Charter's Q3 shows $317M loss as revenue, subs climb
Charter Communications Inc. weighed in with a $317 million net loss on revenue of $1.04 billion in its third quarter. The cableco also reported an average of 19,400 new digital video customers per week were added during the quarter.
The company's cable TV unit reports 11.5 million homes passed for the quarter, up from a pro forma 11.2 million for the same period last year. Likewise, its basic customers reached 7 million, up from 6.9 million a year ago.
Its digital video unit showed 10.7 million digital homes passed, compared with a pro forma 8.4 million a year ago. The unit's customer numbers climbed to 2 million, compared with 760,700 a year ago.
Charter's data services unit says it passed 6.5 million homes for the quarter, up from 5.6 million a year ago. Total data customers were 545,900 for the quarter, including 507,700 cable modem customers and 38,200 dial-up ones. The numbers compare with 157,800 cable modem and 42,300 dial-up customers a year ago.
The pro forma numbers from 2000 reflect the buying and selling of cable systems that closed during 2000 and 2001, Charter says. Its Cable USA acquisition closed in September, adding about 30,600 basic, 500 digital, 800 cable modem and 6,500 dial-up customers.
Charter's revenue jumped to $1.04 billion from $838 million a year ago. Its net loss widened to $317.4 million, or $1.08 a share, from a $210 million net loss, or 93 cents a share, a year ago.
The company says it expects revenue growth for 2001 to fall in the 12.5 percent to 13.5 percent range and operating cash flow growth to reach the 10 percent to 11 percent range. Customer growth will be a modest 1 percent, it says.