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CCR Short Takes

News | 11/07/2006 5:00 am EST

CanWest, Rogers announce financials
It’s that time again: the last week has seen a slew of quarterly and year-end earnings announcements from some of Canada’s largest media companies. Winnipeg-based CanWest Global Communications Corp. announced that net earnings for the 2006 fiscal year weighed in at $179 million, a massive jump from last year’s $10 million. However, fully $164 million of that improvement was due to the sale of CanWest’s TV3 Ireland subsidiary, leaving a $15 million profit for 2006. In the final quarter of the year alone, the company posted net earnings of $155 million, a marked improvement on last year’s $106 million loss in the fourth quarter. It’s been a challenging year for the broadcaster and publisher: in an email communiqué the day after the earnings announcement, Desjardins Financial analyst Carl Bayard placed a hold recommendation on CanWest’s shares, saying that "FY07 cannot conceivably be any worse than this!"
Rogers Communications Inc., meanwhile, reported its third-quarter financials at the end of October. The Toronto communications conglomerate saw its operating revenue climb nearly 15% during the quarter, with the Rogers Wireless division leading the way with 18.4% growth, 12.2% at Rogers Media, and 10.2% at Rogers Cable and Telecom. Rogers also plans to effectively split both its Class A and Class B shares at a two-for-one ratio.

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