Cox reports loss, higher revenue in Q1
Cox Communications posted a first quarter net loss, but reported higher year-over-year revenues thanks in part to higher rates, an increase in commercial broadband customers and consumer uptake of the MSO's bundle of digital, voice and data services.
Cox recorded a net loss of $29.2 million versus a profit of $135.6 million in the year-ago period, attributing that to a $1.8 million net loss on investments, including its stake in Sprint PCS Group. That didn't stop Cox from seeing revenues jump 16 percent to $1.36 billion. Cox also reduced capital expenditures 37 percent to $325.7 million.
For advanced services in the quarter, Cox added 154,000 high-speed data subs, giving it 1.6 million and year-over-year growth of 56 percent. The MSO signed up 64,000 digital voice customers, extending its total to 782,546. On the digital front, Cox's digital penetration neared 30 percent after it ended the quarter with 1.9 million digital subs.
Cox ended the period with 6.3 million basic video subs, up 0.6 percent from the year earlier, and 10.5 million revenue-generating units (RGUs), up 3 percent.
Cox also saw an uptick in commercial broadband services, ending the quarter with $63.3 million in revenue, up 27 percent from the year-ago period.
Looking ahead, Cox said it expects to add between 1 million and 1.1 million advanced-service RGUs in 2003, and to achieve revenue growth guidance of 14 percent to 15 percent.