Shaw Communications Inc. saw revenue from continuing operations increase by seven per cent to $1.34 billion in its fourth quarter, which ended Aug. 31.
The Calgary-based company also reported on Thursday that revenue was also up by roughly the same amount to $5.24 billion for its full fiscal year of 2018.
Operating income before restructuring costs and amortization of $560 million for the quarter and $2.09 billion for the year increased 16.9 per cent and 4.6 per cent respectively, over the comparable periods in fiscal 2017. Net income in the fourth quarter fell from $481 million last year to $200 million this year.
“Fiscal 2018 was an exciting year for our wireless business. In a short amount of time, we have created a stronger, high quality network and are delivering an improved customer experience. Our impressive wireless results in the quarter and throughout 2018 reflect our ongoing wireless investments (including spectrum deployment), device parity, data-centric Big Gig plans, and a significantly expanded retail distribution network,” said Brad Shaw, the company’s chief executive officer, in a news release.
“In the fourth quarter, we added 85,000 postpaid wireless subscribers bringing our postpaid customer base to over one million and total customers of approximately 1.4 million, a 22.3 per cent improvement from the end of fiscal 2017.”
The company said it began distributing Freedom Mobile in the fourth quarter in about 100 locations with Loblaws ‘The Mobile Shop’ and has all of the approximate 140 Walmart locations throughout Ontario, Alberta and British Columbia in operation as of the end of September 2018.
“In addition, the company has introduced a new format to its corporate stores which it will continue to roll out and expand into new markets in fiscal 2019. Over recent months the company also launched Voice over LTE (“VoLTE”) across its network on a wide range of devices and expects that over 800,000 Freedom customers will be able to use VoLTE before the end of 2018,” it said.
Brad Shaw said wireless network investments remain the company’s top priority.
Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald, including 12 years as a senior business writer.