Rogers Communications Inc. (RCI, RCI_A.TO) reported fourth quarter net income of C$310 million or C$0.51 per share, compared to net loss of C$138 million or C$0.22 per share last year.
Adjusted net income was C$370 million or C$0.61 per share, up from C$164 million or C$0.26 per share in the prior year quarter.
Total revenues grew to C$3.06 billion from C$2.94 billion in the same quarter a year earlier.
Separately, Rogers Communications said its Board of Directors adopted a dividend policy which increases the annualized dividend rate by 10% from C$1.16 to C$1.28 per Class A Voting and Class B Non-Voting share effective immediately to be paid in quarterly amounts of C$0.32 per share.
Also today, the Rogers Board declared a quarterly dividend totalling C$0.32 per share on each of its outstanding Class B Non-Voting shares and Class A Voting shares.
The quarterly dividend declared today will be paid on April 1, 2010 to shareholders of record on March 5, 2010.
In another release, Rogers Communications announced that the Toronto Stock Exchange has accepted a notice filed by Rogers of its intention to renew its prior normal course issuer bid, or NCIB, for its Class B Non-Voting shares for a further one-year period.
The TSX notice provides that Rogers may, during the twelve month period commencing February 22, 2010 and ending February 21, 2011, purchase on the TSX the lesser of 43.6 million Class B shares, representing approximately 9.08% of the issued and outstanding Class B shares, and that number of Class B shares that can be purchased under the NCIB for an aggregate purchase price of C$1.5 billion. The actual number of Class B shares purchased, if any, and the timing of such purchases will be determined by Rogers considering market conditions, stock prices, its cash position, and other factors. As at February 11, 2010 there were approximately 479.948 million Class B shares issued and outstanding.
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