Calgary-based Shaw Communications reported on Wednesday it had net income of $163 million for its first quarter of fiscal 2021, representing the three months ended November 30, 2020.
That compared to net income of $162 million for the same quarter the previous year.
In releasing its quarterly financial results, the company said its revenue of $1.37 billion in the quarter was down slightly from $1.38 billion the previous year and its adjusted EDITDA rose to $607 million from $588 million the year before.
“Since our entry into the wireless business almost five years ago, our strategy has been focused on scaling our Wireless subscriber base and improving the overall customer experience. Throughout this period, we have made significant investments that have enabled us to be innovative and disruptive, while providing tremendous value for Canadians, particularly as we continue to face uncertainties from the ongoing COVID-19 pandemic,” said Brad Shaw, Executive Chair & Chief Executive Officer, in a news release.
“In this environment, we have demonstrated our flexible and nimble approach with our go-to-market strategies and strong execution. Connectivity matters more than ever, and our Shaw Mobile bundling strategy is a powerful combination of high quality, affordable wireless services with our robust Fibre+ Internet offering which is clearly resonating with our Internet customers. Our bundling initiatives, combined with a sharp focus on effective cost management across our entire organization, delivered record Wireless customers and a Wireline adjusted EBITDA margin that exceeded 50 per cent in the quarter.”
The company said it achieved record Wireless subscriber growth in the first quarter with approximately 101,000 new Wireless customers, including 87,300 postpaid net additions and 13,700 prepaid net additions, and continued growth in Wireless service revenue of approximately 10 per cent year-over-year.
During the first quarter, it also opened five additional Shaw-branded retail locations in new communities throughout British Columbia and Alberta, bringing the total number of wireless retail locations offering Shaw Mobile to approximately 150 stores.