Rogers Communications Reports Second Quarter 2013 Results

Revenue Grows 3% to $3.2 Billion with Growth in Wireless, Cable and Media;

Wireless Adjusted Operating Profit Margin Grows to 49.2% and Customer Base Expands with 98,000 Wireless Postpaid Net Subscriber Additions;

Cable Adjusted Operating Profit Margin Expands to 49.5% Reflecting Continued Revenue Growth and Additions of Internet and Cable Phone Subscribers;

Strategic Acquisitions of Mountain Cable, theScore and Blackiron Data Centres all Completed During the Quarter;

Consolidated Adjusted Operating Profit Grows 2% and Adjusted Diluted Earnings Per Share Up 5% Reflecting Top Line Growth and Continued Efficiency Improvements

TORONTO, July 24, 2013 /PRNewswire/ - Rogers Communications Inc., a leading diversified Canadian communications and media company, today announced its unaudited consolidated financial and operating results for the second quarter ended June 30, 2013, in accordance with International Financial Reporting Standards ("IFRS").

Financial highlights from continuing operations are as follows:

               
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars, except per share amounts) 2013 2012 % Chg   2013 2012 % Chg
               
Operating revenue $     3,212 $     3,106                3   $     6,239 $     6,049                3
As adjusted(1):              
  Operating profit(1)         1,306         1,276                2         2,485         2,370                5
  Net income(1)            497            478                4            911            838                9
  Diluted earnings per share(1)           0.96           0.91                5           1.76           1.59              11
               
Pre-tax free cash flow(1)            602            656              (8)          1,145         1,144                -
                
Operating income            828            789                5          1,490         1,372                9
Net income            532            413              29             885            737              20
Diluted earnings per share           0.93           0.77              21            1.69           1.38              22
Cash provided by operating activities         1,061         1,079              (2)          1,866         1,607              16
   
(1) For details on the determination of the 'adjusted' amounts and pre-tax free cash flow, which are non-GAAP measures, see the section "Non-GAAP Measures". The items do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

"During the second quarter, we delivered both revenue and earnings growth while successfully leveraging our superior networks to deliver strong data growth across both our broadband cable and wireless platforms," said Nadir Mohamed, President and Chief Executive Officer of Rogers Communications Inc.  "At the same time, we also drove further margin expansion at our Wireless, Cable and Business Solutions divisions and continued to make significant investments in our networks and service infrastructure.  Despite a heightened level of regulatory activity in the Canadian wireless communications sector, we remain steadfastly focused on the execution of our strategy and the delivery of the most innovative products and reliable service to our customers."

Operating Highlights of the Second Quarter of 2013 include the following: 

Revenue Growth Continues 

  • Consolidated revenue growth of 3% reflects revenue growth of 3%, in each of Wireless and Cable, and 7% revenue growth in Media compared to the same quarter last year.

  • Wireless data revenue grew by 18% and now comprises 46% of Wireless network revenue. Wireless activated and upgraded 678,000 smartphones, of which approximately 37% were for subscribers new to Wireless. Customers with smartphones now represent 72% of Wireless overall postpaid subscribers.

Continued Cost Efficiency Gains Drive Strong Margins

  • Consolidated adjusted operating profit increased year-over-year by 2%. This increase was primarily driven by a 3% increase at Wireless, 7% increase at Cable, and 14% increase at RBS, offset by a 19% decrease at Media.

  • Consolidated adjusted operating profit margin of 40.7% was driven by strong adjusted operating profit margins of 49.2% at Wireless and 49.5% at Cable. Adjusted net income improved 4% from the same quarter last year and adjusted diluted earnings per share of $0.96 was up 5%.

  • Consolidated operating income increased year-over-year by 5% driven by an increase in adjusted operating profit and a decrease in integration, restructuring and acquisition expenses, offset by an increase in stock-based compensation expense. Net income from continuing operations grew 29% and diluted earnings per share was up 21%.

Continued to Enhance our Leading Networks to Monetize Rapid Data Growth

  • Closed on the acquisition of Mountain Cablevision Ltd. ("Mountain Cable"). Mountain Cable delivers cable television, Internet and telephony services in the Hamilton, Ontario area, which is contiguous to Cable's service area, and includes approximately 59,000 homes passed.

  • Acquired Blackiron Data ULC ("Blackiron"), which provides RBS the ability to enhance its suite of enterprise-level data centre and cloud computing services along with its current suite of fibre-based network connectivity services.

  • Announced network sharing agreements with Manitoba Telecom and Videotron, enabling Rogers to bring LTE to more customers and at faster speeds in the Provinces of Quebec and Manitoba and the Ottawa region.

Customer Experience Further Enriched

  • Introduced Rogers First Rewards, a new and innovative loyalty program, to reward customers for their business. Rogers First Rewards allows customers to get more of what they want by earning points on their eligible purchases that can be redeemed for a wide selection of Rogers' products and services.

  • Launched "Connected for Success", a new broadband Internet pilot project that will provide affordable broadband Internet, computers and software to residents of Toronto Community Housing social housing as part of the Rogers Youth Fund program. This will bring more lower-income youth online and give them the tools and resources needed to experience the benefits of connectivity.

  • SamKnows, an independent world leader in broadband performance testing, confirmed through in-home testing that Rogers delivers, on average, 100% or more of advertised download speeds on its most popular Internet packages, better than most providers that have been tested in the U.S and European countries.

  • Launched our "worry free" $7.99 per day U.S. wireless data roaming plan, with twice the data capacity (50 MB) typically used by consumers for wireless Internet per day.

Media Focus on Sports and Content

  • Launched Sportsnet 360, which is comprised of the acquired rebranded Score Media Inc. ("theScore") assets. The acquisition of theScore received final regulatory approval in the second quarter.

  • Completed the sale of Rogers' non-controlling one-third interest in TVtropolis to Shaw Communications Inc. ("Shaw").

Balance Sheet and Credit Rating Strength

  • In May 2013, each of Fitch Ratings and Standard and Poor's Rating Service upgraded each of their respective ratings for our senior unsecured debt to BBB+ from BBB with a stable outlook.

