Cancom Announces Second Quarter Results.Business Editors MISSISSAUGA Mississauga (mĭsĭsaw`gə), city (1991 pop. 463,388), S Ont., Canada, 12 mi (20 km) W of Toronto on Lake Ontario. A residential suburb of Toronto and a growing transportation and industrial center, it is one of Canada's fastest-growing , Ontario--(BUSINESS WIRE)--March 29, 2001 Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. Satellite Communications Inc.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :SAT.)(Cancom) announces its consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial results for the second fiscal quarter ended February February: see month. 28, 2001. Overview of Consolidated Results Revenues for the six-month period ended February 28, 2001 increased to $223.6 million compared to $185.6 million last year, primarily due to contributions to revenue from the DTH (Direct-To-Home) Typically refers to satellite TV broadcasting directly to a dish antenna on the roof of a house. See DBS. segment. Cancom's consolidated revenue for the second quarter was $111.1 million compared to $112.5 million in the first quarter. Operating Income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the six-month period ended February 28, 2001 resulted in a loss of $6.8 million compared to a $19.0 million loss for the same period last year. Cancom's consolidated net loss for the second quarter was $25.1 million compared to a net loss of $31.7 million in the first quarter. Consolidated net loss for the six months ended February 28 increased from $32.9 million last year (which includes a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain on sale of shares in Regional Cablesystems Inc of $12.3 million) to a net loss of $56.8 million, reflecting the higher write off of deferred subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. acquisition costs. This is in line with Cancom's expectations. DTH The DTH segment (Star Choice), subscription revenue increased 18% to $62.3 million in the second quarter from $53.0 million in the first quarter of fiscal 2001. Revenue growth resulted from an increased subscriber base and improved penetration The successful unauthorized breach of a security perimeter. See penetration test. of premium programming packages. Average gross revenue per subscriber increased to $44.60 for the second quarter of fiscal 2001 from $44.28 in the first quarter and from $40 for the second quarter last year. Star Choice maintained strong subscriber acquisition levels in the quarter, which resulted in the continued subscription revenue growth and gains in revenue per subscriber. At the end of the quarter, Star Choice had 562,000 DTH subscribers as compared to 362,000 as of February 29, 2000 (an increase of 55% year over year). Gross customer activations remained strong at 67,000 for the quarter, compared to 73,500 in the first quarter. The 67,000 activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. accounts resulted in a net growth of 54,000 customers and exceeded the planned target In artillery and naval gunfire support, a target on which fire is prearranged. by 7%. Subscriber acquisition costs during the quarter were $685 and year to date were $670 as compared to $613 for the second quarter and $657 year to date last year. Churn churn: see butter. for the 6 months was 3.99% as compared to 4.87% last year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the six month period ending February 28, 2001 was a negative $34.1 million compared to a negative $42.0 million for the same period as last year. Star Choice expects to reach a key milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. of breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations on a pre-subscriber acquisition cost (SAC Sac: see Sac and Fox. SAC - 1. An early system on the Datatron 200 series. [Listed in CACM 2(5):16 (May 1959)]. ) by September September: see month. 2001 on a going forward run rate. Star Choice was successful in purchasing 28 KU transponders on the Anik F1 satellite ("F1") which went into service on February 19, 2001. F1 is a state of the art commercial satellite with national KU band transponders and a footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. covering all of North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. of F1 was seamless See seamless integration. to customers, whom experienced no disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of service during the switchover switch·o·ver n. A complete shift, as from one system to another. . With F1, Star Choice is able to offer more services to its customers than its competitor. The activation activation /ac·ti·va·tion/ (ak?ti-va´shun) 1. the act or process of rendering active. 2. the transformation of a proenzyme into an active enzyme by the action of a kinase or another enzyme. 3. of F1 at the 107.3 degree slot and the migration of Anik E2 to the 111.1 degree slot allowed Star Choice to implement its planned dual satellite strategy. Star Choice has also been authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by Industry Canada Industry Canada is the department of the Government of Canada with responsibility for regional economic development, investment, and innovation/research and development. The department employs 6104 FTEs across Canada. to build and launch a Ka-band See satellite bands. satellite at the 107.3 degree slot. It is anticipated that the new Ka-band satellite will be in service by April 2004 and it will enable Star Choice to deliver a two-way high speed internet service together with a variety of new interactive and multimedia services to its subscribers. Satellite Services The Satellite Services segment includes Cancom Broadcast, Truck Tracking and Business Television divisions. The decline in revenue of $2.8 million over the first quarter of this year is principally due the reduction in Broadcast Solutions revenue. Cancom's Broadcast Solutions' signal and service revenues for the second quarter were $13.1 million compared to $15.0 million in the first quarter. Year over year, signal and service revenue for the six-month period dropped by 19% to $28.1 million from $34.5 million. This decline reflects the introduction, on September 1, 2000, of a new rate structure for all of Cancom's Canadian SRDU SRDU Satellite Relay Distribution Undertaking SRDU Spring Revel Downunder (Sydney, Australia gaming event) SRDU Secondary Reports Distribution Unit customers and the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of agreements with Globalstar (Globalstar, Milpitas, CA, www.globalstar.com) A satellite-based communications company that offers voice and short messaging services throughout 80% of the world's surface. Globalstar is the second satellite system to use LEO satellites and handheld phones (Iridium was the first), but Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of effective January January: see month. 