Rogers Communications Reports Third Quarter 2014 Results

Continued to Deliver Healthy Margins and Operating Cash Flow 

Completed Company-Wide Reorganization Announced Under the Rogers 3.0 Plan to Enhance Customer Experience and Re-Accelerate Growth

Launched Ground-Breaking NHL Video Experience to Rogers Customers and Announced Exciting New shomi Subscription Video On-Demand Service

TORONTO, Oct. 23, 2014 /CNW/ - Rogers Communications Inc., a leading diversified Canadian communications and media company, today announced its unaudited consolidated financial and operating results for the third quarter ended September 30, 2014.

Financial Highlights

"During the third quarter, we completed the customer-centric structural reorganization we announced in May under Rogers 3.0 and are now up and running. The business is gaining momentum with the recent unveiling of our awesome new NHL experiences and with the launch in the coming days of our shomi subscription video on-demand service," said Guy Laurence, President and Chief Executive Officer of Rogers Communications Inc. "While it will take time to fully execute on our multi-year plan, Q3 results are where we expected them to be. Wireless revenue and postpaid ARPU profiles improved again this quarter and we continue to generate strong margins and operating cash flow."

Financial Highlights

Operating revenue

• Consolidated revenue increased 1% this quarter, reflecting revenue growth of 2% year over year in Wireless and 3% in Business Solutions, while revenue in Media was steady, and was partially offset by a decline of 1% in Cable. Wireless revenue increased from higher equipment sales and moderate growth in service revenue. Cable revenue decreased as a result of Television subscriber losses over the past year, partially offset by continued Internet revenue growth and the impact of pricing changes. Media revenue was stable as growth at Sportsnet, The Shopping Channel, and the Toronto Blue Jays was offset by continued softness in conventional television and print advertising.
  
  
• Activated 614,000 wireless smartphones, of which 31% were new subscribers, with higher-value smartphone customers growing to represent 77% of Wireless postpaid subscribers.

Adjusted operating profit and net income

• The 2% decrease in consolidated adjusted operating profit reflects decreases in Cable of 4% year over year and in Media of 58%, partially offset by an increase at Wireless of 1% and Business Solutions of 10%. Wireless experienced continued growth in the subscriber base and higher data revenues combined with lower operating costs. Cable results were impacted by a one-time cumulative CRTC fee adjustment and investments in NHL-related advertising. Media results were impacted by lower advertising revenues, investments in Toronto Blue Jays player salaries, programming costs, Next Issue Canada costs, and the launch preparation for Rogers' NHL initiative.
  
  
• Consolidated adjusted operating profit margin was 40.3% this quarter with margins at Wireless of 51.3% and at Cable of 47.3%.
  
  
• The reductions of 19% in adjusted net income and 28% in net income are mainly the result of the 2% decrease in adjusted operating profit and 12% increases in both depreciation and amortization and finance costs.

Maintained strong balance sheet and available liquidity

• Generated $370 million of consolidated quarterly free cash flow, including cash provided by operating activities of $1,057 million.
  
  
• Approximately $2.7 billion of available liquidity at September 30, 2014, including $104 million of cash, $2.5 billion available under the bank credit facility and $113 million available under the accounts receivable securitization program.
  
  
• Returned $235 million of cash to shareholders by paying out a quarterly cash dividend of 45.75 cents per share, which was 5% greater than in the same period of 2013.

Strategic Highlights

Overhaul the customer experience

• We completed a structural reorganization under the Rogers 3.0 plan to enhance service, accountability and agility by structuring teams around our customers and removing management layers to ensure that senior leadership is closer to frontline employees and to customers.
  
  
• Launched Device Tune-Up, a free service available to all Rogers and Fido wireless customers in retail stores. The service provides easy, on-the-spot diagnostics and device support, including helping customers get their phones running faster, back up or restore their information, and fix their batteries.
  
