From the Wires
TELUS Reports Third Quarter 2012 Results
Nov. 9, 2012 06:00 AM
Strong wireless and data results drive earnings growth
Free cash flow up 23 per cent
Quarterly dividend increased to 64 cents per share - up 10.3% from a
CEO to take salary in TELUS shares for fourth consecutive year
VANCOUVER, Nov. 9, 2012 /PRNewswire/ - TELUS Corporation's third quarter 2012
revenue increased six per cent to $2.8 billion, while earnings before
interest, taxes, depreciation and amortization (EBITDA) increased by
five per cent to $1.0 billion. Earnings per share rose eight per cent
TELUS' growth was primarily generated by a seven per cent increase in
wireless revenue and a 12 per cent increase in wireless EBITDA,
resulting from a 23 per cent increase in data revenue due to continued
smartphone adoption. Wireline revenue growth of four per cent was
generated by a 14 per cent increase in data revenue driven by strong TV
and high-speed Internet growth.
TELUS' total customer base of 13 million grew with the addition this
quarter of 116,000 new postpaid wireless customers, 42,000 new TV
subscribers and 26,000 high-speed Internet customers, partially offset
by a moderating network access line loss of 39,000. TELUS' total
wireless subscriber base of 7.6 million is up five per cent year over
year and the average revenue per unit increased by 1.5 per cent. The
TELUS TV subscriber base of 637,000 is up 41 per cent from a year ago,
while high-speed Internet customers are up seven per cent to surpass
Free cash flow in the third quarter increased 23 per cent from a year
ago to $426 million primarily due to higher EBITDA.
Annual guidance for 2012, which was last adjusted in August, has been
C$ and in millions, except per share amounts
3 months ended
Operating expenses before depreciation & amortization
Earnings per share (EPS), basic(2)
Free cash flow(3)
Total customer connections(4)
See Section 11.1 in the 2012 third quarter Management's discussion and
Net income and EPS for the third quarter of 2012 included favourable
adjustments of $3 million or one cent per share.
For definition, see Section 11.2 in 2012 third quarter Management's
discussion and analysis.
Sum of wireless subscribers, network access lines, total Internet
subscribers, and TELUS TV
subscribers (IPTV and satellite TV).
"Our long-standing strategy to invest in broadband wireless and wireline
data technology, services and applications within our core businesses
coupled with a focus on putting customers first has resulted in strong
quarterly operational and financial growth," said Darren Entwistle,
TELUS President and CEO. "We attracted 116,000 new postpaid wireless
customers, 42,000 new TV customers, and 26,000 new high-speed Internet
customers and encouragingly we saw those customers continuing to stay
with us longer, as evidenced by our industry leading 1.44 per cent
wireless churn rate. This strong performance translated this quarter
into double-digit data revenue growth, eight per cent earnings per
share growth and 23 per cent free cash flow growth."
"I am pleased that our winning strategy and continued strong operational
execution is enabling us to again increase the quarterly share
dividend, consistent with our dividend growth model that we announced
last year," Mr. Entwistle added. "We are increasing TELUS' dividend by
3 cents to 64 cents a quarter, or $2.56 annually, a 10.3 per cent
increase from a year ago. We look forward to continuing to deliver
strong operational and financial results to support the realisation of
our dividend growth ambitions through our 2013 commitment and beyond."
"I would like to take this opportunity to extend my deep gratitude to
Bob McFarlane for his enormous commitment and extraordinary
contributions to TELUS. After an outstanding 12 year career at our
company as CFO, Bob has decided to retire at the end of the year and
devote more time to his family and community endeavours," said Mr.
Entwistle. "Bob's distinguished leadership of TELUS' finance team has
yielded a legacy that includes setting rigorous financial policies,
achieving a stellar track record of disclosure transparency and helping
TELUS consistently deliver on our public commitments to the investment
community. His efforts, alongside those of his colleagues across TELUS,
have contributed greatly to our company's business success, globally
leading shareholder value creation amongst our peers and industry
leading balance sheet. Bob and our TELUS team have received countless
Canadian and global awards for excellence in corporate disclosure,
sustainability reporting, risk management and investor relations. Bob
was named CFO of the Year by Canadian Business magazine, and he was
honoured with the prestigious Queen's University Kathleen Beaumont Hill
Award for outstanding service and advocacy that have contributed to the
country's prosperity and growth in business, education and community
development. I greatly appreciate Bob's many years of support and his
commitment to ensuring a smooth transition to his highly capable
successor, John Gossling, who joins TELUS with a wealth of experience
in the communications and broadcasting industries."
