Cable, Internet and broadcasting firm Cogeco Inc. saw its profit rise to $15.7-million in the fourth quarter, mainly thanks to special items at its subsidiary Cogeco Cable Inc. , the companies announced Friday.
Including special items in the fiscal fourth quarter ended Aug. 31, Montreal-based Cogeco Inc. earned 91 cents per share, up from $9.7-million or 58 cents per share for the same period of fiscal 2008.
After adjusting for special items at Cogeco Cable, Cogeco Inc.'s net income would have been $8.2-million or 49 cents per share, down from $9.7-million or 58 cents in the fourth quarter of fiscal 2008.
Revenue increased to $316.3-million, up 8 per cent from $292.9-million.
Analysts estimates compiled by Thomson Reuters, which tend to exclude unusual items and the impact of currency fluctuation, had put Cogeco Inc.'s earnings per share at 63 cents and revenue at $317-million.
Most of the revenue increase came from Cogeco Cable, the company's main subsidiary, supplemented by a small increase from its radio operations.
Cogeco Cable reported separately that its net income including special items rose to $46.6-million in its fiscal fourth quarter, up from $31.9-million a year earlier.
Adjusted income was $28-million, down 12.1 per cent from $31.9-million in the fourth quarter of fiscal 2008.
Cogeco Cable's revenue increased to $307.8-million, up 8 per cent from $284.9-million for the 2009 and 2008 fourth quarters ended Aug. 31.
Besides the cable company, which operates in Ontario, Quebec and Portugal, Cogeco Inc. owns and operates the Rythme FM radio stations in Montreal, Quebec City, Trois-Rivieres and Sherbrooke, as well as FM 93 in Quebec City.