Charter sees $273.9 M net loss, revenue up
Charter Communications' second-quarter net loss reached $273.9 million, or $1.07 a share, but revenue was up 16.1 percent, from $794.8 million to $928.5 million. A solid $32.9 million of that was from cable modems, more than double last year's $15.1 million.
Digital video accounted for $68.2 million of total revenue, and analog video, $666.7 million. Those rose from last year's $15.1 million and $636.2 million, respectively. The numbers exclude operating results of the systems Charter acquired from AT&T Broadband, a deal announced in February that closed June 30.
Charter's cable TV networks passed 10.3 million homes as of June 30, up from 10.1 million (pro forma) a year ago. Basic customers reached 6.4 million and premium units, 5.2 million. Charter's average monthly revenue per cable TV basic customer was $48.45, it says.
Likewise, the company reports 1.6 million digital video customers, up from pro forma numbers of 375,000 a year ago. Its digital video service is available to 9.1 million homes.
Charter says its digital cable customer count increased an average 18,500 per week in the quarter, with an eye on ending 2001 with more than 2 million digital cable customers.
"We're exceeding our originally expected average weekly install rate for the year, and we're on track to achieve over 30 percent digital penetration by the end of 2001," says President and CEO Jerry Kent.