Mr. Entwistle confirmed today that for the fourth consecutive year he
intends to take the entirety of his 2013 annual cash salary
compensation in TELUS common shares.
Robert McFarlane, TELUS Executive Vice-President and CFO, said, "TELUS
has a strong financial position as reflected by the combination of
continued good earnings and cash flow growth along with a 1.7 times net
debt to EBITDA ratio, which is well within our policy range and
represents the best such credit metric in the Canadian media and
telecom industry. This positions TELUS favourably for continued
advantaged access to the capital markets and to be in a strong position
for future wireless spectrum auctions, as well as for continued
dividend growth, and builds on our track record of balancing the
interests of debt and equity investors."
This news release contains statements about expected future events and
financial and operating performance of TELUS that are forward-looking.
By their nature, forward-looking statements require the Company to make
assumptions and predictions and are subject to inherent risks and
uncertainties. There is significant risk that the forward-looking
statements will not prove to be accurate. Readers are cautioned not to
place undue reliance on forward-looking statements as a number of
factors could cause actual future performance and events to differ
materially from that expressed in the forward-looking statements.
Accordingly this news release is subject to the disclaimer and
qualified by the assumptions (including assumptions for 2012 annual
guidance), qualifications and risk factors (including the potential for
a future non-voting to common share exchange proposal on a one-for-one
basis, semi-annual dividend increases to 2013 and CEO three year goals
for EPS and free cash flow growth to 2013 excluding spectrum costs)
referred to in the 2012 Information Circular, Management's discussion
and analysis (MD&A) in the 2011 annual report, and in the 2012 first,
second, and third quarter reports. Except as required by law, TELUS
disclaims any intention or obligation to update or
revise forward-looking statements, and reserves the right to change, at
any time at its sole discretion, its current practice of updating
annual targets and guidance.
External wireless revenues increased by $104 million or 7.4 per cent to
$1.5 billion in the third quarter of 2012, compared to the same period
a year ago. This growth was driven by continued subscriber and average
revenue per unit (ARPU) growth.
Data revenue increased by $102 million or 23 per cent to $546 million.
Data ARPU increased by $3.61 or 17 per cent to $24.51. These increases
were due to continued strong adoption of smartphones and related data
plans, higher roaming volumes, growth in mobile Internet devices and
tablets, and increased revenues from text messaging.
Blended ARPU increased by $0.90 or 1.5 per cent to $61.42 as 17 per cent
data ARPU growth more than offset a 6.8 per cent voice ARPU decline.
This is the eighth consecutive quarter of year-over-year blended ARPU
Blended monthly subscriber churn decreased 23 basis points
year-over-year to 1.44 per cent - the lowest third quarter result in
five years - reflecting the successful customers-first marketing and
service approach, effective investments in retention and lower churn on
smartphones. Postpaid churn was 1.10 per cent, down 23 basis points
from a year ago.
Total wireless net additions of 111,000 were lower by 2.6 per cent
year-over-year from the addition of 116,000 postpaid subscribers and a
loss of 5,000 lower-ARPU prepaid subscribers. Postpaid net additions,
which declined by 13 per cent from a year ago, were impacted by delayed
customer purchase decisions ahead of the anticipated launch of the new
iPhone 5 in late September.
Total wireless subscribers were up 4.8 per cent from a year ago to 7.56
million and the proportion of high-value postpaid subscribers increased
by two points to 85 per cent. Smartphone subscribers now make-up 63 per
cent of the total postpaid subscriber base of 6.4 million as compared
to 48 per cent a year ago.
