MONTREAL, QUEBEC — (Marketwired) — 01/11/17 — Today, Cogeco Inc. (TSX: CGO) (“Cogeco” or the “Corporation”) announced its financial results for the first quarter ended November 30, 2016, in accordance with International Financial Reporting Standards (“IFRS”).
For the first quarter of fiscal 2017:
“We are quite satisfied with the overall results for Cogeco Inc. in this first quarter of our fiscal year 2017,” declared Louis Audet, President and Chief Executive Officer of Cogeco Inc. “In our communications subsidiary, Cogeco Communications Inc., we are very pleased with the results of Cogeco Connexion, given the high level of competition in the Canadian broadband market and the maturity of this industry. The business continues to maintain tight control on costs and has once again reported results that are in line with expectations.”
“Our American broadband services business, Atlantic Broadband, continues to show a solid performance with strong organic growth,” added M. Audet. “We are very satisfied with results so far in fiscal 2017 and see potential for further growth, particularly in the Connecticut and Florida markets.”
“At Cogeco Peer 1, our Business ICT services business, we have a solid senior leadership management team and a new go-to- market strategy in place,” stated Mr. Audet. “While market conditions are changing faster than ever before, we continue to focus on bringing more relevant solutions to market and cross-selling our services, positioning ourselves as a trusted advisor offering the whole breadth of relevant enterprise services. In addition, we have generated meaningful free cash flow reflecting our focus on optimizing our asset base.”
“As for our radio subsidiary, Cogeco Media, we continue to maintain our leadership position in the Quebec radio market, thanks to strong audience ratings and a solid financial performance,” concluded Louis Audet. “We are performing according to plan and I am very proud of the team–s excellent work in this sector.”
ABOUT COGECO
Cogeco Inc. is a diversified holding corporation which operates in the communications and media sectors. Through its Cogeco Communications Inc. subsidiary, Cogeco provides its residential and business customers with 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 technology services (colocation, network connectivity, hosting, cloud and managed services), through its 16 data centres, extensive FastFiber Network® and more than 50 points of presence in North America and Europe. Through its subsidiary Cogeco Media, Cogeco owns and operates 13 radio stations across most of Quebec with complementary radio formats serving a wide range of audiences as well as Cogeco News, its radio news agency. Cogeco Inc.–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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