Rogers Communications Derivatives

Rogers (RCI) reported Q3 results profits are up 84% to $495 million. Hey that’s pretty good. But the devil is in the details. The press release provided huge amounts of information. But check out this little quote and the absolute lack of qualitative commentary:

“Two of our swaps mature on December 15, 2008 and, as a result, we will receive US$400 million and pay $475 million on the settlement at maturity. Subsequent to quarter-end, in October 2008, we entered into forward foreign exchange contracts, which will also settle on December 15, 2008, to sell the US$400 million in exchange for $476 million. As a result of the maturity of the swaps, our US$400 million 8.00% Senior Subordinated Notes due 2012 will no longer be hedged subsequent to December 15, 2008.”

I can read the words but no one will be able to truely discern what they are doing. Is Rogers ahead or behind or what ?