Cogeco Releases Results for the Second Quarter of Fiscal 2017

Cogeco (TSX:CGO) has announced its financial results for the second quarter ended February 28, 2017.
As quoted in the press release:

For the second quarter of fiscal 2017:

• Revenue increased by $8.0 million, or 1.4%, to reach $586.4 million driven by growth in the Communications segment, partly offset by lower revenue in the media activities attributable to the sale of Métromédia CMR Plus Inc. (“Métromédia”) on January 5, 2016;
• Adjusted EBITDA increased by $5.9 million, or 2.3%, to reach $258.0 million compared to the same period of fiscal 2016 as a result of the improvement in the Communications segment and the media activities despite the prior year’s sale of Métromédia;
• Profit for the period amounted to $78.2 million of which $25.9 million, or $1.55 per share, was attributable to owners of the Corporation compared to $75.7 million for the second quarter of fiscal 2016 of which $33.3 million, or $1.99 per share, was attributable to the owners of the Corporation. The increase is mainly due to a decrease in depreciation and amortization combined with the improvement of adjusted EBITDA, partly offset by last year’s gain on disposal of Métromédia and an increase in income taxes;
• Free cash flow reached $119.5 million, an increase of $42.3 million, or 54.8%, compared to the same quarter of the prior year mainly due to lower acquisitions of property, plant and equipment, intangible and other assets in the Communication segment as a result of the timing of certain initiatives combined with a greater focus on capital expenditure optimization. The improvement of adjusted EBITDA also contributed to the increase in free cash flow

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