  
• Announced Rogers Talks, a series of free events across Canada for small businesses in conjunction with Small Business Month (October). Experts in social media, marketing and sales were on hand to talk about how technology can help grow their business.

Focus on innovation and network leadership

• PCMag.com, for the second straight year in September 2014, has recognized Rogers' LTE network as the fastest downstream mobile network in Canada and was recommended as the best network for streaming media, especially video. Rogers' cable network was also again recognized by PCMag.com as Canada's fastest broadband Internet service provider.
  
  
• Deployed recently acquired 700 MHz spectrum in rural and urban communities in Ontario, British Columbia, Alberta, Quebec and New Brunswick, delivering the ultimate mobile video experience to Rogers customers.

Deliver compelling content everywhere

• Launched Rogers NHL GameCentre LIVE with more than 1,000 regular season games available on smartphones, tablets and computers and significantly enhanced features - available free to Rogers wireless data and Internet customers until December 31, 2014 and to all Canadians at retail pricing.
  
  
• Launched GamePlus, available exclusively to Rogers customers as an exciting new dimension of Rogers NHL GameCentre LIVE that brings unique camera angles, more interviews, and on-demand replays to tablets and smartphones. Customers can choose to watch from several camera feeds and can review the big plays from up to seven different angles.
  
  
• Sportsnet kicked off its 2014-15 NHL national broadcast schedule on October 8, 2014, setting a record for the most watched broadcast in network history, and was the number one program of the night across the country with 8 million Canadians tuned in to the three NHL games that were aired. Approximately 55,000 fans live streamed their favourite team using Rogers NHL GameCentre LIVE online at home or using their mobiles and tablets and experienced exclusive access to GamePlus camera angles and features for an incredible second screen viewing experience.
  
  
• Announced shomi, a new subscription video-on-demand service available online and through cable set-top boxes launching in early November, which ups the ante in entertainment with the latest shows, a significant selection of sequel library content, together with an easy to use interface and more personalized selections for customers. shomi is a joint venture equally owned by Rogers and Shaw Communications.
  
  
• Reached a three-year broadcast rights agreement with the Montreal Canadiens, becoming the official English-language regional television rights holder. When combined with Rogers' current national package of 40 Canadiens games, the NHL on Sportsnet will now deliver to fans all 82 Montreal Canadiens regular season games and playoffs.
  
  
• Announced a ten-year multi-platform agreement making Rogers the exclusive distributor of WWE's flagship programming in Canada.

About non-GAAP measures
This earnings release contains non-GAAP measures such as adjusted operating profit, adjusted operating profit margin, adjusted net income, adjusted basic and diluted earnings per share, adjusted net debt and free cash flow. These are non-GAAP measures and should not be considered as a substitute or alternative for GAAP measures. They are not defined terms under IFRS, and do not have standard meanings, so may not be a reliable way to compare us to other companies. See the section "Non-GAAP Measures" for information about these measures, including how we calculate them.

This earnings release contains important information about our business and our performance in the three and nine months ended September 30, 2014.

This earnings release should be read in conjunction with our third quarter 2014 MD&A, our third quarter 2014 Unaudited Interim Condensed Consolidated Financial Statements and Notes thereto which have been prepared in accordance with IFRS, our 2013 Annual MD&A and our 2013 Annual Audited Consolidated Financial Statements and Notes thereto, and our other recent filings with Canadian and U.S. securities regulatory authorities, which are available on SEDAR at sedar.com or EDGAR at sec.gov, respectively.

All amounts are in Canadian dollars unless otherwise stated. All percentage changes are calculated using the rounded numbers as they appear in the tables. Information is current as of October 22, 2014 and was reviewed by the Audit Committee of our Board of Directors. This earnings release includes forward-looking statements and assumptions. See "About Forward-Looking Information" for more information.

We, us, our, Rogers, Rogers Communications and the Company refer to Rogers Communications Inc. and our subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including our subsidiaries. In addition to the business segments discussed below, RCI also holds interests in various investments and ventures.

