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High-speed leads the way for Cox in Q3

Mon, 10/27/2003 - 7:00pm
Jeff Baumgartner

Cox Communications, showing strong indications that recent DSL price cuts aren't curtailing its high-speed momentum, added a record 169,290 cable modem subscribers in the third quarter, extending its total to 1.8 million.

Among other services, Cox ended the quarter with more than 6.3 million basic video subs, up 0.7 percent from a year ago, while digital subs rose 121,744, giving the MSO a total of 2.1 million. Cox also added 73,019 digital telephony subs in Q3, a year-over-year increase of 40 percent. The operator ended the quarter with 900,000 total telephony subs.

Cox posted Q3 revenues of $1.5 billion, up 15 percent year-over-year, attributing the rise to growth in advanced service subscriptions, higher basic cable rates, and a $5 price increase on monthly high-speed data fees in some markets.

Cox posted a net loss for the quarter of $215.1 million, compared to a net loss of $73.1 million a year ago. Cox attributed the wider loss to charges tied to debt elimination measures.

The MSO increased guidance for advanced-service revenue generating units (RGUs) to between 1.1 million to 1.2 million net additions. Cox's initial guidance called for net additions in the range of 1.0 million to 1.1 million. The company also expects to achieve revenue growth of between 14 to 15 percent, and to be free cash flow positive for full-year 2003.

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