  • Rogers generated $602 million of consolidated pre-tax free cash flow in the quarter, reflecting increased adjusted operating profit, which was partially offset by an increase in capital expenditures. Cash provided by operating activities was $1,061 million for the quarter.

  • Repaid our outstanding U.S. $350 million aggregate principal amount of 6.25% Senior Notes due June 2013 and terminated the related Debt Derivatives, and reduced our overall average cost of debt capital to 5.64% at June 30, 2013 from 6.06% at June 30, 2012.

  • Returned $246 million of cash to shareholders by paying out a cash dividend on our common shares of $224 million, up 9% from the second quarter of last year, and repurchased 546,674 RCI Class B Non-Voting shares during the final days of the quarter for $22 million under our $500 million share buyback authorization.

This earnings release is a summary of our second quarter 2013 results, and should be read in conjunction with our second quarter 2013 MD&A, our second quarter 2013 Unaudited Interim Condensed Consolidated Financial Statements and Notes thereto, our 2012 Annual MD&A and our 2012 Audited Annual Consolidated Financial Statements and Notes thereto, and our other recent filings with securities regulatory authorities, which are available on SEDAR at sedar.com or EDGAR at sec.gov. This earnings release was reviewed by our Audit Committee of the Board of Directors.

The financial information presented herein has been prepared on the basis of IFRS for interim financial statements and is expressed in Canadian dollars unless otherwise stated.

This earnings release contains non-GAAP measures such as adjusted operating profit, adjusted net income, adjusted basic and diluted earnings per share, pre-tax free cash flow and after-tax free cash flow.  These non-GAAP measures should not be considered as a substitute or alternative for GAAP measures.  See the section "Non-GAAP Measures" for a reconciliation of these measures, which do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

As this earnings release includes forward-looking statements and assumptions, readers should carefully review the section of this earnings release entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions".

In this earnings release, the terms "we", "us", "our", "Rogers", "Rogers Communications" and "the Company" refer to Rogers Communications Inc. and our subsidiaries: Wireless, Cable, Business Solutions ("RBS") and Media.

CONSOLIDATED FINANCIAL RESULTS

               
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars, except per share amounts) 2013 2012 % Chg   2013 2012 % Chg
               
Operating revenue              
  Wireless $    1,813 $    1,765               3   $    3,573 $    3,471               3
  Cable           870           843               3         1,731        1,668               4
  RBS             90             90                -            183           177               3
  Media           470           440               7            811           794               2
  Corporate items and intercompany eliminations            (31)            (32)              (3)             (59)            (61)              (3)
Total operating revenue        3,212        3,106               3         6,239        6,049               3
               
Adjusted operating profit              
  Wireless           821           796               3         1,586        1,533               3
  Cable           431           403               7            860           781             10
  RBS             25             22             14              48             40             20
  Media             64             79            (19)              57             65            (12)
  Corporate items and intercompany eliminations            (35)            (24)             (46)             (66)            (49)             (35)
Adjusted operating profit(1)        1,306        1,276               2         2,485        2,370               5
               
Operating income           828           789               5         1,490        1,372               9
               
Net income from continuing operations           532           413             29            885           737             20
               
Diluted earnings per share - continuing operations          0.93          0.77             21           1.69          1.38             22
               
Adjusted net income(1) $       497 $       478               4   $       911 $       838               9
               
Adjusted diluted earnings per share(1)          0.96          0.91               5           1.76          1.59             11
               
               
Total additions to PP&E $       525 $       458             15   $       989 $       907               9
                 
Pre-tax free cash flow(1)           602           656              (8)         1,145        1,144                -
After-tax free cash flow(1)           505           633            (20)            933        1,049            (11)
Cash provided by operating activities        1,061        1,079              (2)         1,866        1,607             16

(1)      Adjusted operating profit, adjusted net income, adjusted diluted earnings per share, pre-tax free cash flow and after-tax free cash flow are non-GAAP measures and should not be considered as a substitute or alternative for GAAP measures, in each case determined in accordance with IFRS. See the section "Non-GAAP  Measures" for a reconciliation of these measures, which do not have any standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.
 

CONSOLIDATED REVIEW

Consolidated Revenue

For the three months ended June 30, 2013, total operating revenue increased by $106 million from the corresponding period of 2012 to $3,212 million. Of this $106 million increase, Wireless contributed $48 million mainly from Wireless subscriber and data usage revenue growth, Cable contributed $27 million mainly from Internet and phone revenue growth, Media contributed $30 million mainly from Sportsnet revenue growth. The acquisitions of Mountain Cable, theScore and Blackiron provided $26 million of revenue in the quarter: $11 million for Cable, $7 million for Media and $8 million for RBS.

For the six months ended June 30, 2013, total operating revenue increased by $190 million from the corresponding period of 2012 to $6,239 million. Of this $190 million increase, Wireless contributed $102 million, Cable contributed $63 million, RBS contributed $6 million and Media contributed $17 million. For discussions of the results of operations of each of these segments, refer to the respective segment discussions below.

Consolidated Adjusted Operating Profit

Consolidated adjusted operating profit increased $30 million, or 2%, for the three months ended June 30, 2013, compared to the corresponding period of 2012. Of this $30 million increase, Wireless contributed $25 million, Cable contributed $28 million and RBS contributed $3 million. This increase was offset by declines of $15 million in Media and $11 million from corporate items and intercompany eliminations. The acquisitions of Mountain Cable, theScore and Blackiron provided $12 million of adjusted operating profit in the quarter: $7 million for Cable, $3 million for Media and $2 million for RBS.

Consolidated adjusted operating profit increased $115 million, or 5%, for the six months ended June 30, 2013, compared to the corresponding period of 2012. Of this $115 million increase, Wireless contributed $53 million, Cable contributed $79 million and RBS contributed $8 million. This increase was offset by declines of $8 million in Media and $17 million from corporate items and intercompany eliminations. For discussions of the results of operations of each of these segments, refer to the respective segment discussions below. Adjusted operating profit is a non-GAAP measure. See the section "Non-GAAP Measures" for a reconciliation of this measure.

