Cogeco Inc. reported unaudited consolidated earnings results for the first quarter ended November 30, 2012. For the quarter, the company reported revenue of CAD 366,608,000 against CAD 346,023,000 a year ago, increased primarily due to the Cable segment and the revenue generated by Métromédia CMR Plus Inc. (Métromédia), acquired during the second quarter of fiscal 2012. Operating income was CAD 83,277,000 against CAD 74,642,000 a year ago. Profit before income taxes was CAD 66,263,000 against CAD 56,864,000 a year ago. Profit for the period from continuing operations was CAD 47,095,000 or CAD 1.10 per diluted share against CAD 44,524,000 or CAD 1.05 per diluted share a year ago. This variation is mostly attributable to the Cable segment and due to an increase in income taxes, the acquisition costs related to the ABB acquisition and last year's profit from the Portuguese subsidiary, Cabovisão Televisão por Cabo, S.A. (Cabovisão), reported as discontinued operations and disposed of on February 29, 2012, partly offset by the improvement in operating income before depreciation and amortization. Profit for the period attributable to owners of the corporation was CAD 18,487,000 or CAD 1.10 per diluted share against CAD 18,770,000 or CAD 1.11 per diluted share a year ago. Cash flow used in operating activities was CAD 6,005,000 against cash flow from operating activities of CAD 9,570,000 a year ago. This decrease is primarily due to the increase in current income tax expense and by the acquisition costs related to ABB acquisition, partly offset by the improvement of operating income before depreciation and amortization. Acquisition of property, plant and equipment was CAD 78,514,000 against CAD 74,460,000 a year ago. Acquisition of intangible and other assets was CAD 4,641,000 against CAD 3,944,000 a year ago. Free cash flow reached CAD 18,635,000 compared to CAD 26,335,000 in the comparable quarter of the prior year. Free cash flow decreased in the first quarter over the prior year due to the increase in current income tax expense, the acquisition costs related to ABB acquisition, the defined benefit pension plans contributions as well as the increase in acquisition of property, plant and equipment, partly offset by the improvement of operating income before depreciation and amortization. Operating income before depreciation and amortization was CAD 156,580,000 against CAD 140,261,000 a year ago.

The Board of Directors of COGECO declared a quarterly eligible dividend of CAD 0.19 per share for multiple voting and subordinate voting shares, payable on February 11, 2013, to shareholders of record on January 28, 2013.

The company revised its consolidated projections for the 2013 fiscal year. For the year, the company expected revenue to reach CAD 1.730 billion, an increase of CAD 240 million when compared to the November 1, 2012 projections. Operating income before depreciation and amortization should increase from CAD 630 million to CAD 750 million and financial expense should increase from CAD 69 million to CAD 102 million. Acquisitions of property, plant and equipment, intangible and other assets should increase by approximately CAD 24 million and free cash flow should reach CAD 175 million, an increase of CAD 60 million from November 1, 2012 projections. Profit for the year attributable to the owners of the Corporation should reach CAD 75 million compared to CAD 65 million as previously expected. Income tax expects at CAD 94 million against CAD 96 million as previously expected. Acquisitions of property, plant and equipment, intangible and other assets expects at CAD 373 million against CAD 350 million as previously expected.