailed discussion of the risks, uncertainties and environment associated with our business, fully review the sections entitled "Risks and Uncertainties Affecting our Businesses" and "Government Regulation and Regulatory Developments" in our 2010 Annual MD&A. Our annual and quarterly reports can be found online at rogers.com/investors, sedar.com and sec.gov or are available directly from Rogers.

About Rogers Communications Inc.

Rogers Communications is a diversified Canadian communications and media company. We are Canada's largest provider of wireless voice and data communications services and one of Canada's leading providers of cable television, high-speed Internet and telephony services. 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.

Quarterly Investment Community Conference Call

As previously announced by press release, a live webcast of our quarterly results conference call with the investment community will be broadcast via the Internet at rogers.com/webcast beginning at 8:00 a.m. ET today, February 22, 2012. A rebroadcast of this teleconference will be available on the Events and Presentations page of Rogers' Investor Relations website rogers.com/investors for a period of at least two weeks following the conference call. 

 

 

 

 

 

 

SOURCE Rogers Communications Inc.

For further information:

Investment Community Contacts

Bruce M. Mann, 416.935.3532, bruce.mann@rci.rogers.com
Dan Coombes, 416.935.3550, dan.coombes@rci.rogers.com

Media Contact

Terrie Tweddle, 416.935.4727, terrie.tweddle@rci.rogers.com


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