Wireless EBITDA of $640 million increased $70 million or 12 per cent due
to strong revenue network growth and expense control. The margin of
42.4 per cent increased by 1.9 points over last year. Network service
revenue margin was up 2.4 points to 46.6 percent.
Simple cash flow (EBITDA less capital expenditures) increased by
$52 million or 13 per cent to $465 million in the quarter as EBITDA
growth was partially offset by increased capital spending related to
the ongoing expansion of TELUS' new 4G LTE network, as well as
investments in HSPA+ network capacity and coverage, and Internet data
External wireline revenues increased by $48 million or 3.9 per cent to
$1.27 billion in the third quarter of 2012, when compared with same
period a year ago. This growth was generated by increased data service
and equipment revenues, partially offset by declines in local,
long-distance, and other service and equipment revenues.
Data service and equipment revenues increased by $93 million or 14 per
cent, due primarily to strong growth in the TELUS TV subscriber base
and high-speed Internet and enhanced data services, rate increases, and
higher equipment sales.
TELUS TV additions of 42,000 were lower by 8,000 over the same quarter
last year, as stable growth in new customers and a significantly lower
churn rate were offset by a higher amount of deactivations from the
increasing subscriber base. The total TELUS TV subscriber base
increased 41 per cent to 637,000 up by 184,000 from a year ago.
High-speed Internet net additions of 26,000 were 18 per cent higher than
a year ago and reflect successful promotions and the pull-through
effect of Optik TV sales. TELUS' high-speed subscriber base of 1.3
million is up 7.0 per cent or 85,000 from a year ago.
Total network access lines declined 5.3 per cent from a year ago to
3.45 million. Residential line losses of 30,000 were unchanged
year-over-year, showing an improving sequential trend from the previous
two quarters. Residential lines are down 7.7 per cent year-over-year,
reflecting ongoing competition and wireless and Internet substitution.
Business NAL losses of 9,000 reflect ongoing price based competition in
the small and medium business market, and conversion from legacy voice
services to IP services.
Wireline EBITDA of $378 million decreased by $20 million or 5.0 per cent
due to ongoing declines in higher margin legacy voice services that
were not offset by growth in lower margin data services.
Simple cash flow (EBITDA less capital expenditures) declined slightly by
$3 million to $82 million in the quarter as lower EBITDA was largely
offset by lower capital spending.
CORPORATE AND BUSINESS DEVELOPMENTS
Bob McFarlane, EVP and CFO, retiring at year's end after outstanding
Bob McFarlane, executive vice-president and chief financial officer is
retiring effective at the end of the year after an extraordinarily
successful 12 years at TELUS. Bob will hand over responsibilities to
John Gossling effective January 1 after a transition period.
Bob began his career at TELUS as part of the Clearnet acquisition in
August 2000, a historic milestone in the expansion of our national
growth strategy focused on wireless and data. He was soon after
appointed CFO of TELUS based on his strong knowledge of the business,
deep understanding of the financial markets and proven track record for
raising capital. Bob has been instrumental in helping to answer
numerous and unprecedented challenges presented by the equity and
credit markets over the past dozen years such that TELUS has always had
access to long term financing to fund its prescient growth investments
in broadband wireless and wireline technology.
Indicative of his capabilities and excellent work ethic, Bob's
responsibilities while encompassing all the traditional Finance
functions, were extended in later years to include Corporate Strategy,
Mergers & Acquisitions, TELUS Ventures and Government & Regulatory
Bob's contributions alongside the efforts of his colleagues across
TELUS' leadership team have helped elevate TELUS' brand and reputation
to the highest levels in Canada and globally. In the area of corporate
and financial disclosure, TELUS has been ranked number one in Canada
for four of the last five years by the Canadian Institute of Chartered
Accountants. Our annual report has been recognized as the best in the
world, and TELUS was the only company globally to be ranked in the top
10 for eight consecutive years. Additionally, TELUS has won numerous
awards for its comprehensive social responsibility reporting including
12 consecutive years of recognition on the prestigious Dow Jones
Bob will be retiring from TELUS with a wonderful legacy of making
exceptional contributions that have benefited TELUS' shareholders,
customers, team and the communities in which we live, work and serve.
