Shaw Communications reports drop in 1Q net income

(AP) — Shaw Communications Inc. reported a drop in net income for its fiscal first quarter Thursday because of one-time charges, though revenue climbed.

Shaw, which provides cable, high-speed Internet and phone service in Canada, also said it plans to get into the wireless business this year, a decision it put off in 2009 while it reviewed its strategy.

The company said it earned 114 million Canadian dollars ($111 million), or 26 Canadian cents per share (25 cents) for the quarter ended in November, compared with 123 million Canadian dollars, or 29 cents per share, in the same period a year earlier.

The company's earnings were reduced by 81.6 million Canadian dollars ($79.6 million) related to retiring debt and 44.6 million Canadian dollars ($43.5 million) from losses on financial instruments.

Excluding special items, the company said it would have earned 180 million Canadian dollars ($175.6 million) compared to 122 million Canadian dollars in the same period a year ago.

The Calgary company said revenue climbed 11 percent to 906 million Canadian dollars ($884 million). On average, analysts expected revenue of 895 million Canadian dollars, according to a Thomson Reuters poll.

The company's U.S.-traded shares were down 8 cents to $20.10 in afternoon trading.