Cogeco Cable Inc. announced unaudited consolidated earnings results for the first quarter of fiscal 2013, ended November 30, 2012. Fiscal 2013 first-quarter revenue increased by CAD 12.5 million, or 4%, to reach CAD 327.9 million, when compared to the same period last year of CAD 315.4 million, primarily by rate increases implemented in June and July 2012 and PSU growth. Operating income was CAD 75.2 million against CAD 67 million for the comparable period last year. Operating income before depreciation and amortization increased by CAD 15.3 million, or 11.6% to reach CAD 147.1 million as a result of revenue growth and lower operating expenses when compared to the first quarter of fiscal 2012. Profit for the period from continuing operations amounted to CAD 42.2 million in the first quarter or CAD 0.86 per diluted share when compared to CAD 39.6 million or CAD 0.81 per share for the same period of the previous fiscal year. The variance for the quarter is mostly attributable to the increase in operating income before depreciation and amortization, partly offset by the acquisition costs related to ABB acquisition and the increase in income taxes. Profit progression for the quarter is mostly attributable to the increase in operating income before depreciation and amortization, partly offset by the acquisition costs related to the Atlantic Broadband (ABB) acquisition and the increase in income taxes. Profit for the period amounted to CAD 42.2 million in the first quarter or CAD 0.86 per share, when compared to CAD 43 million or CAD 0.88 per share, for the same period of the previous fiscal year. This variation is mostly attributable to the increase in income taxes, acquisition costs related to the ABB acquisition and last year's profit from the Portuguese subsidiary, Cabovis o Televis o por Cabo, S.A. (Cabovis o), reported as discontinued operations and disposed of on February 29, 2012, partly offset by the improvement in operating income before depreciation and amortization. Cash flow from operating activities was negative at CAD 0.280 million versus positive CAD 13.8 million. Profit before income taxes was CAD 59.6 million against CAD 50.2 million for the same period last year. Acquisition of property, plant and equipment was CAD 78.2 million against CAD 73.3 million of prior year period. Acquisition of intangible and other assets was CAD 4.6 million against CAD 3.9 million of prior year period.

At its January 14, 2013 meeting, the Board of Directors of Cogeco Cable declared a quarterly eligible dividend of CAD 0.26 per share for multiple voting and subordinate voting shares, payable on February 11, 2013, to shareholders of record on January 28, 2013. The declaration, amount and date of any future dividend will continue to be considered and approved by the Board of Directors of the Corporation based upon the Corporation's financial condition, results of operations, capital requirements and such other factors as the Board of Directors, at its sole discretion, deems relevant.

The Corporation revised its financial guidelines for the 2013 fiscal year issued on November 1, 2012 to include a nine-month period of ABB's financial projections. Management expects revenue to reach CAD 1.590 billion, representing a growth of CAD 240 million, or 17.8%, when compared to those issued on November 1, 2012 of CAD 1.35 billion. Operating income before depreciation and amortization should increase by CAD 121 million to reach CAD 735 million from prior guidance of CAD 614 million reflecting the ABB acquisition and the cost reduction initiatives implemented in Canada during the current fiscal year and, consequently operating margin should increase from 45.5% to 46.2%. Depreciation and amortization of property, plant and equipment and intangible assets should increase from CAD 290 million to CAD 330 million and acquisition of property, plant and equipment, intangible and other assets should increase by CAD 20 million to take into consideration the ABB nine-month operations, partly offset by the reduction in the Cable services segment in Canada. Fiscal 2013 free cash flow is expected to amount to CAD 170 million, an increase of CAD 65 million, or 61.9%, when compared to the free cash flow projection issued on November 1, 2012, stemming primarily from the nine-month operations of ABB combined with the reduction in acquisitions of property, plant and equipment, intangible and other assets explained above. Profit for the year is expected to amount to CAD 225 million, CAD 35 million higher than the November 1, 2012 projections of CAD 190 million, mainly as a result of the ABB's expected financial results for the nine-month operations. Current income tax expense is revised to CAD 92 million from prior guidance of CAD 95 million. Acquisitions of property, plant and equipment, intangible and other assets expects at CAD 170 million against CAD 105 million as previously expected.