BCE Reports 2011 1st Quarter Results

Wireless News
05-18-2011
BCE Reports 2011 1st Quarter Results
Type: News

BCE Inc., a Canadian communications company, reported BCE and Bell results for the first quarter of 2011 in accordance with International Financial Reporting Standards (IFRS) and announced both a 5 percent increase in its annual common share dividend and increased financial guidance for 2011.

In a release on May 12, the Company reported that it delivered strong financial performance with net earnings attributable to common shareholders of $503 million. Net earnings attributable to common shareholders in the first quarter of 2010 in the amount of $706 million included asset sales and other gains of $272 million. Bell had revenue growth of 1.0 percent on service revenue improvement of 1.8 percent, reflecting TV and wireless revenue growth of 7.5 percent and 9.2 percent, respectively; overall EBITDA growth of 6.4 percent and Wireless EBITDA growth of 12.2 percent; and wireless postpaid net additions of 80,648, the highest among Canada's incumbent carriers.
"Bell delivered market-leading performance in wireless, strong revenue growth in wireline Internet and TV services, and exceptional EBITDA growth - the highest in the industry and Bell's best EBITDA growth rate in more than 8 years." said George Cope, President and CEO of Bell Canada and BCE. "These results underscore the Bell team's continued strong execution of our 5 Strategic Imperatives, leveraging our broadband network investments with leading TV, Internet and mobile smartphone services while ensuring rigorous and ongoing cost management - including a $90 million reduction in wireline operating costs year over year."

"We also successfully closed our acquisition of CTV a full quarter ahead of schedule, supporting the increased 2011 financial guidance and the 5 percent dividend increase we're announcing today. The increase is well aligned to our dividend growth model and driven by strong expected earnings accretion from CTV. With the launch of the new Bell Media business unit, we've quickly leveraged these superior content assets with enhanced Bell Mobile TV and Bell TV Online programming and the launch of TSN Radio," said Cope.

The dividend announcement represents BCE's sixth increase to the annual common share dividend, representing a 42 percent increase, since the fourth quarter of 2008. This is the second such increase this year. The BCE annual common share dividend will increase by 5 percent to $2.07 per share, effective with BCE's Q2 2011 dividend payable on July 15, to shareholders of record at the close of business on June 15. The increase positions BCE's payout ratio below the mid-point of its policy range of 65 percent to 75 percent of Adjusted EPS.

More information:

www.bellmedia.ca

((Comments on this story may be sent to newsdesk@closeupmedia.com))

Copyright 2011 Close-Up Media, Inc. All Rights Reserved.
n/a