Consolidated Operating Income

For the three and six months ended June 30, 2013, consolidated operating income increased by $39 million and $118 million respectively, compared to the corresponding periods of 2012, mainly due to the revenue and adjusted operating profit changes described above and the changes in integration, restructuring and acquisition expenses and stock-based compensation expense.

Consolidated Net Income From Continuing Operations

For the three months ended June 30, 2013, net income from continuing operations increased by $119 million from the corresponding period of 2012 to $532 million, mainly the result of a $39 million increase in operating income, a gain of $47 million arising on the sale of our one-third interest in TVtropolis, and a decrease in income tax expense of $53 million, which is related to legislative tax changes recorded in the second quarter of 2012.

For the six months ended June 30, 2013, net income from continuing operations increased by $148 million from the corresponding period of 2012 to $885 million. The increase in net income is mainly the result of a $118 million increase in operating income and a gain of $47 million recorded on the sale of our one-third interest in TVtropolis.

SEGMENT REVIEW

WIRELESS

Summarized Wireless Financial Results

               
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars, except margin) 2013 2012 % Chg   2013 2012 % Chg
               
Operating revenue              
  Network revenue $    1,670 $    1,652              1   $    3,353 $    3,264              3
  Equipment sales          143          113            27           220          207              6
Total operating revenue       1,813       1,765              3        3,573       3,471              3
               
Operating expenses              
  Cost of equipment(1)         (378)         (324)            17          (727)         (648)            12
  Other operating expenses         (614)         (645)             (5)      (1,260)      (1,290)             (2)
          (992)         (969)              2       (1,987)      (1,938)              3
Adjusted operating profit $       821 $       796              3   $    1,586 $    1,533              3
               
Adjusted operating profit margin as              
  % of network revenue 49.2% 48.2%     47.3% 47.0%  
               
Additions to PP&E $       191 $       215           (11)   $       430 $       438             (2)
               
Data revenue included in network revenue $       764 $       649            18   $    1,526 $    1,276            20
               
Data revenue as a % of network revenue 46% 39%     46% 39%  

(1)      Cost of equipment includes the cost of equipment sales and direct channel subsidies.

Summarized Wireless Subscriber Results

               
               
(Subscriber statistics in thousands,   Three months ended June 30,   Six months ended June 30,
except ARPU and churn)  2013 2012 Chg   2013 2012 Chg
               
Postpaid              
  Gross additions          374          350            24           693          684              9
  Net additions            98            87            11            130          134             (4)
  Total postpaid subscribers       7,976       7,708          268         7,976       7,708          268
  Monthly churn 1.17% 1.15% 0.02 pts   1.19% 1.20% (0.01) pts
  Monthly average revenue per user ("ARPU")(1) $   67.36 $   68.46 $    (1.10)   $   67.94 $   67.92 $     0.02
               
Prepaid               
  Gross additions          126          156           (30)            244          310           (66)
  Net losses           (56)           (46)           (10)          (149)         (118)           (31)
  Total prepaid subscribers       1,442       1,643         (201)        1,442       1,643         (201)
  Monthly churn 4.13% 4.04% 0.09 pts   4.31% 4.18% 0.13 pts
  ARPU(1) $   15.79 $   15.91 $    (0.12)   $   15.18 $   15.43 $    (0.25)
               
Blended ARPU(1) $   59.30 $   59.10 $     0.20   $   59.48 $   58.36 $     1.12
  Data ARPU       27.13       23.20         3.93        27.07       22.80         4.27
  Voice ARPU       32.17       35.90        (3.73)        32.41       35.56        (3.15)

(1)   As defined. See the section "Key Performance Indicators".

Wireless Subscribers and Network Revenue

During the second quarter, gross postpaid subscriber additions increased by 7% to 374,000 and net postpaid subscriber additions increased by 13% to 98,000.

For the three months ended June 30, 2013, Wireless activated and upgraded approximately 678,000 smartphones, compared to approximately 629,000 in the second quarter of 2012. This addition of smartphones increased the percentage of subscribers with smartphones to 72% of Wireless' total postpaid subscriber base at June 30, 2013, compared to 63% at June 30, 2012. These subscribers generate significantly higher ARPU, are less likely to churn than non-smartphone subscribers and typically commit to multi-year term contracts.

The increase in Wireless network revenue for the three months ended June 30, 2013, compared to the corresponding period of 2012, reflects the net additions in Wireless' postpaid subscriber base and the increased adoption and usage of wireless data services.

For the three and six months ended June 30, 2013, wireless data revenue increased by approximately 18% and 20% from the corresponding periods of 2012 to $764 million and $1,526 million, respectively. This growth in wireless data revenue reflects the continued penetration and growing usage of smartphones, tablet devices and wireless laptops, which drive increased usage of e-mail, wireless Internet access, text messaging, data roaming, and other wireless data services. For the three months ended June 30, 2013, wireless data revenue represented approximately 46% of total network revenue, compared to approximately 39% in the corresponding period of 2012.

Blended ARPU for the quarter ended June 30, 2013 increased modestly, compared to the corresponding period of 2012, reflecting the aforementioned growth in wireless data revenue, offset by the continued decline of wireless voice ARPU. The wireless data component of blended ARPU increased by 16.9%, partially offset by a 10.4% decline in the wireless voice component.

The sequential deceleration in wireless data revenue and ARPU growth rates from the first quarter reflects, in part, a combination of the impact of new lower priced US and international data roaming plans that were introduced midway through the quarter, along with the impact of heightened in-quarter promotions that offer introductory months of free service.

Wireless Equipment Sales

The increase in revenue from equipment sales for the three and six months ended June 30, 2013, compared to the corresponding period of 2012, primarily reflects an increase in gross subscriber additions, smartphone activations and the mix of smartphones activated towards higher value devices.

Wireless Operating Expenses

The increase in cost of equipment for the three and six months ended June 30, 2013, compared to the corresponding periods of 2012, was primarily the result of the increased number and mix of higher cost smartphone sales to new customers and upgrades for existing customers. During the three and six months ended June 30, 2013, we activated 8% and 6%, respectively, more smartphones with a higher average cost per device than in the same periods last year.