1, 2001. All of Cancom's major customers have signed long term contracts under the new competitive rate structure. EBITDA including signal and service as well as equipment sales for the 6 month period ending February 28, 2001 was $17 million compared to $15 million for the same period last year which reflects lower operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Cancom Truck, Tracking signal and service revenues for the second quarter were $7.1 million compared to $8.0 million in the first quarter consistent with historical sales cycles. Year over year, signal and service revenue for the six-month period increased from $15.0 million compared to $15.1 million. The Tracking division is able to hold its market share through the introduction of new products and services utilized by the trucking industry. EBITDA including signal and service as well as equipment sales for the 6 month period ending February 28, 2001 was $9.5 million vs. $7.6 million for the same period last year. Cancom's Business Television signal and service revenues for the second quarter were $2.5 million compared to $2.7 million in the first quarter. Year over year, revenue for the six-month period increased from $3.1 million to $5.2 million as a result of refocusing Noun 1. refocusing - focusing again focalisation, focalization, focusing - the act of bringing into focus this unit to business-based solutions. During the quarter, the division implemented a private satellite network at a major Canadian chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission . The division continues to focus its marketing efforts in the U.S. where the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. coverage of Anik F1 will provide expanded market opportunities. EBITDA including signal and service and equipment sales for the 6 month period ending February 28, 2001 was $0.8 million compared to $0.3 million for the same period last year. Other Canadian Satellite Communications Inc., is the Canadian satellite services subsidiary of Shaw Communications Shaw Communications Inc. (TSX: SJR.NV.B NYSE: SJR) is a Canadian telecomunications company headquartered in Calgary, Alberta. The company was founded by J.R. Shaw in 1966 as Capital Cable Television Co Ltd.. Inc. (TSE: SJR SJR Senate Joint Resolution SJR Superjoint Ritual (band) SJR St John Rigby (Catholic Sixth Form College) SJR Signal-To-Jammer Ratio SJR Saint Joseph Regional High School (USA) .B, NYSE NYSE See: New York Stock Exchange : SJR). It distributes direct-to-home See DTH. (DTH) digital video and audio programming through Star Choice Communications Inc., its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . Cancom's other satellite services include the redistribution re·dis·tri·bu·tion n. 1. The act or process of redistributing. 2. An economic theory or policy that advocates reducing inequalities in the distribution of wealth. of television and radio signals via satellite to cable operators and other distributors as well as the provision of uplink (1) Transmitting from an earth station to a satellite. Contrast with downlink. (2) A port on a network device that is used to connect to another network device rather than a client or server. See MDI port. and network management services for broadcasters. In addition, Cancom provides mobile tracking and messaging services to the Canadian trucking industry as well as satellite interactive distance learning networks for corporations and government. Cancom trades on The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. under the symbol SAT. Certain statements in this press release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such forward-looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward looking statements.
Canadian Satellite Communications Inc.
Consolidated Balance Sheets
As at February 28, 2001 and February 29, 2000
(in thousands of dollars)
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Feb 28, 2001 Feb 29, 2000
(unaudited) (unaudited)
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Assets
Current
Cash and cash equivalents $ - $ 47,791
Short-term investments held in
escrow - 28,438
Restricted cash - 10,000
Accounts receivable 49,559 56,416
Due from related parties 2,913 -
Income taxes receivable 10,639 820
Inventories 68,799 21,554
Deposits and prepaid expenses 5,619 3,872
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Total current assets 137,529 168,891
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Subscriber base and licenses 369,446 375,508
Property, plant and equipment 156,850 60,169
Long-term investments 2,360 9,044
Deferred charges 156,705 81,441
Future tax assets 10,497 -
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$ 833,387 $ 695,053
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Liabilities and Shareholders' Equity
Current
Bank indebtedness $ 1,942 $ -
Accounts payable and accrued
liabilities 137,049 109,774
Due to related parties 187 1,692
Unearned revenue 7,886 2,225
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Total current liabilities 147,064 113,691
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Long-term debt 470,972 230,910
Future tax liabilities - 54,135
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Total liabilities 618,036 398,736
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Shareholders' equity
Capital stock
Common shares 302,880 296,950
Warrants 10,246 11,829
Deficit (98,367) (12,769)
Cumulative translation adjustment 592 307
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215,351 296,317
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$ 833,387 $ 695,053
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See accompanying notes
Canadian Satellite Communications Inc.
