Shaw Communications reports second-quarter loss due to restructuring costs

Shaw Communications reports second-quarter loss due to restructuring costs

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

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