Cogeco Cable announced its results for the second quarter of fiscal 2015, ended February 28, 2015. Revenue increased by $23.5 million, or 4.8%, to reach $509.5 million.
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That was driven by growth of 0.3% in the Canadian cable services segment, 18.3% in the American cable services segment and 6.4% in the Enterprise data services segment.
For the six-month period ended February 28, 2015, revenue increased by $45.5 million, or 4.7% to reach over $1.0 billion driven by growth of 1% in the Canadian cable services segment, 16.8% in the American cable services segment and 5% in the Enterprise data services segment.
Revenue for both periods increased organically from all of our operating units combined with favorable foreign exchange rates for our foreign operations compared to last year;.
Adjusted EBITDA increased by $9.6 million, or 4.4%, to reach $231.3 million compared to the second quarter of fiscal 2014, and by $17.0 million, or 3.9%, to reach $450.1 million compared to the first six months of the prior year.
The progression resulted mainly from the improvement in all of our operating segments as well as the favorable foreign exchange rates for our foreign operations compared to the same period of last year.
Operating margin slightly decreased to 45.4% from 45.6% in the second quarter and to 44.7% from 45.1% in the first six months compared to the same periods of the prior year mainly as a result of the higher proportion of the Enterprise data services and the American cable services segments, partly offset by the improvement in the Canadian cable services segment.
Second-quarter profit for the period amounted to $58.9 million, or $1.21 per share, compared to $60.4 million, or $1.24 per share in fiscal 2014, a decrease of 2.4%, mainly as a result of the increases in depreciation and amortization, financial expense and income taxes, partly offset by the improvement in adjusted EBITDA.
For the first half of fiscal 2015, profit for the period amounted to $115.6 million, or $2.37 per share, compared to $110.1 million, or $2.26 per share for the comparable period of last year, representing an increase of 5.0% mainly due to the improvement in adjusted EBITDA, partly offset by increases in depreciation and amortization, financial expense and income taxes.
Second-quarter free cash flow decreased by $20.1 million to reach $73.1 million compared to $93.2 million in the second quarter of fiscal 2014 mainly as a result of the increase in acquisitions of property, plant and equipment of $22.6 million.
For the six-month period ended February 28, 2015, free cash flow decreased by $23.3 million to reach $138.1 million, compared to $161.4 million in the first half of fiscal 2014 mainly due to the increase in acquisitions of property, plant and equipment of $41.1 million, partly offset by the improvement in adjusted EBITDA of $17.0 million.
Fiscal 2015 second-quarter cash flow from operating activities reached $198.2 million compared to $181.6 million, representing an increase of $16.6 million, or 9.1%, compared to fiscal 2014 second-quarter.
The variation for the quarter is mainly due to the improvement in adjusted EBITDA combined with decreases of financial expense paid and income taxes paid. For the first six months, cash flow from operating activities decreased by $24.4 million to reach $220.3 million compared to $244.7 million in the first half of fiscal 2014.
The decrease for the period is mainly attributable to the decreases in changes in non-cash operating activities, partly offset by the improvement of adjusted EBITDA; ■