May 6, 2009 / 7:06 PM / in 9 years

UPDATE 1-Shaw sees strong subscriber growth despite economy

TORONTO, May 6 (Reuters) - Shaw Communications Inc SJRb.TO said on Wednesday it is adding digital TV subscribers at a rapid clip despite the weak economy and is on track to reach is financial targets.

The cable TV and telecom company said that, in the two months ended April 30, it added 74,833 new digital customers as well as 7,053 basic cable subscribers. It also racked up 19,006 Internet customers.

“Cable subscriber results exceed the two-month customer figures from a year ago and it is clear that despite challenging conditions Shaw is well positioned to weather the storm,” Chief Executive Jim Shaw said in a statement.

“We remain on track to achieve our financial guidance for fiscal 2009, which includes generating free cash flow of at least C$500 million ($428 million).”

It said the subscriber results could still be hurt by normal seasonal factors that typically occur in May, including “the disconnection of services by university students.”

Shaw shares were down 6 Canadian cents to C$19.49 on the Toronto Stock Exchange.

$1=$1.17 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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