Total retention spending, including subsidies on handset upgrades, was $208 million and $455 million respectively, in the three months and six months ended June 30, 2013, compared to $200 million and $408 million in the corresponding periods of 2012. The increase primarily reflects a higher number of hardware upgrades by existing subscribers than during the same periods last year and a shift in the mix of smartphones activated towards higher value devices.

Other operating expenses, decreased by $30 million for both the three and six months ended June 30, 2013, excluding retention spending discussed above, compared to the same periods of the prior year resulting from cost management and productivity initiatives across various functions. Wireless continues to implement cost reductions and efficiency improvement initiatives.

Wireless Adjusted Operating Profit

The 3% year-over-year increase in adjusted operating profit and the 49.2% adjusted operating profit margin on network revenue (which excludes equipment sales revenue) for the three months ended June 30, 2013 primarily reflect the growth of network revenue in the period, coupled with cost management and efficiency improvements as discussed above.

CABLE

Summarized Financial Results

               
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars, except margin) 2013(1) 2012 % Chg   2013(1) 2012 % Chg
               
Operating revenue              
     Television $      457 $      475             (4)   $       915 $      940             (3)
     Internet          287          245            17            564          486            16
     Phone          125          120              4           248          236              5
  Service revenue          869          840              3        1,727       1,662              4
  Equipment sales              1              3           (67)               4              6           (33)
Total Cable operating revenue          870          843              3         1,731       1,668              4
               
Operating expenses               
  Cost of equipment               -             (6) n/m              (2)             (9)           (78)
  Other operating expenses         (439)         (434)              1          (869)         (878)             (1)
          (439)         (440)               -          (871)         (887)             (2)
Adjusted operating profit $      431 $      403              7   $       860 $      781            10
               
Adjusted operating profit margin 49.5% 47.8%     49.7% 46.8%  
               
Additions to PP&E $      267 $      199            34   $       448 $      387            16

(1)
The operating results of Mountain Cable are included in the Cable results of operations from the date of acquisition on May 1, 2013.

n/m: not meaningful.

Summarized Subscriber Results

               
  Three months ended June 30,   Six months ended June 30,
(Subscriber statistics in thousands) 2013 2012 Chg   2013 2012 Chg
               
Cable homes passed       3,909       3,777          132        3,909       3,777          132
               
Television              
  Net losses           (35)           (21)           (14)            (60)           (42)           (18)
  Total television subscribers(1)       2,194       2,255           (61)        2,194       2,255           (61)
               
Internet              
  Net additions              6              9             (3)             32            22            10
  Total Internet subscribers(1)       1,930       1,815          115        1,930       1,815          115
               
Phone              
  Net additions            17              8              9             34              9            25
  Total phone subscribers(1)       1,145       1,061            84        1,145       1,061            84
               
Total service units(1)(2)              
   Net additions (losses)           (12)             (4)             (8)               6           (11)            17
  Total service units       5,269       5,131          138        5,269       5,131          138

(1) On May 1, 2013, we acquired 40,000 television subscribers, 38,000 digital cable households, 34,000 cable high-speed Internet subscribers and 37,000 cable telephony lines from our acquisition of Mountain Cable. These subscribers are not included in net additions, but are included in the ending total balance for June 30, 2013. In addition, the acquisition resulted in an increase in homes passed of 59,000.
(2) Total service units are comprised of television subscribers, Internet subscribers and phone subscribers.

Cable Acquisition

In January 2013, the Company announced a multi-part strategic transaction with Shaw to acquire Shaw's cable system in Hamilton, Ontario - Mountain Cable and to secure an option to purchase Shaw's Advanced Wireless Services spectrum holdings in 2014.  As part of the agreement, Shaw also acquired Rogers' one-third equity interest in specialty channel, TVtropolis.

On May 1, 2013, Cable closed on a portion of the multi-part agreement with Shaw to purchase 100% of Mountain Cable and in accordance with the terms of the multi-part agreement with Shaw, we advanced $398 million. Mountain Cable provides cable television, Internet and telephony services to an area covering approximately 59,000 homes in and around Hamilton, Ontario.

Television Subscribers and Revenue

The decrease in television revenue for the three and six months ended June 30, 2013, compared to the corresponding periods of 2012, was primarily driven by the year-over-year decline in television subscribers combined with the impact of promotional and retention pricing activity associated with heightened competition, partially offset by pricing changes made over the past year. Excluding the impact of the acquisition of Mountain Cable on May 1, 2013, television revenue for the three and six months ended June 30, 2013 would have declined by 5% and 3%, respectively, compared to the corresponding periods of 2012.

The sequential slowing from the first quarter of Cable's revenue growth was impacted by the timing of pricing changes made across Cable's products in January 2013 versus in March 2012, and had an impact of increasing the overall revenue growth rate in the first quarter of 2013 on a non-recurring basis by approximately $8 million or 1%.

Our digital cable subscriber base represents 82% of our total television subscriber base as at June 30, 2013, compared to 79% as at June 30, 2012. A larger selection of digital content, video on-demand, HDTV and PVR equipment continues to contribute to the increasing penetration of the digital subscriber base as a percentage of our total television subscriber base.

Internet Subscribers and Revenue

The year-over-year increase in Internet revenue for the three and six months ended June 30, 2013, compared to the corresponding periods in 2012, reflects the increase in our Internet subscriber base, combined with a general movement to higher end speed and usage tiers, combined with Internet service pricing changes made during the previous twelve months. Excluding the impact of the acquisition of Mountain Cable on May 1, 2013, Internet revenue growth for the three and six months ended June 30, 2013 would have been 15%, compared to each of the corresponding periods of 2012.

With our Internet customer base at 1.9 million subscribers, Internet penetration is approximately 49% of the homes passed by our cable network and 88% of our television subscriber base as at June 30, 2013, compared to 48% and 80% as at June 30, 2012, respectively.

