Earnings: Charter Slims Q1 Net Loss, As Revs Grow 10.5 Percent
This story was written by David Kaplan.
Charter Communications (NSDQ: CHTR) narrowed its Q1 net loss to $358 million ($.97 per common share) compared to last year's loss of $381 million ($1.04 per common share). The decrease was attributed to higher adjusted EBITDA. Revenues for the St. Louis-based cable operator were up 10.5 percent to $1.564 billion on a pro forma basis and 9.8 percent on an actual basis, thanks to increases in telephone and high-speed internet revenues. Other activity in the quarter included:
-- Revenue generating units (RGUs) gained 7 percent year-over-year, with 302,300 net additions. Video RGUs increased 90,900 and video ARPU grew 6.2 percent, which Charter says is the highest video RGU net additions and video ARPU growth since 2003. Digital video customers increased by approximately 102,800 as basic video customers fell by 11,900.
-- Video revenues grew $27 million, up 3.2 percent.
-- Internet customers increased by approximately 85,700. That helped boost internet revenues by $35 million, up 11.9 percent year-over-year.
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By David Kaplan