TORONTO — Calgary-based Shaw Communications posted a narrowed third quarter loss of C$13.2 million ($9.8 million) on Friday and pinkslipped 350 in an ongoing effort to cut costs and improve margins.
Net loss for the third quarter ended May 31 of $9.8 million compares to a loss of $58.9 million a year ago.
The layoffs at Canada’s second-largest cabler are expected to cost $3 million but bring an annual savings of $11.2 million. In spring 2002 Shaw axed 400 jobs.
Shaw, Canada’s second-largest cabler, showed revenues that were up by $5.9% to $387.6 million, partly due to a rise in subscribers and price increases.
Company brass told analysts Friday that they expect to continue upping cable rates and narrowing bundling discounts for cable and Internet services.
Company also trumpeted its free cash flow, which was $32.8 million, compared to negative cash flow a year ago of $49.2 million.