Phone Subscribers and Revenue

The increase in Phone revenues for the three and six months ended June 30, 2013, compared to the corresponding periods of 2012, primarily reflects the increase in our Phone customer base, partially offset by promotional pricing activity. Excluding the impact of the acquisition of Mountain Cable on May 1, 2013, Phone revenue growth for the three and six months ended June 30, 2013 would have been 2% and 4%, respectively, compared to the corresponding periods of 2012.

Phone lines in service grew 8% from June 30, 2012 to June 30, 2013 and now represent 29% of the homes passed by our cable network and 52% of television subscribers, compared to 28% and 47% at June 30, 2012, respectively.

Cable Operating Expenses

Cable's operating expenses were relatively flat for the three months ended June 30, 2013 and decreased by 2% for the six months ended June 30, 2013, compared to the corresponding periods of 2012. The decrease was driven by continued efficiency initiatives and the shifting revenue mix across Cable's product set towards higher margin services. Cable continues to implement efficiency improvement initiatives. Excluding the impact of the acquisition of Mountain Cable on May 1, 2013, Cable operating expenses for the three and six months ended June 30, 2013 would have declined 1% and 2%, respectively, compared to each of the corresponding periods of 2012.

Cable Adjusted Operating Profit

The year-over-year increase in adjusted operating profit for the three and six months ended June 30, 2013 was driven principally by increased service revenue coupled with efficiency initiatives as discussed above, resulting in an expanded adjusted operating profit margin of 49.5% and 49.7% for the three and six months ended June 30, 2013, compared to 47.8% and 46.8%, respectively, in the corresponding periods of 2012. Excluding the impact of the acquisition of Mountain Cable on May 1, 2013, adjusted operating profit growth for the three and six months ended June 30, 2013 would have been 5% and 9%, respectively, compared to the corresponding periods of 2012.

RBS

Summarized Financial Results

               
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars, except margin) 2013(1) 2012 % Chg   2013(1) 2012 % Chg
               
Operating revenue              
     Next generation $         52 $        43            21   $         96 $        78            23
     Legacy            37            46           (20)             77            96           (20)
  Service revenue            89            89             -             173          174             (1)
  Equipment sales              1              1             -               10              3 n/m
Total RBS operating revenue            90            90             -            183          177              3
               
Operating expenses           (65)           (68)             (4)         (135)         (137)             (1)
Adjusted operating profit $         25 $        22            14   $         48 $        40            20
               
Adjusted operating profit margin 27.8% 24.4%     26.2% 22.6%  
               
Additions to PP&E $         31 $        15          107   $         46 $        30            53

(1)  The operating results of Blackiron are included in the RBS results of operations from the date of acquisition on April 17, 2013.

RBS Acquisition

On April 17, 2013, we announced the acquisition of Blackiron from Primus Telecommunications Canada Inc. for cash consideration of $198 million. Blackiron is a provider of data centre and cloud computing services in Canada. The purchase of Blackiron enables RBS to further enhance its suite of enterprise-level data centre and cloud computing services. Canadian businesses will benefit from a single provider able to ensure end-to-end security and reliability of mission-critical business applications.

RBS Revenue

RBS operating revenue was unchanged for the three months ended June 30, 2013 compared to the corresponding period of the prior year, and increased 3% for the six months ended June 30, 2013 due to increased revenue from the next generation services as well as a non-recurring low margin equipment sale during the first quarter. This growth was partially offset by the continued planned decrease in revenue from legacy services. RBS' focus is primarily on IP-based services and increasingly on leveraging higher margin on-net and near-net next generation service revenue opportunities, utilizing existing network facilities to expand offerings to the medium and large-sized enterprise, public sector and carrier markets. Revenue from the declining lower margin off-net legacy business generally includes local and long-distance voice services and legacy data services. During the second quarter, higher margin next generation on-net revenues increased by 21% and by 23% on a year-to-date basis and now represents 58% of total RBS service revenue. Excluding the acquisition of Blackiron on April 17, 2013, RBS revenue for the three and six months ended June 30, 2013 would have declined by 8% and 1%, respectively, compared to the corresponding periods of 2012.

RBS Operating Expenses

Operating expenses decreased by 4% and 1%, respectively for the three and six months ended June 30, 2013, compared to the corresponding periods in 2012. This decline was driven by a decrease in the legacy service-related costs due to lower volumes, as well as ongoing initiatives to improve costs and productivity. RBS has continued to focus on implementing a program of cost reduction and efficiency improvement initiatives to control the overall growth in operating expenses and to increase adjusted operating profit margin. Excluding the acquisition of Blackiron on April 17, 2013, RBS operating expenses for the three and six months ended June 30, 2013 would have declined by 12% and 6%, respectively, compared to the corresponding periods of 2012.

RBS Adjusted Operating Profit

The year-over-year increase in adjusted operating profit for the three and six months ended June 30, 2013 was 14% and 20%, respectively, compared to the corresponding periods of 2012. This increase reflects growth in the higher margin next generation business, coupled with cost efficiencies. As a result, RBS' adjusted operating profit margins grew to 27.8% and 26.2% for the three and six months ended June 30, 2013, respectively, from 24.4% and 22.6% in the corresponding periods in 2012. Excluding the acquisition of Blackiron on April 17, 2013, adjusted operating profit growth for the three and six months ended June 30, 2013 would have been 5% and 15%, respectively, compared to the corresponding periods of 2012.

MEDIA

Summarized Media Financial Results

               
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars, except margin) 2013(1) 2012 % Chg   2013(1) 2012 % Chg
               
Operating revenue $      470 $      440              7   $       811 $      794              2
               
Operating expenses         (406)         (361)            12          (754)         (729)              3
Adjusted operating profit $        64 $        79           (19)   $         57 $        65           (12)
               
Adjusted operating profit margin 13.6% 18.0%     7.0% 8.2%  
               
Additions to PP&E $        16 $        11            45   $         27 $        21          29 

(1) 
The operating results of theScore are included in the Media results of operations from the date of acquisition on April 30, 2013.

Media Acquisition

On April 30, 2013, we finalized the purchase of Score Media Inc. ("theScore") for $167 million after final regulatory approval was received from the Canadian Radio-television and Telecommunications Commission. theScore was Canada's third largest specialty sports channel with 6.6 million television subscribers. theScore was subsequently rebranded to Sportsnet 360.

