TELUS CORP
			Symbol			TU

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TELUS Reports Third Quarter Results

2009-11-06 08:00 ET - News Release

Focus on operational efficiency and launch of next generation wireless network and devices

VANCOUVER, Nov. 6 /CNW/ - TELUS Corporation reported third quarter 2009 net income of $280 million and earnings per share (EPS) of $0.88, a decrease of two and one per cent, respectively. Net income and EPS this quarter included favourable income tax-related adjustments related to prior years' tax matters of approximately $14 million net of tax or four cents per share, respectively. Excluding income tax-related adjustments, net income and EPS were down seven and six per cent respectively, and when further excluding restructuring costs were down two per cent and flat, respectively.

Operating revenue was $2.4 billion, a decrease of $39 million from last year. Total customer connections of 11.9 million were 326,000 higher than a year ago due to wireless, TELUS TV and high speed Internet growth. The revenue decrease reflects continued declines in voice revenues. Data and wireless revenues grew modestly affected by a weak economic environment and intense competition. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by five per cent primarily due to lower revenues, higher defined benefit pension plan expenses and higher restructuring costs from ongoing operating efficiency initiatives. When excluding defined benefit pension plan expenses and restructuring costs, underlying EBITDA decreased by $1 million. The underlying EBITDA benefited from strong cost containment as operations expenses excluding defined pension expenses decreased by three per cent.

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