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Charter saddled with Q3 loss

Wed, 11/03/2004 - 7:00pm
Jeff Baumgartner

Charter Communications recorded a Q3 loss of $3.3 billion ($10.89 per share) following a $2.4 billion impairment charge, compared to a year-ago profit of $36 million (12 cents per share).

Charter managed to raise pro forma revenues 8 percent to $1.25 billion, but did note that it is likely it will have to obtain additional funding to repay debt maturing in 2005 and 2006.

On the service front, Charter's high-speed data revenue jumped 34 percent to $48 million as the company added 108,500 new customers. Digital HD soared from about 16,500 to 76,000. Charter said it deployed 61,000 digital video recorders during the quarter.

Charter ended the period with 508,100 telephony-ready homes passed, with telephony subs rising 67 percent to 40,200.

The MSO also realized a 27 percent increase in commercial revenues, which hit $13 million.

Though digital subs grew by 38,700 to 2.68 million, Charter's analog video base slipped by 58,600 customers to 6.07 million.

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