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Rogers Communications Reports Second Quarter 2014 Results – Yahoo Finance
MEDIA 59 1 The operating results of Sportsnet 360 (formerly theScore) are included in the Media results of operations from the date of acquisition on April 30, 2013. Higher operating revenue Operating revenue was 1% higher this quarter and 4% higher year to date compared to the same periods last year, the net result of: higher subscription revenue generated by our Sportsnet properties higher revenue associated with the Toronto Blue Jays higher sales at Radio, The Shopping Channel and Next Issue Canada partially offset by lower advertising revenue in television and the impact of 25 fewer NHL games in 2014 resulting from the compressed season in the prior year. Higher operating expenses Operating expenses were 4% higher this quarter and 8% higher year to date compared to the same periods last year, the net result of investments made for: higher player salaries at the Toronto Blue Jays higher programming costs due to contractual rate increases and our investments to secure premium and exclusive content partially offset by savings from fewer NHL games aired in 2014 higher merchandise costs at The Shopping Channel driven by the increased sales costs associated with the growth of Next Issue Canada which launched in late 2013 the ramp-up associated with the NHL licensing agreement which became effective July 1, 2014 . Lower adjusted operating profit Adjusted operating profit was lower this quarter and year to date compared to the same periods last year, reflecting the revenue and expense changes described above. ADDITIONS TO PROPERTY, PLANT AND EQUIPMENT 1 Capital intensity is a key performance indicator. See “Key Performance Indicators”. Total capital spending this quarter and year to date was higher than in the same periods of 2013, as we expected, reflecting a heightened focus on deploying our capital in a way that better spreads the work more manageably throughout the year. Wireless Wireless capital additions in 2014 reflect LTE capacity investments, site build activity to further enhance network coverage and quality, and our continued deployment of the LTE network, which reached approximately 77% of Canada’s population at June 30, 2014 . Cable Cable capital additions were 10% lower this quarter and 9% higher year to date compared to the same period last year, mainly due to timing of initiatives. Investments this year were made to improve the capacity and speed of our Internet platforms as well as for various network components to enhance the overall reliability and quality of the network and development costs related to next generation IP based video services. We also invested in customer premise equipment related to the continued roll out of our next generation NextBox digital set-top boxes and for the analog to digital subscriber migration. Business Solutions Business Solutions capital additions were higher this quarter and year to date compared to the same periods last year because we spent more on expanding customer specific networks and because of capital investments made by Blackiron and Pivot Data Centres, which we acquired last year. Media Media capital additions were higher this quarter and year to date compared to the same period last year due to investments made to our IT infrastructure and broadcast facilities, a portion of which was associated with a ramp up in facilities and capabilities associated with the NHL licencing agreement. Financial Guidance We have no changes to the 2014 annual consolidated guidance ranges for adjusted operating profit, additions to property, plant and equipment, and free cash flow that we provided on February 12, 2014 . See the sections entitled “About Forward-Looking Information” in this earnings release and in our 2013 Annual MD&A. Non-GAAP Measures We use the following Non-GAAP measures. These are reviewed regularly by management and our Board in assessing our performance and making decisions regarding the ongoing operations of our business and its ability to generate cash flows. These measures are also used by investors, lending institutions and credit rating agencies as an indicator of our operating performance and our ability to incur and service debt, and as a measurement to value companies in the telecommunications sector. These are not recognized measures under GAAP and do not have a standardized meaning under IFRS, so they may not be a reliable way to compare us to other companies. Non-GAAP measure (57) About Forward-Looking Information This earnings release includes “forward-looking information” within the meaning of applicable securities laws, and assumptions about, among other things, our business, operations and financial performance and condition approved by management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates or intentions. Forward-looking information and statements typically include words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook and similar expressions, although not all forward-looking information and statements include them include conclusions, forecasts and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions and other factors, most of which are confidential and proprietary and that we believe to be reasonable at the time they were applied but may prove to be incorrect were approved by our management on the date of this earnings release. Our forward-looking information and statements include forecasts and projections related to the following items, among others: revenue the integration of acquisitions industry structure and stability. Except as otherwise indicated, this earnings release and our forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be considered or announced or may occur after the date the statement containing the forward-looking information is made. Risks and uncertainties Actual events and results can be substantially different from what is expressed or implied by forward-looking information because of risks, uncertainties and other factors, many of which are beyond our control, including but not limited to: new interpretations and new accounting standards from accounting standards bodies economic conditions the level of competitive intensity the emergence of new opportunities. These factors can also affect our objectives, strategies and intentions. Many of these factors are beyond our control or our current expectations. Should one or more of these risks, uncertainties or other factors materialize, our objectives, strategies or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.
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