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70 ROGERS COMMUNICATIONS INC. 2007 ANNUAL REPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
QUARTERLY CONSOLIDATED FINANCIAL SUMMARY (1)
(In millions of dollars, 2007 2006
except per share amounts) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Income Statement
Operating revenue
Wireless $ 1,231 $ 1,364 $ 1,442 $ 1,466 $ 1,005 $ 1,094 $ 1,224 $ 1,257
Cable and Telecom 855 881 899 923 772 787 800 842
Media 266 348 339 364 240 334 319 317
Corporate and eliminations (54) (66) (69) (66) (33) (36) (38) (46)
2,298 2,527 2,611 2,687 1,984 2,179 2,305 2,370
Operating profit before the undernoted
Wireless 581 664 686 658 412 490 564 521
Cable and Telecom 228 243 265 265 222 237 219 238
Media 19 45 46 63 14 53 41 48
Corporate and eliminations (14) (22) (13) (29) (30) (24) (24) (39)
814 930 984 957 618 756 800 768
Stock option plan amendment (2) – (452) – – – – – –
Stock-based compensation expense (2) (15) (32) (11) (4) (13) (10) (14) (12)
Integration and restructuring
expenses (3) (1) (15) (5) (17) (11) (2) (1) (4)
Adjustment for CRTC Part II
fees decision (4) – – 18 – – – – –
Contract renegotiation fee (5) – – – (52) – – – –
Operating profit (6) 798 431 986 884 594 744 785 752
Depreciation and amortization 400 398 397 408 386 395 408 395
Operating income 398 33 589 476 208 349 377 357
Interest on long-term debt (149) (152) (140) (138) (161) (155) (153) (151)
Other income (expense) 7 (24) (14) – 1 17 6 (17)
Income tax reduction (expense) (86) 87 (166) (84) (35) 68 (76) (13)
Net income (loss) for the period $ 170 $ (56) $ 269 $ 254 $ 13 $ 279 $ 154 $ 176
Net income (loss) per share: (7)
Basic $ 0.27 $ (0.09) $ 0.42 $ 0.40 $ 0.02 $ 0.44 $ 0.25 $ 0.28
Diluted $ 0.26 $ (0.09) $ 0.42 $ 0.40 $ 0.02 $ 0.44 $ 0.24 $ 0.27
Additions to property, plant
and equipment (6) $ 394 $ 381 $ 397 $ 624 $ 340 $ 403 $ 415 $ 554
(1) Certain prior year numbers have been reclassified to conform to the current year presentation.
(2) See section entitled “Stock-based Compensation Expense”.
(3) Costs incurred related to the integration of Fido, Call-Net, the restructuring of RBS, and the closure of 21 retail stores in the first quarter of 2006.
(4) Related to an adjustment of CRTC Part II fees related to prior periods as a result of a notice from the CRTC that Part II fees would no longer be collected. See the section entitled “Government Regulation
and Regulatory Developments”. This adjustment is applicable to the third quarter of 2007 and does not impact the full year 2007.
(5) One-time charge resulting from the renegotiation of an Internet-related services agreement. See the section entitled “Cable Operations Operating Expenses”.
(6) As defined. See the “Key Performance Indicators and Non-GAAP Measures” section.
(7) Prior period per share amounts have been retroactively adjusted to reflect a two-for-one split of the Company’s Class A Voting and Class B Non-Voting shares on December 29, 2006.