CALGARY — Shaw Communications Inc. reported a loss in its latest quarter as it was hit by charges related to a massive restructuring that will see about a quarter of its employees leave the company through a voluntary program.
The telecommunications company said it lost $164 million or 33 cents per share for the quarter ended Feb. 28 as it recorded $417 million in restructuring-related costs.
The loss compared with a profit of $150 million or 30 cents per share in the same quarter a year earlier.
Revenue in what was the company’s second quarter totalled nearly $1.36 billion, up from nearly $1.21 billion.
Shaw said in February that roughly 3,300 employees elected to take a voluntary severance package that was offered as part of a restructuring at the company.
The departures are expected to be spread over 18 months — with people in operational positions likely to stay longer than those in leadership positions.
Companies in this story: (TSX:SJR.B)
The Canadian Press
