Shaw Communications, Inc. reported un-audited consolidated earnings results for the first quarter ended November 30, 2013. For the quarter, the company reported free cash flow of CAD 157 million compared to CAD 244 million for the same period last year. The current quarterly period included higher capital investment and cash taxes compared to the prior quarter. Net income attributable to equity shareholders of CAD 236 million or CAD 0.51 per diluted share compared to CAD 224 million or CAD 0.50 per diluted share for the same period last year. Improved operating income and lower interest expense were partially reduced by higher income taxes. Consolidated revenue was CAD 1.36 billion was up 3% over the CAD 1.32 billion in comparable period last year. The company reported operating income of CAD 414 million compared to CAD 393 million, income before income taxes of CAD 340 million compared to CAD 303 million, cash from operating activities of CAD 410 million compared to CAD 29 million, additions to property, plant and equipment of CAD 273 million compared to CAD 151 million and additions to other intangibles of CAD 19 million compared to CAD 21 million for the last year.

The company provided earnings guidance for the year 2014. For the year, the company expects consolidated revenue and operating income before amortization growth, after adjusting for the net impact of fiscal 2013 acquisition and disposition activity, to range from 2% to 4%. Shaw expects a marginal decline in capital investment, excluding capital investment funded through the accelerated capital fund, and an increase in cash taxes. Free cash flow is expected to range from CAD 625 million to CAD 650 million.