Shaw posts markedly better third quarter results

Shaw Communications (NYSE: SJR) has turned its financial state around-with a vengeance. The Canadian cable MSO credited cost savings and a better TV ad market for a 28 percent improvement in Q3 2011 earnings ($203 million versus $158 million in 2010) and a 36 percent jump in overall revenue ($1.28 billion versus $943.63 million).

The gains came at a price. The company cut 550 jobs, including 150 managerial positions, as part of a restructuring that saved about $50 million per year.

The results were touted by newly installed CEO Brad Shaw who credited "timely initiatives undertaken during the quarter" that drove "efficiencies through cost containment and reductions." Shaw said the MSO is "on track" to achieve financial guidance for the year.

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