"Bob's distinguished contributions in combination with those of his
colleagues across TELUS' leadership team have delivered world-leading
shareholder value creation through price appreciation and dividend
growth," Mr. Entwistle concluded.
Experienced communications industry CFO, John Gossling joining TELUS
After an extensive executive search, John Gossling was chosen to join
TELUS' leadership team as our next executive vice president and chief
financial officer. He starts on November 12th and will work closely
with retiring EVP and CFO, Bob McFarlane, until the end of 2012 to
ensure an effective transition with respect to the leadership of the
TELUS Finance team.
John is a highly talented and proven finance executive with extensive
experience in the communications industry. From 2008 to 2011, he was
the CFO of CTVglobemedia, leading all financial activities for the
company. John helped drive dramatically improved financial performance
at CTVglobemedia prior to the sale of the company to BCE.
From 2000 to 2008, John held senior leadership roles with the Rogers
Communications organization, including CFO at Rogers Wireless. In this
role, John led all financial activities for the company. As a member of
the Rogers Wireless senior management team, John was a key player in
the turnaround of the company's operating performance and was a lead
executive on the acquisition of Microcell Telecommunications.
John is a Fellow of the Institute of Chartered Accountants of Ontario
(FCA). He and his family will be relocating to Vancouver.
TELUS shareholders vote decisively to approve 1:1 share exchange
At a joint shareholder meeting on October 17th, TELUS announced that
shareholders voted strongly in favour of its proposal to exchange the
company's non-voting shares for common shares on a one-for-one basis.
Mason Capital's four resolutions proposing alternate share exchange
ratios were also voted on at the meeting and did not pass.
Once final votes were tallied, 81.1 per cent of total shares voted were
in favour of TELUS' share exchange proposal. Of the 128.8 million
common shares voted, 62.9 per cent were in favour, and 99.5 per cent of
the 127.7 million non-voting shares voted were in favour. Excluding
Mason Capital's most recently reported voting stake, 84.4 per cent of
common shares voted were in favour. The voting results easily exceeded
the approval thresholds for the proposal to pass, specifically a simple
majority of common shares voted and two-thirds of non-voting shares
voted. Voting participation by shareholders was high at 73.6 per cent of the
common shares outstanding and 84.6 per cent of the non-voting shares
The hearing before the Supreme Court of British Columbia to hear Mason
Capital's appeals and TELUS' final order application under a plan of
arrangement to approve the share exchange began on November 7th. In
order for the share exchange to be effective, the Court will have to
approve the Company's application for a final order and dismiss all
current and further possible appeals. It is currently estimated that
the share exchange would not be effective until late November at the
TELUS' 4G LTE wireless network continues to grow
In the third quarter, TELUS launched its LTE network in more than 50 new
communities across the country and now covers more than 60 per cent of
the Canadian population. Newly launched communities include:
Alberta: Brooks, Camrose, Drayton Valley, Grande Prairie, Lethbridge and
Taber, Medicine Hat, Red Deer, Strathmore, Okotoks and High River;
British Columbia: Okanagan, Sea to Sky, Victoria, Fraser Valley, Surrey,
Richmond, North Delta, White Rock, Langley, Maple Ridge, Pitt Meadows,
Southern Vancouver Island, Kamloops, Vernon, Prince George, Comox,
Courtenay, Campbell River;
Ontario: Newmarket, Aurora, Windsor, Kanata, Orleans, Nepean and
Quebec: Quebec North East, Charny, Quebec City South Shore Levis,
Ste-Dorothe, Chomedey, Blainville, Terrebonne Mascouche, Joliette,
Joliette Repentigny, Vaudreuil-Dorion.
TELUS launches iPhone 5
TELUS launched iPhone 5 to customers in Canada beginning on September
21. iPhone 5 is the thinnest and lightest iPhone ever, completely
redesigned to feature a stunning new 4-inch Retina display; an
Apple-designed A6 chip for blazing fast performance; and ultrafast
wireless technology—all while delivering even better battery life.
iPhone 5 comes with iOS 6, the world's most advanced mobile operating
system with over 200 new features including: Shared Photo Streams,
Facebook integration, all-new Maps app, Passbook organization and even
more Siri features and languages. iPhone 5 customers can connect to
TELUS' fast 4G LTE, HSPA+ and DC-HSPA+ networks with Wideband Audio..