Media Revenue

The increase in Media's revenue reflects increases in distribution revenue generated by the Sportsnet properties and other specialty channels, as well as higher sales at The Shopping Channel and higher attendance at Blue Jays games. Excluding the impact of revenue generated by the acquisition of theScore on April 30, 2013, revenue growth would have been 5% and 1%, respectively, compared to the corresponding three and six month periods of 2012.

Media Operating Expenses

The increase in Media's operating expenses reflects higher player salaries at the Toronto Blue Jays, and increased programming spending at Sportsnet due to the increased NHL games aired on Sportsnet as a result of the NHL lockout earlier in the season, which together approximated $35 million of additional expenses versus the prior year, partially offset by cost management initiatives. Excluding the impact of the acquisition of theScore and the residual impacts from the NHL lockout, Media operating expenses would have increased 7% and 2%, respectively, compared to the corresponding three and six month periods of 2012.

Media Adjusted Operating Profit

The decline in Media's adjusted operating profit for the three and six months ended June 30, 2013, compared to the corresponding periods of 2012, primarily reflects the revenue and expense changes discussed above. Excluding the impacts of the acquisition of theScore and the residual impacts from the NHL lockout, the change in adjusted operating profit for the three and six months ended June 30, 2013, compared to the corresponding periods of 2012, would have been a decrease of 8% and 0%, respectively.

ADDITIONS TO PP&E

               
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars)  2013 2012 % Chg   2013 2012 % Chg
               
Additions to PP&E              
   Wireless $      191 $      215           (11)   $      430 $      438             (2)
   Cable          267          199            34           448          387            16
   RBS            31            15          107             46            30            53
   Media            16            11            45             27            21            29
   Corporate            20            18            11             38            31            23
Total additions to PP&E $      525 $      458            15   $      989 $      907              9

Wireless Additions to PP&E

Wireless additions to PP&E decreased for the three and six months ended June 30, 2013, compared to the corresponding periods in 2012, due to timing of the continued deployment of our LTE network as well as ongoing upgrades to the network to improve the LTE and HSPA+ user experience and improve network quality and reliability.

Cable Additions to PP&E

The increase in Cable additions to PP&E for the three and six months ended June 30, 2013, compared to the corresponding periods in 2012, reflects the timing of certain initiatives related to service enhancements on our video and data platforms, as well as higher investments in customer premise equipment related to the rollout of Nextbox 2.0 digital set-top boxes and analog to digital subscriber migration activities.

The analog to digital strategic migration will continue to further strengthen the customer experience and, once complete, will enable the reclamation of significant amounts of network capacity, as well as reduce network operating and maintenance costs. The analog to digital migration, expected to be completed in 2015, entails incremental PP&E as each of the remaining analog homes are fitted with digital converters and various analog filtering equipment is removed.

RBS Additions to PP&E

RBS' PP&E additions for the three and six months ended June 30, 2013 increased compared to the corresponding periods in 2012, due to increased expenditures on customer specific network expansions.

Media Additions to PP&E

Media's PP&E additions during the three and six months ended June 30, 2013 reflect expenditures on digital and broadcast systems, as well as upgrades for Sports Entertainment facilities.

2013 FINANCIAL AND OPERATING GUIDANCE

We have no specific revisions at this time to the 2013 annual consolidated guidance ranges that we provided as at February 14, 2013. See the section entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions" below and in our 2012 Annual MD&A.

NON-GAAP MEASURES

Adjusted operating profit, free cash flow and the 'adjusted' amounts presented below are reviewed regularly by management and our Board of Directors in assessing our performance and in making decisions regarding the ongoing operations of the business and the ability to generate cash flows. These measures do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. These measures are also used by investors and lending institutions as an indicator of our operating performance, our ability to incur and service debt, and as measurement to value companies in the telecommunications industry. We have reconciled these non-GAAP measures to their most directly comparable measure calculated in accordance with IFRS in the tables below.

  • Adjusted operating profit or loss and related margin;
  • Adjusted net income;
  • Adjusted basic and diluted earnings per share;
  • Pre-tax and after-tax free cash flow; and
  • Adjusted net debt.

Reconciliation of Non-GAAP Measures

Adjusted operating profit:

The term adjusted operating profit does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other companies. We define adjusted operating profit as operating income before stock-based compensation expense, integration, restructuring and acquisition expenses, impairment of assets and depreciation and amortization. We use adjusted operating profit to evaluate the performance of our businesses and in making decisions regarding the ongoing operations of the business and the ability to generate cash flows. We believe that certain investors and analysts use adjusted operating profit to measure our ability to service debt and to meet other payment obligations. Adjusted operating profit also is one component in the determination of short-term incentive compensation for all management employees. The most comparable IFRS financial measure is operating income. The following table provides a reconciliation of operating income to adjusted operating profit.

           
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars) 2013 2012   2013 2012
           
Operating income $               828 $               789   $             1,490 $             1,372
Add (deduct):          
  Depreciation and amortization                    463                    466                      913                    929
  Stock-based compensation expense (recovery)                          1                      (12)                        59                       (6)
  Integration, restructuring and acquisition expenses                        14                       33                        23                       75
Adjusted operating profit $            1,306 $            1,276   $            2,485 $            2,370

Adjusted net income and adjusted basic and diluted earnings per share:

The terms adjusted net income and adjusted basic and diluted earnings per share do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other companies. We define adjusted net income as net income before stock-based compensation expense, integration, restructuring and acquisition expenses, losses on redemption of long-term debt, impairment of assets, gain on spectrum distribution, gain on sale of investments, and the related income tax impacts of the preceding items and the legislative tax rate changes. We use adjusted net income and adjusted earnings per share, among other measures, to assess the performance of our businesses without the effects of the preceding items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. The most comparable IFRS financial measures are net income and earnings per share. The following table is a reconciliation of net income to adjusted net income on a consolidated basis.

