Total
0
Shares
Shaw Communications Inc. - Executive Chair & CEO, Brad Shaw
Executive Chair & CEO, Brad Shaw
Source: CTV News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Shaw Communications (SJR.A, SJR.B) has released its fourth quarter and full year financial results and declared monthly dividends
  • Consolidated revenue for the fourth quarter increased 2.1 per cent year-over-year to $1.38 billion
  • Full-year consolidated revenue increased 1.9 per cent year-over-year to $5.51 billion
  • The company continues to work with Rogers, who announced in March that it would acquire the company for $26 billion
  • Shaw’s board of directors has declared monthly dividends of $0.09875 per Class B Non-Voting Participating Share and $0.098542 per Class A Participating Share
  • Shares in Shaw Communications (SJR.A) are up 3.23 per cent, trading at $37.99 per share

Shaw Communications (SJR.A, SJR.B) has released its fourth-quarter and full-year financial results and declared monthly dividends.

Fiscal results included adjusted EBITDA growth of 4.6 per cent and free cash flow of $961 million.

Consolidated revenue for the fourth quarter increased 2.1 per cent year-over-year to $1.38 billion, while full-year consolidated revenue increased 1.9 per cent year-over-year to $5.51 billion.

Following Rogers’ announcement in March that it would acquire Shaw Communications, Shaw’s share price saw a significant increase and resulted in higher equity-based compensation costs of approximately $24 million.

In addition, COVID-19 did not have a significant impact on Shaw customers’ ability to pay bills as expected. The 2021 financial results included a reduction in bad debt expenses compared to the previous year, coming in at approximately $28 million.

The severity and duration of impacts from the COVID-19 pandemic remain uncertain and management continues to focus on the safety of its people.

“We recognize that we can do so much more by coming together,” said Shaw CEO Brad Shaw. “Throughout the extraordinary change we have faced, the entire team at Shaw executed on our fiscal 2021 plan, ensuring that we continue to meet the needs of our customers.”

“In the months ahead,” added Mr. Shaw, “we remain committed to delivering exceptional customer experiences, investing in the strength of our networks and continued focus on execution of our strategic business priorities.”

Shaw also announced today that its board of directors has declared monthly dividends of $0.09875 per Class B Non-Voting Participating Share and $0.098542 per Class A Participating Share.

These dividends are payable on December 30, 2021, January 28, 2022, and February 25, 2022, to holders of record at the close of business on December 15, 2021, January 14, 2022, and February 15, 2022, respectively.

Shaw Communications Inc. is a leading Canadian connectivity company. It is one of the largest providers of Internet, television, and landline telephone services in British Columbia, Alberta, Saskatchewan, Manitoba, and northern Ontario.

Shares in Shaw Communications (SJR.A) are up 3.23 per cent, trading at $37.99 per share as of 10:51 am ET.

More From The Market Herald

" Yooma’s (CSE:YOOM) MYO Plant Nutrition lands large-scale U.K. placement

Yooma Wellness’ (YOOM) MYO Plant Nutrition will be carried in up to 838 Boots stores across the U.K.

" Cruz Battery Metals (CSE:CRUZ) drills significant lithium discovery

Cruz (CRUZ) has drilled up to 1,300 ppm/Li at its Solar Lithium Project in Nevada.

" Sprout AI (CSE:BYFM) commences trading on the OTCQB

Common shares of Sprout AI (BYFM) have commenced trading on the OTCQB Market under the symbol BYFMF.

" ScreenPro (CSE:SCRN) expands mobile COVID-19 testing division

ScreenPro Security (SCRN) is expanding its fleet of mobile testing units in Greater Vancouver and the GTA.