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Cox net income down 66%; Excite needs funds, or else

Mon, 07/23/2001 - 8:00pm
Anne Kerven

Cox Communications' second quarter net income fell 66 percent to $30.7 million, or 5 cents a share, from $91.2 million, or 15 cents a share, a year ago, Cox reports. Basic customers reached 6.2 million, up 5 percent over a year ago.

Total revenues were up 14 percent, to $1 billion from about $879 million a year ago. Cox says its basic customer and RGU lag comes from a promotional program it had last year that no longer exists.

ExciteAtHome says it needs to raise additional funds before the end of 2001 to support operations, including funds from sales of certain media operations and financial transactions, it says. If it doesn't raise the funds or reduce expenses, it "could have a material adverse impact on its operations and liquidity," it reports.

Excite reports a second-quarter revenue drop of 7 percent, to $138.6 million, driven by declining media and advertising revenue, but offset by growth in residential broadband subscription revenue. Net operating loss was $65.1 million, or 16 cents a share, compared with a loss of $38.6 million, or 10 cents a share, a year ago. Net losses, including expenses, write-downs and restructuring charges, were $346.3 million, or 85 cents a share, compared with a loss of $668.3 million, or $1.69 a share, a year ago.

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