           
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars) 2013 2012   2013 2012
           
Net income from continuing operations $               532 $                413   $               885 $               737
Add (deduct):          
  Stock-based compensation expense                           1                      (12)                         59                       (6)
  Integration, restructuring and acquisition expenses                        14                       33   23                       75
  Gain on sale of investment                     (47)                          -   (47)                          -
Income tax impact of above items                       (11)                      (10)                        (17)                     (22)
Income tax adjustment, legislative tax change                         8                       54                          8                       54
Adjusted net income $              497 $               478   $               911 $              838

Free cash flow:

The terms pre-tax and after-tax free cash flow do not have any standardized meanings under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other companies. We define pre-tax free cash flow as adjusted operating profit less property, plant and equipment expenditures and interest expense on long-term debt (net of capitalization).  After-tax free cash flow is pre-tax free cash flow less cash income taxes paid. We consider free cash flow to be an important indicator of the financial strength and performance of our business because it shows the amount of cash that is available to repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets. The most comparable IFRS financial measure is cash flows from operating activities. The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.

           
  Three months ended June 30,   Six months ended June 30,
(In millions of dollars) 2013 2012   2013 2012
           
Cash provided by operating activities $              1,061 $             1,079   $             1,866 $             1,607
Add (deduct):          
  PP&E expenditures                  (525)                  (458)                   (989)                  (907)
  Interest on long-term debt expense, net of capitalization                   (179)                   (162)                    (351)                   (319)
  Integration, restructuring and acquisition expenses                        14                       33                        23                       75
  Cash income taxes                       97                       23                      212                       95
  Interest paid                     125                       87                     347                    332
  Other adjustments                         9                       54                        37                     261
Pre-tax free cash flow            602            656            1,145          1,144
  Cash income taxes                     (97)                     (23)                    (212)                     (95)
After-tax free cash flow $                505 $                633   $               933 $           1,049

Adjusted net debt:

The term adjusted net debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other companies. We define adjusted net debt as long-term debt before deferred transactions costs, plus Debt Derivatives, short-term borrowings less cash and cash equivalents. We use adjusted net debt to conduct valuation-related analysis and make capital structure related decisions. We believe this is useful to investors and analysts in enabling them to analyze our enterprise and equity value and to assess various leverage ratios as performance measures. The most comparable IFRS financial measure is long-term debt. The following table provides a reconciliation of long-term debt to adjusted net debt.

     
(In millions of dollars) June 30, 2013 December 31, 2012
     
Long-term debt $                         10,547 $                         10,441
Current portion of long-term debt                               1,157                                  348
                               11,704                             10,789
Add  (deduct):    
  Net derivative liabilities for Debt Derivatives                                  211                                  524
  Deferred transaction costs                                    79                                    69
  Short-term borrowings                                  650                                      -
  Cash and cash equivalents                                (875)                                (213)
Adjusted net debt $                         11,769 $                         11,169




Rogers Communications Inc.
Unaudited Interim Condensed Consolidated Statements of Income
(In millions of Canadian dollars, except per share amounts)
 
    Three months ended      Six months ended
    June 30,      June 30,
    2013    2012     2013    2012
Operating revenue  $  3,212 $  3,106   $  6,239 $  6,049
Operating expenses:                  
  Operating costs     1,907   1,818     3,813   3,673
  Integration, restructuring and
acquisition costs  
  14   33     23    75
  Depreciation and amortization     463   466     913   929
Operating income     828   789     1,490   1,372
Finance costs     (185)   (159)     (366)    (319)
Other income, net     60   7     70    15
Income before income taxes     703   637     1,194   1,068
Income tax expense     171   224     309   331
Net income for the period from                  
  continuing operations      532    413     885   737
Loss from discontinued operations,                  
  net of tax      -    (13)     -    (32)
Net income for the period   $  532 $  400   $  885 $  705
Earnings per share - basic:                   
  Earnings per share from                  
    continuing operations   $  1.03  $  0.79   $  1.72 $  1.41
  Loss per share from                  
    discontinued operations     -   (0.02)      -   (0.06)
Earnings per share - basic   $  1.03 $  0.77   $  1.72  $  1.35
Earnings per share - diluted:                   
  Earnings per share from                  
    continuing operations   $  0.93 $  0.77   $   1.69 1.38
  Loss per share from                  
    discontinued operations     -   (0.02)      -   (0.06)
Earnings per share - diluted   $  0.93  $  0.75   $  1.69  $  1.32




Rogers Communications Inc.
Unaudited Interim Condensed Consolidated Statements of Financial Position
(In millions of Canadian dollars)
 
    June 30,      December 31, 
    2013     2012
Assets          
Current assets:          
  Cash and cash equivalents   $  875   $  213
  Accounts receivable     1,416     1,536
  Other current assets     567     464
  Current portion of derivative instruments     43     8
    2,901     2,221
Property, plant and equipment     9,848     9,576
Goodwill     3,648     3,215
Intangible assets     3,219     2,951
Investments     1,408     1,484
Derivative instruments     127     42
Other long-term assets     324     98
Deferred tax assets     26     31
  $  21,501   $  19,618
Liabilities and Shareholders' Equity          
Current liabilities:          
  Short-term borrowings   $  650   $  -
  Accounts payable and accrued liabilities    1,986     2,135
  Income tax payable    78     24
  Current portion of provisions    6     7
  Current portion of long-term debt     1,157     348
  Current portion of derivative instruments     269     144
  Unearned revenue     344     344
    4,490      3,002
Provisions     34     31
Long-term debt     10,547     10,441
Derivative instruments     135     417
Other long-term liabilities     438     458
Deferred tax liabilities     1,603     1,501
    17,247     15,850
Shareholders' equity     4,254     3,768
  $  21,501   $  19,618





Rogers Communications Inc.
Unaudited Interim Condensed Consolidated Statements of Cash Flows
(In millions of Canadian dollars)
 
