MONTREAL, QUEBEC — (Marketwired) — 07/06/16 — Today, Cogeco Inc. (TSX: CGO) (“Cogeco” or the “Corporation”) announced its financial results for the third quarter ended May 31, 2016, in accordance with International Financial Reporting Standards (“IFRS”).
For the third quarter of fiscal 2016:
“Except for our Business ICT segment of Cogeco Communications, our results for the third quarter of fiscal 2016 have been satisfactory,” declared Louis Audet, President and Chief Executive Officer of Cogeco Inc. “Cogeco Connexion, Cogeco Communications– Canadian broadband services subsidiary, has reported relatively satisfactory results, leveraging its superior internet speeds and video solutions in a competitive environment.”
“Meanwhile, Atlantic Broadband, Cogeco Communications– American broadband services subsidiary, continues to report strong results and new growth, particularly in Miami with the recent announcement of a contract to be the exclusive communications services provider for the new 83-story Panorama Tower,” added M. Audet. “We are also maintaining solid organic growth, including in our newly acquired Connecticut system.”
“We are seeing increased competition in the Business ICT sector from large cloud-based offerings competing with traditional managed hosting providers,” stated Mr. Audet. “Cogeco Communications remains committed to investing in and growing the Business ICT sector with its subsidiary, Cogeco Peer 1, at the forefront of this strategy, positioned as a trusted partner to its customers. Our integration is now complete and we are confident that with a solid, seasoned management team in place and a competitive product portfolio, our subsidiary can serve the market, continuing to adapt to the significant capacity and price pressure originating from cloud providers.”
“Finally, in our radio business, I–m very pleased to report that Cogeco Media results remain on their trajectory of solid financial performance and growth, and our stations continue to shine in the rankings in all our markets,” continued M. Audet.
“In all our businesses, we move forward and act with our customers in mind, and we feel this strategy continues to be the key to our success,” concluded M. Audet.
ABOUT COGECO
Cogeco Inc. (corpo.cogeco.com) is a diversified holding corporation which operates in the communications and media sectors. Through its Cogeco Communications Inc. subsidiary, Cogeco provides its residential and business customers with video, Internet and telephony services through its two-way broadband fibre networks. Cogeco Communications Inc. operates in Canada under the Cogeco Connexion name in Quebec and Ontario, and in the United States under the Atlantic Broadband name in western Pennsylvania, south Florida, Maryland/Delaware, South Carolina and eastern Connecticut. Through Cogeco Peer 1, Cogeco Communications Inc. provides its business customers with a suite of information and communications technology services (colocation, network connectivity, managed hosting, cloud services and managed IT services), through its 17 data centres, an extensive FastFiber NetworkTM and more than 50 points-of-presence in North America and Europe. Through its subsidiary Cogeco Media, Cogeco owns and operates 13 radio stations across most of Quebec with complementary radio formats serving a wide range of audiences as well as Cogeco News, its news agency. Cogeco–s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CGO). The subordinate voting shares of Cogeco Communications Inc. are also listed on the Toronto Stock Exchange (TSX: CCA).
FINANCIAL HIGHLIGHTS
Contacts:
Source:
Cogeco Inc.
Patrice Ouimet
Senior Vice President and Chief Financial Officer
514-764-4700
Information:
Media
Rene Guimond
Senior Vice-President, Public Affairs and Communications
514-764-4700
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