March 24, 2009 / 3:34 PM / in 9 years

UPDATE 1-Shaw adds more than 100,000 digital subscribers

TORONTO, March 24 (Reuters) - Cable and telecom group Shaw Communications Inc (SJRb.TO) said on Tuesday that it added more than 100,000 digital TV subscribers in the second quarter, as its business showed strength despite a slumping economy.

The Calgary, Alberta-based company said that in the three months ended Feb. 28, it added 4,273 basic cable subscribers, for a total of about 2.27 million. Digital customers grew by 106,489 to about 1.08 million, while Internet subscribers rose by 26,130 to 1.63 million. Digital phone lines rose 50,848 to 719,376, Shaw said.

“Our subscriber results for the quarter were strong, demonstrating the resilience of our business and strength of our strategy in the face of weaker economic conditions,” Chief Executive Jim Shaw said in a statement.

However, despite the growth, the company warned that the subscriber results were being provided “for information purposes only” and that they don’t necessarily mean “a material growth in financial results in the quarter.” Shaw plans to report its results on April 8.

Shaw shares were up 15 Canadian cents at C$20.15 on the Toronto Stock Exchange.

$1=$1.22 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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