We’ll have to wait until later this morning, when the company holds its conference call with analysts, to see whether execs address what everyone really wants to know: What’s up with its acquisition plans? But Charter‘s latest report on Q2 results will keep people busy until then. The operator reported a net loss of $96M, up from an $83M loss in the period last year, on revenues of $1.97B, +4.7%. The revenue number was right on target with analyst expectations. Earnings are a little different, mostly due to Charter’s efforts to pay down its debt: With the one-time expenses, it reported a 96 cents a share loss vs expectations for a 34 cent profit. Consistent with the latest reports from other cable companies, Charter lost residential video customers in the quarter. It ended up with 3.9M, -4% vs last year. Video revenues were up 8% to $984M due in part to “annual and promotional rate adjustments.” Meanwhile its programming costs increased 5.4% to $523M. Growth in Charter’s broadband services helped to compensate. Revenues there increased 11.8% to $520M, as the number of Internet customers increased 7% to 3.9M. “We continued to make progress in the second quarter, executing on our plan to grow market share by delivering better products, services and value to our customers,” CEO Tom Rutledge says. The company is “driving deeper penetration of our services into the home, which we expect will lead to growth in market share, cash flow, and return on investment.”
By DAVID LIEBERMAN, Financial Editor | Tuesday August 6, 2013 @ 8:19am EDTTags: Charter Communications
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This article was printed from http://www.deadline.com/2013/08/charters-video-subs-fall-in-q2-but-revenues-grow-with-price-increases/