TELUS eliminates activation fees for new and renewing customers
As part of the company's commitment to putting customers first and being
fair and transparent, TELUS announced that it will no longer charge a
$35 activation fee for new customers or a $25 equipment exchange fee
for renewing customers who purchase a new device. TELUS is the first of
the established wireless brands to eliminate activation fees as part of
the Company's ongoing efforts to make the customer experience clear and
simple. In addition, starting November 1, 2012, TELUS announced it will
begin charging $10 for SIM cards to cover the product cost that was
previously included in their renewal and activation fees.
TELUS launches Optik Smart Remote
In October, TELUS launched the Optik Smart Remote app, an innovative way
to surf TV and more using your mobile or tablet device. This app
enables customers to surf through all their content choices on their
phone or tablet instead of the traditional guide on the TV. Customers
can spend less time channel surfing by using guide filters to show only
what they are looking to find. By linking the mobile device with the
digital set top box, they can use swipes to change the channel.
Customers can also navigate the interactive program guide on their
mobile device without interrupting a show and, retrieve more program
related information from sources like Internet Movie Database (IMDb),
Wikipedia and YouTube. .
TELUS also added 10 new HD channels to its lineup during the quarter.
Optik TV offers more than 550 channels, including more than 135 in HD,
which TV customers can get all their HD channels for no extra charge.
TELUS Health eClaims continues to drive efficiencies in claims and
In the third quarter, TELUS Health launched its nationwide eClaims
service for extended healthcare providers and extended its partnerships
with Sun Life and Desjardins to now offer TELUS Health eClaims web
portal service to their members across Canada. In addition, TELUS
Health entered into an agreement with Standard Life to integrate the
TELUS Health's eClaims service into its advanced TELUS Health
Multi-Benefit Claims Management (MBCM) platform, which will help reduce
out-of pocket expenses for plan members, decrease time spent processing
insurance paperwork for care providers and streamline the reimbursement
TELUS Health launches Emergency Profile
TELUS Health recently created an Emergency Profile feature within TELUS
Health Space online portal. Emergency Profile is a free resource that
helps prepare families for an emergency quickly and easily and makes it
easy to access and share important health information with family
members and others. Consumers can sign up for an Emergency Profile by
visiting myhealthreference.com. Emergency profile is built on TELUS
Health Space, a secure platform certified by Canada Health Infoway to
store, organize and share health information.
In September, TELUS Health unveiled the new TELUSHealth.com, an online
hub to help bring customers smart healthcare solutions that turn
information into better health outcomes to help improve the
effectiveness of the country's healthcare system.
TELUS Health acquires KinLogix, Quebec's fastest-growing cloud-based EMR
In October, TELUS acquired KinLogix, Quebec's fastest-growing
cloud-based Electronic Medical Record (EMR) provider. This is TELUS'
second EMR company acquisition this year, following B.C.-based Wolf
Medical Systems. These strategic acquisitions extend TELUS Health'
reach to physicians and strengthen its leadership in the EMR market to
further its efforts to accelerate the adoption of EMR solutions across
Canada. With these investments, TELUS is delivering on its national
strategy and commitment to the physician EMR market so the company can
continue to improve Canada's health system and deliver better health
outcomes for patients.
Generation INC., powered by TELUS: Season 3
The business TV show Generation INC., powered by TELUS, has started its
third season. The show features 12 local businesses from the province
of Québec who are visited by multidisciplinary experts who help them
reach their full potential through innovative advice, know-how and
technological tools. The Generation INC. movement has created much
enthusiasm amongst the small and medium business market such that more
than 500 local business owners submitted an application to be part of
the show and for a chance to benefit from the advice of the experts.
Toronto glass company wins The Challenge from TELUS and The Globe and
In September, TELUS and The Globe and Mail named Toronto-based glass
company Glassopolis the winner of The Challenge contest and awarded the
company a $100,000 small business grant to purchase new machinery and
expand production across North America.
