This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Telus earns $280-million in third quarter 2009-11-06 12:36 ET - News Release Mr. Shawn Hall reports
FOCUS ON OPERATIONAL EFFICIENCY AND LAUNCH OF NEXT GENERATION WIRELESS NETWORK AND DEVICES
Telus Corp. had third quarter 2009 net income of $280-million and earnings per share of 88 cents, a decrease of 2 per cent and 1 per cent, respectively. Net income and earnings per share this quarter included favourable income tax-related adjustments related to prior-year tax matters of approximately $14-million net of tax or four cents per share, respectively. Excluding income tax-related adjustments, net income and earnings per share were down 7 per cent and 6 per cent, respectively, and when further excluding restructuring costs were down 2 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 5 per cent primarily due to lower revenues, higher defined benefit pension plan expenses and higher restructuring costs from continuing 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 3 per cent.
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