In this earnings release, this quarter refers to the three months ended September 30, 2014, and year to date refers to the nine months ended September 30, 2014. All results commentary is compared to the equivalent periods in 2013 or as at December 31, 2013, unless otherwise indicated.

Consolidated Financial Results

Key Changes in Financial Results from 2013

Operating revenue
Wireless network revenue was moderately higher this quarter and decreased on a year to date basis primarily because of pricing changes made that were associated with our customer friendly simplified pricing plans and the introduction in 2013 of lower priced roaming plans.

Cable operating revenue decreased this quarter and year to date primarily because of TV subscriber losses over the past year and a more competitive pricing environment, partially offset by Internet revenue growth and the impact of pricing changes across all product types.

Business Solutions operating revenue increased this quarter and year to date primarily because of continuing growth in on-net and next generation services and increased revenue from our data centre businesses, partially offset by a reduction in low margin, off-net legacy revenue.

Media operating revenue was unchanged this quarter and increased year to date primarily because of revenue growth at Sportsnet, the Toronto Blue Jays and The Shopping Channel, offset by continued softness in conventional and print advertising.

Adjusted operating profit
Wireless adjusted operating profit increased this quarter and year to date primarily because of the network revenue changes described above and cost reductions, partially offset by higher volumes of subsidized smartphones.

Cable adjusted operating profit decreased this quarter and year to date primarily because of a one-time cumulative CRTC fee adjustment and investments in NHL-related advertising, in addition to revenue changes discussed above.

Media's adjusted operating profit decreased this quarter and year to date as the increase in Media's operating revenue was more than offset by investments in player salaries at the Toronto Blue Jays, increased programming costs, and ramp-up costs associated with the launch of Next Issue Canada and the NHL licensing agreement which became effective July 1, 2014.

Results of our Business Segments

Wireless

Financial results

Subscriber results ^1,2

Network revenue
Network revenue was moderately higher this quarter and decreased year to date as a result of:

• higher data revenue related to an increase in postpaid subscriber levels and higher usage of wireless data services; offset by
• the continued adoption of customer friendly simplified pricing plans, which generally bundle in certain features such as voicemail, caller ID and domestic long-distance for which we have charged separately in the past; and
• the introduction over the past year of lower priced U.S. and international roaming pricing and plans which offer consumers more value.

Excluding the decline in roaming revenue, network revenue would have increased by 2% this quarter and 1% year to date. Postpaid ARPU would have increased by 1% this quarter and would have been consistent year to date.

Postpaid churn increased eight basis points this quarter to 1.31%, compared to 1.23% in the same period last year due to competitive intensity and a heightened focus towards migrating customers to current price plans to optimize subscriber value.

Gross postpaid subscriber additions of 336,000 this quarter were 6% lower, which, combined with churn, reduced net postpaid subscriber additions to 17,000.

We activated and upgraded approximately 614,000 smartphones for new and existing subscribers this quarter, compared to approximately 574,000 in the same period last year. This 7% increase was primarily due to a 19% increase in hardware upgrades by existing subscribers this quarter which coincided with the recent launch of the iPhone 6, partially offset by the 6% reduction in postpaid gross additions.

The percentage of subscribers with smartphones this quarter was 77% of our total postpaid subscriber base, compared to 73% in the same period last year. Smartphone subscribers typically generate significantly higher ARPU and are less likely to churn than customers on less advanced devices.

With the evolution to simplified price plans, which include both voice and data, the delineation between voice and data revenues is increasingly made by allocation versus by direct assignment. Data revenue increased by 9% this quarter and 10% year to date primarily because of the continued penetration and growing use of smartphones, tablet devices and wireless laptops, which are increasing the use of e-mail, Internet access, social media, mobile video, text messaging and other wireless data services. Data revenue exceeded voice revenue and represented approximately 52% of total network revenue this quarter, compared to approximately 48% in the same period last year.

