Mediacom’s revenues increase in first quarter
This morning privately held Mediacom Communications released unaudited financial results for the first quarter, which included revenue increases from the same period a year ago.
The nation’s eighth-largest cable operator reported basic video subscriber losses, but continued the trend of adding data customers into the fold.
Mediacom reports its subscriber and revenue numbers under two subsidiaries: Mediacom LLC and Mediacom Broadband. Mediacom Broadband’s basic video subscribers went from 591,000 in the same quarter a year ago to 558,000 in the quarter that ended March 31. Two years ago, Mediacom Broadband counted 654,000 video subscribers.
High-speed data subscribers increased from 489,000 a year ago to 520,000, while voice customers went from 189,000 to 196,000 in the first quarter.
Over on the Mediacom LLC side of the ledger, the company’s video subscribers went from to 468,000 to 441,000. Two years ago in the same quarter, Mediacom LLC reported 521,00 video subscribers. Data customers increased from 398,000 to 420,000 and phone customers from 165,000 to 169,000.
Revenues for Mediacom Broadband were $225.3 million, which was a 2 percent increase over a year ago. Operating income before depreciation and amortization was $84.2 million, was flat from the prior-year period. Free cash flow was $24.9 million, compared to $17.7 million in the prior-year period.
Mediacom Broadband reported net quarterly additions of 21,000 primary service units (PSUs), compared to a net gain of 25,000 PSUs a year ago.
Mediacom LLC’s revenues were $17o million, reflecting a 1.4 percent increase from the prior-year period. Adjusted OIBDA was $68.5 million, which was also flat from the same quarter a year ago, while free cash flow was $16.9 million compared with $24.5 million a year ago.
Mediacom LLC’s quarterly additions were 12,000 PSUs compared to a net gain of 16,000 PSUs a year ago.
Mediacom and its subsidiaries went private in 2011 under the direction of founder and CEO Rocco Commisso. As a private company, Mediacom no longer reports bottom-line profit or loss figures.