This second annual contest invited Canadian small business owners to
present their biggest business challenge for the opportunity to win a
$100,000 grant from TELUS. Entrepreneurs across Canada were invited to
submit their entries to be judged by a panel that included
entrepreneurs and small business experts.
TELUS executive vice-president Josh Blair recognized as Breakaway Leader
In September, Josh Blair, TELUS executive vice-president of Human
Resources, was recognized as one of the Top 10 Breakaway Leaders in the
world at the Evanta Global HR Leadership Summit in Denver, Colorado.
The awards honoured international leaders who are changing the face of
their industry and inspiring a legacy of excellence through ingenuity
and dedication. Notably, TELUS is one of only two Canadian companies
represented on the Top 10 Breakaway Leaders list.
TELUS' annual report ranked one of best in world
The TELUS 2011 annual report has been ranked the 14th best in the world
across all industries and was the top-ranked Canadian company,
according to this year's Annual Report on Annual Reports 2012. To
develop the ranking, judges evaluated 500 annual reports shortlisted
from a wider selection of publicly listed corporations. The
comprehensive survey looks at 10 key evaluation criteria: packaging,
highlights, strategy, business, financials, investors, governance,
accounting, responsibility and communication. The judges gave the TELUS
2011 annual report an 'A' rating and cited it as an example of
excellence in four areas (executive message, financial review and
analysis, goals-targets-outlook, and risk factors and management). To
put this accomplishment in perspective, only 19 Canadian companies made
the top 300 and only two other Canadian companies made the top 50.
TELUS Celebration of Giving events laud local charities
This fall, TELUS celebrated local charities as it announced how much it
is giving this year toward local community initiatives through TELUS
Community Boards and other initiatives in Vancouver, Edmonton, Toronto,
Ottawa and Montreal. The TELUS Celebration of Giving is an annual event
that brings together professionals and volunteers from the community
sector. During this special day, TELUS recognizes the generosity and
dedicated work of all those who make a difference in their community.
In 2012, TELUS and its team expect to give $8 million to Vancouver-area
organizations, $4.5 million to local community initiatives in Edmonton,
$5.5 million to Greater Toronto-area charities and community
organizations, $1.4 million to Ottawa-based charities, and $3 million
to local charities in Montreal. In addition, funds are given to
numerous local community initiatives in other regions across Canada.
TELUS Community Excellence Awards in Quebec
In October, TELUS honoured three outstanding community leaders in the
Greater Montreal region. The top three winners of the TELUS Community
Excellence Awards are Manon Barbeau, co-founder, executive director and
artistic director of Wapikoni mobile; Ugo Dionne, co-founder of
Bénévoles d'affaires; and Bernard Lamarre, chairman of the board, École
Polytechnique. This important honour was part of the TELUS Celebration
of Giving in Montreal. Part of TELUS Quebec's 85th anniversary
celebrations, the TELUS Community Excellence Awards publicly recognizes
people who stand out because of their generosity, commitment to
philanthropy and passion for innovation in three main regions:
Montreal, Quebec and East of Quebec. This award was launched with the
Association of Fundraising Professionals-Quebec Chapter (AFP) and the
Association des professionnels en gestion philanthropique (APGP).
TELUS puts fans in the Canadian Football Hall of Fame with The Fan Cup
In September, TELUS and the Canadian Football League (CFL) announced The
Fan Cup presented by TELUS, the first ever trophy honouring the game's
most important player - the fans. Fans will have the opportunity to put
their name on a 100th anniversary replica Grey Cup that will sit
alongside the greats of the game inside The Canadian Football Hall of
Fame. Cast from the copper of Canadian pennies, The Fan Cup will be
engraved with the names of thousands of CFL fans from across Canada be
a symbol of appreciation for a century of loyal fan support. Fans will
create The Fan Cup trophy during The Grey Cup 100 Tour by using a
custom-built TELUS Penny Press to make their own 100th Grey Cup Game
collectable out of a Canadian penny. A sliver from every penny used to
create The Fan Cup presented by TELUS, which will then be etched with
all fans' names.