    Three months ended      Six months ended
    June 30,      June 30,
    2013    2012     2013   2012
Cash provided by (used in):                  
Operating activities:                  
  Net income for the period  $  532 $  400   $  885 $  705
  Adjustments to reconcile net                  
    income to net cash flows                  
    provided by operating activities:                  
      Depreciation and amortization    463   466     913   929
      Gain on sale of investment                   (47)    -     (47)   -
      Program rights amortization    11   27     24   49
      Finance costs                                       185   159     366   319
      Income tax expense    171   220     309   321
      Pension contributions, net of expense    (14)   (14)     (17)   (18)
      Stock-based compensation expense (recovery)                          1    (12)      59    (6)
      Other    (9)    (4)     (10)   (12)
    1,293   1,242      2,482   2,287
  Change in non-cash operating working capital items    (10)   (53)      (57)   (253)
    1,283   1,189     2,425   2,034
  Interest paid    (125)    (87)     (347)   (332)
  Income taxes paid    (97)   (23)     (212)   (95)
Cash provided by operating activities    1,061   1,079     1,866   1,607
Investing activities:                  
  Additions to property, plant and equipment ("PP&E")    (525)   (458)      (989)    (907)
  Change in non-cash working capital items related to PP&E    (83)    (7)     (135)   (102)
  Acquisitions, net of cash and                  
      cash equivalents acquired                   (341)   -     (591)   -
  Spectrum license option deposit                  (200)   -     (250)   -
  Proceeds on sale of investment                  -    -      59    -
  Additions to program rights    (12)   (3)      (26)   (21)
  Other    (1)    (8)      (25)    (14)
Cash used in investing activities    (1,162)   (476)     (1,957)   (1,044)
Financing activities:                  
  Issuance of long-term debt                       -   1,500     1,030   2,090
  Repayment of long-term debt    (356)   (890)      (356)   (1,240)
  Payment on settlement of                  
      cross-currency interest rate exchange                  
      agreement and forward contracts    (766)    -      (766)    -
  Proceeds on settlement of                  
      cross-currency interest rate exchange                  
      agreement and forward contracts    662    -     662   -
  Transaction costs incurred     (2)   (9)     (17)   (9)
  Repurchase of Class B Non-Voting shares     (22)   (350)     (22)   (350)
  Proceeds on short-term borrowings     250   -     650   -
  Dividends paid    (224)   (207)     (428)   (394)
Cash provided (used) by financing activities    (458)   44     753   97
Change in cash and cash equivalents    (559)   647     662   660
Cash and cash equivalents, beginning of period    1,434   (44)     213   (57)
Cash and cash equivalents, end of period  $  875 $  603   $  875 $  603
The change in non-cash operating working capital items is as follows:                  
  Accounts receivable  $  (23) $  (50)   $  150 $  200
  Other current assets    (73)   (59)     (118)   (211)
  Accounts payable and accrued liabilities    98    61     (85)   (249)
  Unearned revenue   (12)   (5)     (4)   7
  $  (10) $  (53)   (57) $  (253)

Caution Regarding Forward-Looking Statements, Risks and Assumptions

This earnings release includes "forward-looking information" within the meaning of applicable securities laws and assumptions concerning, among other things our business, its operations and its financial performance and condition approved by management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. This forward-looking information also includes, but is not limited to, guidance and forecasts relating to revenue, adjusted operating profit, property plant and equipment expenditures, cash income tax payments, free cash flow, dividend payments, expected growth in subscribers and the services to which they subscribe, the cost of acquiring subscribers and the deployment of new services continued cost reductions and efficiency improvements, and all other statements that are not historical facts. The words "could", "expect", "may", "anticipate", "assume", "believe", "intend", "estimate", "plan", "project", "guidance", and similar expressions are intended to identify statements containing forward-looking information, although not all forward-looking statements include such words. Conclusions, forecasts and projections set out in forward-looking information are based on our current objectives and strategies and on estimates and other factors and expectations and assumptions, most of which are confidential and proprietary, that we believe to be reasonable at the time applied, but may prove to be incorrect, including, but not limited to: general economic and industry growth rates, currency exchange rates, product pricing levels and competitive intensity, subscriber growth, usage and churn rates, changes in government regulation, technology deployment, device availability, the timing of new product launches, content and equipment costs, the integration of acquisitions, industry structure and stability.

Except as otherwise indicated, this earnings release and our forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be considered or announced or may occur after the date the statement containing the forward-looking information is made.

We caution that all forward-looking information, including any statement regarding our current objectives, strategies and intentions and any factor, assumptions, estimate or expectation underlying the forward-looking information, is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change, including but not limited to: new interpretations and new accounting standards from accounting standards bodies, economic conditions, technological change, the integration of acquisitions, unanticipated changes in content or equipment costs, changing conditions in the entertainment, information and communications industries, regulatory changes, litigation and tax matters, the level of competitive intensity and the emergence of new opportunities.

Many of these factors are beyond our control and current expectation or knowledge. Should one or more of these risks, uncertainties or other factors materialize, our objectives, strategies or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.

Before making any investment decisions and for a detailed discussion of the risks, uncertainties and environment associated with our business, fully review the sections of our second quarter MD&A entitled "Update to Risks and Uncertainties" and "Government Regulation and Regulatory Developments" and also fully review the "Operating Environment" sections entitled "Risks and Uncertainties Affecting our Businesses" and "Government Regulation and Regulatory Developments" in our 2012 Annual MD&A. Our annual and quarterly reports can be found online at rogers.com/investors, sedar.com and sec.gov or are available directly from Rogers.

About Rogers Communications Inc.

Rogers Communications is a diversified public Canadian communications and media company. We are Canada's largest provider of wireless communications services and one of Canada's leading providers of cable television, high-speed Internet and telephony services. Through Rogers Media, we are engaged in radio and television broadcasting, televised shopping, magazines and trade publications, sports entertainment, and digital media. We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). For further information about the Rogers group of companies, please visit rogers.com. Information contained in or connected to our website is not part of and not incorporated into this earnings release.

Quarterly Investment Community Conference Call

As previously announced by press release, a live webcast of our quarterly results teleconference with the investment community will be broadcast via the Internet at rogers.com/webcast beginning at 8:30 a.m. ET today, July 24, 2013. A rebroadcast of this teleconference will be available on the Events and Presentations page of Rogers' Investor Relations website, rogers.com/investors, for a period of at least two weeks following the teleconference.

 

SOURCE Rogers Communications Inc.




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