Knology earnings improve, subs rise slightly
Competitive cable provider Knology Inc. posted increased revenue and shaved its net loss for the second quarter even as it added modestly to its subscriber base.
The West Point, Ga.-based cabler saw consolidated revenues rise to $42.9 million in the second quarter, up $2.2 million from the first quarter and up $8 million compared to the second quarter of 2002.
It also posted a net loss of $19.4 million, an improvement compared to the $20.5 million loss posted in the first quarter and the $24.3 million loss logged in the second quarter of 2002. Earnings before interest, taxes, depreciation and amortization came in at $8.6 million, a $3.9 million increase compared to the same quarter last year.
Knology reports subscriber increases in terms of total connections, and in the second quarter it added 4,178 new connections. Knology now claims 132,163 video customers, 115,268 telephony customers and 58,031 high-speed data customers as of June 30.
Those numbers will likely bump up in the coming quarters with Knology's announced $15 million deal to buy cable assets from Verizon Media Ventures Inc. The assets, located in Pinellas County, Fla. and Cerritos, Calif., will add about 291,000 homes passed, with 64,000 video customers and 11,000 data connections to Knology's footprint, which includes eight markets. The deal is expected to close by the end of the year.