Consolidated Statements of Loss
(in thousands of dollars, except per share amounts)
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Three months ended Six months ended
Feb 28 Feb 29 Feb 28 Feb 29
2001 2000 2001 2000
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Revenue
Signal and service $ 84,975 $ 57,879 $ 163,763 $ 110,043
Equipment and other 26,169 34,588 59,886 75,599
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111,144 92,467 223,649 185,642
Expenses
Signal and service 60,390 35,535 112,701 65,794
Equipment and other 24,274 31,665 55,991 69,946
Administrative and selling 26,891 32,234 61,746 68,914
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111,555 99,434 230,438 204,654
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Loss before the undernoted
items (411) (6,967) (6,789) (19,012)
Amortization 32,420 19,834 61,904 36,319
Interest on long-term debt 10,778 6,175 19,784 14,655
Gain on sale of Regional
Cablesystems Inc. - (12,330) - (12,330)
Writedown of investment in
TQS Inc. - 919 - 919
Restructuring charges - - 10,900 -
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43,198 14,598 92,588 39,563
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Loss before income taxes (43,609) (21,565) (99,377) (58,575)
Provision for (recovery of)
income taxes
Current 196 (992) (6,782) (942)
Future (18,685) (9,902) (35,807) (24,758)
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(18,489) (10,894) (42,589) (25,700)
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Net loss $(25,120) $(10,671)$ (56,788)$ (32,875)
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Net loss per common share
Basic $ (0.48) $ (0.22)$ (1.09)$ (0.78)
Fully diluted $ (0.48) $ (0.22)$ (1.09)$ (0.78)
Weighted average number
of common shares
outstanding 52,302,485 49,360,286 52,301,819 42,066,261
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See accompanying notes
Canadian Satellite Communications Inc.
Consolidated Statements of Deficit
Six months ended February 28, 2001 and February 29, 2000
(in thousands of dollars)
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Feb.28, 2001 Feb.29, 2000
(unaudited) (unaudited)
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Retained earnings (deficit),
beginning of year $ (41,579) $ 21,649
Net loss (56,788) (32,875)
Stock dividend on preferred shares - (1,543)
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Deficit, end of period $ (98,367) $ (12,769)
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See accompanying notes
Canadian Satellite Communications Inc.
Consolidated Statements of Cash Flows
Six months ended February 28, 2001 and February 29, 2000 (in
thousands of dollars, except per share amounts)
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Feb.28, 2001 Feb.29, 2000
(unaudited) (unaudited)
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Operating Activities
Net loss for the period $ (56,788) $ (32,875)
Add (deduct) items not involving
cash
Amortization 61,903 36,319
Future income tax recovery (35,807) (24,758)
Gain on sale of investment - (12,330)
Write-down of investment - 919
Restructuring charges 7,085 -
Other (2,121) (46)
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(25,728) (32,771)
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Changes in non-cash operating
working capital
Accounts receivable 4,468 (20,891)
Inventories (42,974) (12,536)
Deposits and prepaid expenses (2,638) 3,739
Accounts payable and accrued
liabilities 18,772 27,637
Due to/from related parties (1,825) (56)
Income taxes payable/recoverable (6,768) (1,821)
Unearned revenue 5,565 178
Other (9,485) -
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(34,885) (3,750)
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Cash provided used in operating
activities (60,613) (36,521)
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Financing activities
Bank financing costs 14 (1,917)
Borrowings of long-term debt 190,000 -
Repayments of long-term debt (10) (8,000)
Proceeds from the issuance of common
shares - 119,024
Repayment of advances from related
party - (26,950)
Short-term investments held in escrow - 14,917
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Cash provided by financing activities 190,004 97,074
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Investing activities
Release of short-term investments from
escrow and restrictions on cash 15,303 -
Business acquisition - MDU (5,175) -
Additions to equipment subsidies (61,580) (57,396)
Additions to property, plant and
equipment (79,977) (10,309)
Additions to transponder deposits (5,659) -
Proceeds on sale of property, plant and
equipment 61 145
Additions to long-term investments - (2,637)
Net proceeds on sale of long-term
investments - 40,807
Other - (756)
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Cash used in investing activities (137,027) (30,146)
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Effect of currency translation on cash
and cash equivalents 83 (120)
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Net increase (decrease) in cash and
cash equivalents during the period (7,553) 30,287
Cash and cash equivalents, beginning
of year 5,611 17,504
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Cash and cash equivalents (bank
indebtedness), end of period $ (1,942) $ 47,791
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Supplemental cash flow information
Income taxes paid $ 182 $ 109
Interest paid $ 21,276 $ 18,307
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See accompanying notes
Canadian Satellite Communications Inc. Segmented Information Canadian Satellite Communications Inc. is the Canadian satellite services subsidiary of Shaw Communications Inc. It distributes direct-to-home (DTH) digital video and audio programming through Star Choice Communications Inc., its wholly-owned subsidiary. Cancom's other satellite services include the redistribution of television and radio signals via satellite to cable operators and other distributors as well as the provision of uplink and network management services for broadcasters. In addition, Cancom provides mobile tracking and messaging services to the Canadian trucking industry as well as satellite interactive distance learning networks for corporations and government.