Equipment sales
Revenue from equipment sales increased by 23% this quarter and 7% year to date primarily because of a shift in the sales mix of smartphones sold at higher prices. In addition, there were higher existing subscriber upgrades, partially offset by the lower number of gross activations. During this quarter, we activated 38% more iPhones and customers choosing to upgrade wireless devices represented approximately 5% of the postpaid subscriber base, compared to 4% in the same period last year.

Operating expenses
The cost of equipment sales increased by 12% this quarter primarily because of the shift in the mix towards higher priced smartphones as well as higher existing subscriber upgrades to new devices. Year to date cost of equipment sales decreased by 5% as a result of fewer subscriber hardware upgrades and fewer gross activations, as described above.

Total customer retention spending (including subsidies on handset upgrades) increased to $219 million this quarter compared to $192 million in the same period last year as 19% more existing subscribers upgraded their hardware in the current quarter. Year to date retention spending decreased to $640 million from $647 million last year as 3% fewer existing subscribers upgraded their hardware.

Other operating expenses (excluding retention spending) decreased by 5% this quarter and 2% year to date as a result of improvements in cost management and efficiency gains.

Adjusted operating profit
Adjusted operating profit increased by 1% this quarter and 2% year to date as a result of:

• continued growth of wireless data revenue and cost efficiency gains; partially offset by
• changes in volumes of hardware sales and upgrades; and
• pricing changes associated with our simplified plans and the introduction of lower priced and higher value roaming plans.

Cable

Financial results

Subscriber results ¹

Operating revenue
Overall Cable revenue decreased by 1% this quarter and remained consistent year to date as a result of:

• Television subscriber losses over the past year and retention-related discounting; partially offset by
• continued growth in subscribers to our Internet products combined with the impact of pricing changes implemented over the past year.

Year to date, operating revenue was also impacted by the May 2013 acquisition of Mountain Cable.

Television revenue
Revenue from Television decreased this quarter and year to date as a result of:

• the decline in Television subscribers over the past year; and 
• the impact of promotional and retention pricing activity associated with heightened pay TV competition; partially offset by
• the impact of pricing changes implemented over the past year.

The digital cable subscriber base represented 87% of our total Television subscriber base at the end of the quarter, compared to 83% at September 30, 2013. The larger selection of digital content, video on-demand, HDTV and PVR equipment, combined with the ongoing analog to digital conversion initiative, continue to contribute to the increasing penetration of the digital subscriber base as a percentage of our total Television subscriber base.

Internet revenue
Internet revenue increased by 6% this quarter and 8% year to date as a result of:

• a larger Internet subscriber base;
• general movement to higher end speed and usage tiers; and
• changes in Internet service pricing.

Phone revenue
Phone revenue decreased by 6% this quarter and 3% year to date as a result of:

• increased promotional discount pricing activity for new subscribers on multi-product bundles and competitive activity; partially offset by
• a higher phone subscriber base and the impact of pricing changes.

Operating expenses
Operating expenses increased by 2% this quarter and 3% year to date as a result of:

• $5 million of one-time cumulative Local Program Improvement Fund adjustment relating to a CRTC ruling this quarter;
• investments in NHL-related advertising; partially offset by
• various cost efficiency and productivity initiatives.

Additionally, year to date Cable results in 2013 benefitted from an $8 million positive adjustment in the first quarter of that year to licence fees payable to match the CRTC's billing period.

Adjusted operating profit
Adjusted operating profit decreased by 4% this quarter and 3% year to date as a result of the revenue and expense changes discussed above.

Other Cable developments
In October 2014, subsequent to the end of the third quarter, we signed an agreement to acquire Source Cable Limited, a Cable, Internet, and phone service provider with approximately 26,000 homes passed and 43,000 total service units situated in Hamilton, Ontario for approximately $160 million. The Source Cable subscriber footprint is situated adjacent to existing Rogers cable systems and should enable numerous synergies. This transaction is expected to close in the fourth quarter of 2014.

