Mediacom boost revenues in 1Q; video subs decline
This morning privately-held Mediacom Communications released unaudited financial results for the first quarter, which included increased revenues amid a continued decline in video subscribers.
The nation’s eighth-largest cable operator, which reports its subscriber and revenue numbers under two subsidiaries, lost a total of 8,000 video subscribers in the quarter that ended March 31. Mediacom Broadband’s basic video subscribers went from 558,000 in the same quarter a year ago to 524,000 in the most recent first quarter.
Broadband subscribers increased from 520,00 a year ago to 546,00 while phone customers rose from 196,000 to 210,000.
Over on the Mediacom LLC side, the company’s video subscribers dropped from 441,000 down to 413,000 in the first quarter of this year. Data customers increased from 420,000 to 438,000 and phone customers went from 169,000 to 180,000.
Revenues for Mediacom Broadband were $232 million, which was a 3 percent increase over a year ago. Operating income before depreciation and amortization was $90 million, reflecting a 7 percent increase from the same period a year ago. Free cash flow was $31 million compared to $25 million a year ago.
Mediacom Broadband had net quarterly additions of 11,000 primary service units (PSUs), compared to a net increase of 21,000 PSUs in the first quarter of last year.
Mediacom LLC’s revenues were $175.7 million, reflecting a 3 percent increase from the prior year period. Its adjusted OIBDA was $74.4 million, which was a 3 percent increase from a year ago. Free cash flow jumped from $17 million a year ago to $23 million.
Mediacom LLC’s net quarterly additions were 4,000 PSUs, compared to a net increase of 12,000 PSUs in the same quarter 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.
Mediacom is reaping the rewards of its all digital conversion project by boosting data speeds with some of the reclaimed bandwidth. Last month Mediacom Communications started marketing a 305 Mbps broadband tier in its Cedar Rapids network after beta testing the service for several months.