Mediacom Communications Corp.'s first quarter results gave the company's stock price a much-need shot in the arm today. On a pro forma basis, operating cash flow increased 18 percent when compared to Q1 2001.
The company reported operating cash flow of $88.1 million, up from $74.5 million in the first quarter 2001. Revenue increased nearly 9 percent from $201.8 million in Q1 2001 to $219.5 million. Mediacom attributes the positive results to basic rate increases and the re-pricing of some of its digital cable service pacakges.
The pro forma results exclude the $4.3 million Mediacom dolled out to keep the Excite@Home network up and running while the company transitioned its customers to its own high-speed Internet service. Excite@Home filed for bankruptcy protection in September, and to avoid the immediate shutdown of the network several cable operators forked over millions to the bankrupt company.
During the quarter, Mediacom added 25,000 revenue-generating units — 8,000 digital customers, 12,000 data customers and 5,000 basic subscribers.
As of 12:50 p.m. EDT, Mediacom shares were up 55 cents, or 5 percent, to $11.25.