Business Solutions

Financial results

Business Solutions continues to focus primarily on next generation IP-based services, leveraging higher margin on-net and near-net service revenue opportunities, and using existing network facilities to expand offerings to the medium and large sized enterprise, public sector and carrier wholesale markets. Business Solutions is also focused on data centre colocation, hosting, cloud, and disaster recovery services. Next generation services in this quarter represented 73% of total service revenue. Revenue from the lower margin off-net legacy business generally includes local and long-distance voice services and legacy data services which often use facilities that are leased from other carriers rather than owned.

Operating revenue
Service revenue increased by 3% this quarter and 6% year to date as a result of:

• growth from the acquisitions of Pivot Data Centres and Blackiron in October and April 2013, respectively; and
• continuing execution of our plan to grow higher margin on-net and next generation IP-based services revenue; partially offset by
• the continuing decline in the legacy off-net voice and data business. We expect this trend to continue as we focus the business on on-net opportunities and customers move to more advanced and cost effective IP services.

Excluding the Pivot Data Centres acquisition, total services revenue this quarter would have decreased by 6% and next generation services revenue would have increased by 11%.

Equipment sales were unchanged this quarter and decreased year to date as the first quarter of 2013 included a non-recurring equipment sale.

Operating expenses
Operating expenses remained unchanged this quarter as a result of:

• higher on-net and next generation service costs associated with higher volumes; and
• incremental expenses related to our data centre acquisitions; offset by
• lower legacy service costs related to planned lower volumes and customer levels, and ongoing initiatives to improve costs and productivity.

In addition, operating expenses decreased by 1% year to date as the comparative period included cost of sales associated with a non-recurring equipment sale.

Adjusted operating profit
Adjusted operating profit increased by 10% this quarter and 14% year to date as a result of the continued growth in higher margin on-net and next generation business, the contribution of acquired data centres, and productivity improvements.

Media

Financial results

Operating revenue
Operating revenue remained unchanged this quarter and increased by 2% year to date as a result of:

• higher subscription revenue generated by our Sportsnet properties;
• higher revenue associated with the Toronto Blue Jays; and
• higher sales at The Shopping Channel, and Next Issue Canada which launched in late 2013; offset by
• continued softness in conventional television and print advertising.

Operating expenses
Operating expenses increased by 8% this quarter and year to date as a result of:

• higher player salaries of approximately $10 million this quarter and $20 million year to date at the Toronto Blue Jays;
• higher programming costs;
• costs of approximately $6 million this quarter and $17 million year to date associated with the growth of Next Issue Canada; and
• ramp-up costs of approximately $6 million this quarter and $9 million year to date associated with the NHL licensing agreement which became effective July 1, 2014 in advance of the current NHL season.

Adjusted operating profit
Adjusted operating profit decreased this quarter and year to date, reflecting the revenue and expense changes described above.

Additions to Property, Plant and Equipment

Total property, plant and equipment additions this quarter and year to date was higher than in the same periods of 2013, as we expected, reflecting a heightened focus on deploying our capital in a way that better spreads the work more manageably throughout the year.

Wireless
Wireless property, plant and equipment additions in 2014 reflect LTE capacity investments and site build activity to further enhance network coverage and quality. Our continued deployment of the LTE network reached approximately 79% of Canada's population at September 30, 2014.

Cable
The changes in Cable property, plant and equipment additions on a quarterly basis are primarily due to the timing of undertaken initiatives. Investments year to date were made to improve the capacity of our Internet platform, improve the reliability and quality of the network, and continued development related to the next generation IP based video service. We also invested in customer equipment related to the continued roll out of our next generation NextBox digital set-top boxes and for subscribers migrating from analog to digital.

Business Solutions
Business Solutions property, plant and equipment additions increased this quarter and year to date as a result of expanding customer networks and investments made by Blackiron and Pivot Data Centres, which we acquired last year.

