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Insight Communications, the Midwest cable operator, ended Tuesday's rash of MSO announcements by reporting second quarter revenues of $200 million and a net loss of $6.6 million.

The MSO also reported that it took its subscriber base to 1.707 million, a 9.8 percent increase from the 1.5 million reported in second quarter 2001.

Also Tuesday, Charter CEO Carl Vogel hosted the cable company's annual meeting in Bellevue, Wash. He touched on recent accounting/financial woes troubling some large companies, and told shareholders that the MSO is being honest in its financial results. "Simply put, we believe the numbers we report to you in our financial statements are correct in all material respects and a proper reflection of the economics of our company," he said.

Vogel said that Charter is expected to add 1.1 million to 1.2 million subscribers for advanced services like digital cable and high-speed Internet access this year.

The news wasn't as good at AT&T.

The large $12.7 billion loss AT&T posted for the second quarter wasn't good news for the already-battered telecommunications sector. The loss recorded by the company during the same three-month period in 2001 was $191 million.

In addition, its AT&T Broadband cable unit reported that basic video subscribership declined by approximately 125,000 during the three-month period, a fall attributed to competition, seasonal service disconnects and other factors. AT&T Broadband also said it added nearly 444,000 customers to digital video, high-speed data and cable telephony services.

AT&T shares fell to a new 52-week low of $8.80 during trading Tuesday. Other MSO stocks tumbled, including Cablevision (down $1.80 to $7.00), Comcast, (down $2.65 to $18.40), Cox (down $2.64 to $24.48), AOL Time Warner (falling to $11.55) and Charter (which tumbled to $2.66).

From SkyReport (Used with Permission)
 
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