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Three months ended
February 28, 2001 Corporate
Satellite Items and
(unaudited) DTH Services eliminations Total
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Revenue
Signal and service $ 62,315 $ 22,660 $ - $ 84,975
Equipment and other 20,107 6,062 - 26,169
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$ 82,422 $ 28,722 $ - $ 111,144
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Operating margin
(loss) $ (12,800) $ 12,389 $ - $ (411)
Amortization 21,230 5,919 5,271 32,420
Interest expense, net - - 10,778 10,778
Restructuring charges - - - -
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21,230 5,919 16,049 43,198
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Loss before income
taxes (43,609)
Recovery of income
taxes (18,489)
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Net loss (25,120)
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Total assets $ 572,781 $ 70,947 $189,659 $833,387
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Three months ended
February 29, 2000 Corporate
Satellite Items and
(unaudited) DTH Services eliminations Total
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Revenue
Signal and service $ 31,788 $ 26,461 $ (370) $ 57,879
Equipment and other 27,621 6,967 - 34,588
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$ 59,409 $ 33,428 $ (370) $ 92,467
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Operating margin
(loss) $ (17,662) $ 10,695 $ - $ (6,967)
Amortization 12,694 4,269 2,871 19,834
Interest expense, net - - 6,175 6,175
Other income - - (11,411) (11,411)
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12,694 4,269 (2,365) 14,598
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Loss before income
taxes (21,565)
Recovery of income
taxes (10,894)
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Net loss (10,671)
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Total assets $ 487,769 $ 73,027 $ 134,257 $ 695,053
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See accompanying notes
Canadian Satellite Communications Inc. Segmented Information Canadian Satellite Communications Inc. is the Canadian satellite services subsidiary of Shaw Communications Inc. It distributes direct-to-home (DTH) digital video and audio programming through Star Choice Communications Inc., its wholly-owned subsidiary. Cancom's other satellite services include the redistribution of television and radio signals via satellite to cable operators and other distributors as well as the provision of uplink and network management services for broadcasters. In addition, Cancom provides mobile tracking and messaging services to the Canadian trucking industry as well as satellite interactive distance learning networks for corporations and government.
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Six months ended
February 28, 2001 Corporate
Satellite Items and
(unaudited) DTH Services eliminations Total
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Revenue
Signal and service $115,280 $48,483 $ - $163,763
Equipment and other 48,148 11,738 - 59,886
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$163,428 $60,221 $ - $223,649
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Operating margin (loss) $(34,117) $27,328 $ - $ (6,789)
Amortization 45,473 7,380 9,051 61,904
Interest expense, net - - 19,784 19,784
Restructuring charges - - 10,900 10,900
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45,473 7,380 39,735 92,588
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Loss before income taxes (99,377)
Recovery of income taxes (42,589)
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Net loss (56,788)
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Total assets $572,781 $70,947 $189,659 $833,387
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Six months ended
February 29, 2000 Corporate
Satellite Items and
(unaudited) DTH Services eliminations Total
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Revenue
Signal and service $ 58,068 $ 52,670 $ (695) $110,043
Equipment and other 61,641 13,958 - 75,599
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$119,709 $ 66,628 $ (695) $185,642
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Operating margin (loss)$(41,973) $ 22,961 $ - $(19,012)
Amortization 22,264 8,452 5,603 36,319
Interest expense, net - - 14,655 14,655
Other income - - (11,411) (11,411)
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22,264 8,452 8,847 39,563
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Loss before income taxes (58,575)
Recovery of income taxes (25,700)
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Net loss (32,875)
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Total assets $487,769 $73,027 $ 134,257 $695,053
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See accompanying notes
Canadian Satellite Communications Inc.
Selected Notes to the Consolidated Financial Statements
Six months ended February 28, 2001
(unaudited)
1. Comparative figures Certain of the comparative financial statements have been reclassed to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" the presentation adopted in the current year. |
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