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Despite Q2 video sub losses, Mediacom’s revenue increases

Thu, 08/01/2013 - 1:51pm
Mike Robuck

On Thursday privately held Mediacom Communications released unaudited financial results for the second quarter, which mirrored the results of its larger cable brethren.

The nation’s eighth-largest cable operator saw more basic video subscribers leave the fold in the second quarter, but continued the trend of adding more data customers.

Mediacom reports its subscriber and revenue numbers under two subsidiaries: Mediacom LLC and Mediacom Broadband. Mediacom Broadband’s basic video subscribers went from 579,000 in the same quarter a year ago to 549,000 in the second quarter.

High-speed data subscribers increased from 493,00  a year ago to 525,000, while voice customers went from 193,000 to 202,000.

Over on the Mediacom LLC side of the ledger, the company’s video subscribers went from 458,000 down to 434,000. Data customers increased from 401,000 to 423,000 and phone customers went from 168,000 to 174,000.

Revenues for Mediacom Broadband were $230 million, which was a 3 percent increase over a year ago. Operating income before depreciation and amortization was $88 million, reflecting a 2.3 percent increase from the same period a year ago. Free cash flow was $18 million million, compared to $15 million a year ago.

Mediacom Broadband had net quarterly additions of 2,000 primary service units (PSUs), compared to a net decline of 4,000 PSUs in the second quarter of last year.

Mediacom LLC’s revenues were $175.6 million, reflecting a 3 percent increase from the prior year period. Its adjusted OIBDA was $71.2 million, which was a 2.5 percent increase from a year ago. Free cash dropped from $17 million a year go to $13 million.

Mediacom LLC’s net quarterly additions were 2,000 PSUs, compared to a net decline of 4,000 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.

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