TELUS expands five-year partnership as National Co-Title sponsor of We
TELUS is expanding its partnership with Free the Children, a non-profit
organisation that encourages youth to be agents of change and help find
solutions for local and global societal problems such as poverty,
hunger, bullying and environmental concerns. In addition to its
five-year partnership as national co-title sponsor of We Day, a series
of inspirational concerts taking place in cities across Canada, TELUS
is contributing funds to Free the Children through its Phones for Good
campaign. TELUS is also encouraging youth to share examples of their
volunteer efforts by writing to the company at telusforweday.com where
they can participate in a national video contest. The winner will
receive $20,000 to carry out a volunteer activity with a local charity.
TELUS Community Ambassadors donate 9,600 backpacks across Canada
This year, Community Ambassadors across Canada assembled 9,600 "Kits for
Kids", backpacks filled with basic school supplies for less fortunate
children. A challenge many families face in the fall is affording
school supplies. TELUS and its Ambassadors recognize the importance of
having these supplies to a young person's confidence and ability to get
off to a successful start at school. Since 2007, the Ambassadors have
given out nearly 60,000 Kits for Kids.
Dividend Declaration - Increase to 64 cents per quarter - up 10.3 per
The Board of Directors has declared a quarterly dividend increase of
three cents to sixty-four cents ($0.64) Canadian per share on the
issued and outstanding Common shares and sixty-four cents ($0.64)
Canadian per share on the issued and outstanding Non-Voting shares of
the Company payable on January 2, 2013 to holders of record at the
close of business on December 11, 2012.
In the event that the proposed share exchange of Non-Voting Shares to
Common Shares on a one-for-one basis receives all requisite approvals
and is effective prior to the dividend record date of December 11,
2012, holders of record on such date who previously held Non-Voting
Shares would hold Common Shares and would therefore receive the same
dividend as all other holders of Common Shares.
This new quarterly dividend represents the second increase this year and
the fourth of six planned under TELUS' plan for semi-annual dividend
increases of circa 10 per cent through to 2013. The dividend is a three
cent or 4.9 per cent increase from the $0.61 quarterly dividends paid
on July 3 and October 1, 2012 and a six cent or 10.3 per cent increase
from the $0.58 quarterly dividends paid on January 3 and April 2, 2012,
which is consistent with TELUS' dividend growth model. Dividend
decisions will continue to be subject to the Board's assessment and
determination of the Company's financial situation and outlook on a
Access to Quarterly results information
Interested investors, the media and others may review this quarterly
earnings news release, management's discussion and analysis, quarterly
results slides, audio and transcript of investor webcast call,
supplementary financial information and our full 2011 annual report on
our website at telus.com/investors.
Full quarterly earnings release available at: http://www.newswire.ca/en/releases/archive/November2012/09/c6560.html
TELUS' third quarter conference call is scheduled for November 9, 2012 at 11 a.m. ET and will feature a presentation followed by a question and answer
period with analysts. Interested parties can access the webcast at: telus.com/investors. A telephone playback will be available on November 9 until December 9
(1-855-201-2300), reservation no. 859140#, access code no. 30599). An
archive of the webcast will also be available at: telus.com/investors and a transcript will be posted on the website within several business
TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications
company in Canada, with $10.8 billion of annual revenue and
13.0 million customer connections including 7.6 million wireless
subscribers, 3.4 million wireline network access lines, 1.3 million
Internet subscribers and more than 635,000 TELUS TV customers. Led
since 2000 by President and CEO, Darren Entwistle, TELUS provides a
wide range of communications products and services including wireless,
data, Internet protocol (IP), voice, television, entertainment and
In support of our philosophy to give where we live, TELUS, our team
members and retirees have contributed more than $260 million to
charitable and not-for-profit organizations and volunteered 4.2 million
hours of service to local communities since 2000. Fourteen TELUS
Community Boards lead TELUS' local philanthropic initiatives. TELUS was
honoured to be named the most outstanding philanthropic corporation
globally for 2010 by the Association of Fundraising Professionals,
becoming the first Canadian company to receive this prestigious
For more information about TELUS, please visit telus.com.
SOURCE TELUS Corporation