Shaw Communications, Inc. reported unaudited consolidated earnings results for the first quarter ended November 30, 2012. For the period, the company reported revenue of CAD 1,319 million compared to CAD 1,279 million a year ago. Operating income before amortization was CAD 601 million compared to CAD 566 million a year ago. Operating income was CAD 393 million compared to CAD 372 million a year ago. Income before income taxes was CAD 303 million compared to CAD 279 million a year ago. Net income attributable to equity shareholders was CAD 224 million or CAD 0.49 per diluted share compared to CAD 192 million or CAD 0.43 per diluted share a year ago. Net cash from operating activities was CAD 29 million compared to CAD 309 million a year ago. Additions to property, plant and equipment were CAD 151 million compared to CAD 213 million a year ago. Additions to other intangibles were CAD 21 million compared to CAD 19 million a year ago. Free cash flow was CAD 244 million compared to CAD 119 million for the same period last year. Increased operating income before amortization and reduced capital investment were the main drivers of the quarterly improvement. Funds flow from operations was CAD 127 million compared to CAD 356 million a year ago.

For the year 2013, the company anticipates modest growth in consolidated revenue and operating income before amortization. During fiscal 2013 the company plans to continue to enhance its network, provide innovative product offerings, and launch the Anik G1 satellite and expects consolidated capital investment to decline marginally from 2012 levels. Combined with increased cash tax amounts, the company expects to deliver consolidated free cash flow comparable to 2012.