Media
Media property, plant and equipment additions increased this quarter and year to date as a result of investments made to our IT infrastructure and NHL broadcast facilities.

Financial Guidance

We are reaffirming our 2014 annual consolidated guidance ranges for adjusted operating profit, additions to property, plant and equipment, and free cash flow that we provided on February 12, 2014. At this point three quarters through the year, we believe that full year actual results will likely fall towards the low end of the guidance ranges provided for adjusted operating profit and free cash flow, and which is dependent on fourth quarter Wireless device volumes. See the sections entitled "About Forward-Looking Information" in this earnings release and in our 2013 Annual MD&A.

Non-GAAP Measures

We use the following non-GAAP measures. These are reviewed regularly by management and our Board in assessing our performance and making decisions regarding the ongoing operations of our business and its ability to generate cash flows. These measures are also used by investors, lending institutions, and credit rating agencies as an indicator of our operating performance and our ability to incur and service debt, and as a measurement to value companies in the telecommunications sector. These are not recognized measures under GAAP and do not have a standardized meaning under IFRS, so they may not be a reliable way to compare us to other companies.

About Forward-Looking Information 

This earnings release includes "forward-looking information" within the meaning of applicable securities laws, and assumptions about, among other things, our business, operations and 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 about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates or intentions.

Forward-looking information and statements

• typically include words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook and similar expressions, although not all forward-looking information and statements include them;
• include conclusions, forecasts and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions and other factors, most of which are confidential and proprietary and that we believe to be reasonable at the time they were applied but may prove to be incorrect; and
• were approved by our management on the date of this earnings release.

Our forward-looking information and statements include forecasts and projections related to the following items, among others:

• 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 they subscribe to
• the cost of acquiring subscribers and deployment of new services
• continued cost reductions and efficiency improvements
• the growth of new products and services
• all other statements that are not historical facts.

We base our conclusions, forecasts and projections on the following factors, among others:

• general economic and industry growth rates
• currency exchange rates
• product pricing levels and competitive intensity
• subscriber growth
• pricing, usage and churn rates
• changes in government regulation
• technology deployment
• availability of devices
• 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.

Risks and uncertainties

Actual events and results can be substantially different from what is expressed or implied by forward-looking information because of risks, uncertainties and other factors, many of which are beyond our control, 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.
• the emergence of new opportunities.

These factors can also affect our objectives, strategies, and intentions. Many of these factors are beyond our control or our current expectations. 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 caution them 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 you make an investment decision
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 third quarter 2014 MD&A entitled "Updates to Risks and Uncertainties" and "Regulatory Developments", and also fully review the sections "Regulation in Our Industry" and "Governance and Risk Management" in our 2013 Annual MD&A. Our 2013 Annual MD&A can be found online at rogers.com/investors, sedar.com and sec.gov or is available directly from Rogers.

About Rogers Communications Inc.

Rogers Communications is a leading 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 to consumers and businesses. 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 RCI and on the New York Stock Exchange RCI.

For further information about the Rogers group of companies, please visit rogers.com/investors. Information in or connected to our website is not part of or incorporated into this earnings release.

Quarterly Investment Community Teleconference

The third quarter 2014 results teleconference will be held on:

• October 23, 2014
• 8:00 a.m. Eastern Time
• webcast available at rogers.com/webcast 

A rebroadcast will be available at rogers.com/investors on the Events and Presentations page for at least two weeks following the teleconference. Additionally, investors should note that from time to time Rogers management presents at brokerage sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on Rogers' website at rogers.com/events and are placed there generally at least two days before the conference.

For More Information

You can find additional information relating to us, including our Annual Information Form on our website (rogers.com/investors), on SEDAR (sedar.com) and on EDGAR (sec.gov), or by e-mailing your request to investor.relations@rci.rogers.com. Information on or connected to these and other websites referenced in this earnings release is not part of or incorporated into this earnings release.

You can also go to rogers.com/investors for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.

SOURCE Rogers Wireless and Cable