Shaw reports free cash flow of C$119 million, 2012 off to 'good start'

By Aleesia Forni

Columbus, Ohio, Jan. 12 - Shaw Communications Inc. reported free cash flow for the fiscal first quarter ended Nov. 30 of C$119 million, compared with C$154 million for the same period last year.

"Fiscal 2012 is off to a good start," chief executive officer Brad Shaw said during the company's earnings conference call on Thursday.

"Our financial performance this quarter was solid. We continued to grow despite a volatile economic and competitive environment."

The company's current liabilities were up C$481 million due to increases in income taxes payable of C$26 million and current portion of long-term debt of C$449 million, according to a company press release.

The company expects to have sufficient liquidity to fund its operations for the current fiscal year, based on available credit facilities and forecasted free cash flow.

Additionally, Shaw expects the company to generate free cash flow and have borrowing capacity "sufficient to finance foreseeable future business plans and refinance maturing debt."

Shaw is a Calgary, Alta.-based telecommunications company and provider of telephone, internet and television services.

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