MIDDLETOWN, N.Y. -- MEDIACOM COMMUNICATIONS CORPORATION (Nasdaq: MCCC) today reported financial results for the three and nine months ended September 30, 2009. Mediacom Communications will hold a teleconference today at 10:30 a.m. Eastern Time to discuss its financial results. A live broadcast of the teleconference can be accessed through our web site at www.mediacomcc.com.
Pro Forma Third Quarter 2009 Financial Highlights *
Revenues increased 4.8% to $363.4 million1
Adjusted operating income before depreciation and amortization (“Adjusted OIBDA”) grew 5.3% to $131.3 million1, 2
Revenue generating units (“RGUs”) grew 6,000 for the quarter and 106,000 year-over-year, or a 3.7% annual gain1
Actual Third Quarter 2009 Financial Highlights *
Revenues increased 3.1% to $363.4 million
Adjusted OIBDA rose 3.9% to $131.3 million2
Operating income decreased 0.3% to $70.9 million
Free cash flow was $20.3 million, or $0.30 per basic weighted average share, compared to negative $10.6 million, or negative $0.11 per basic weighted average share
“We began the year with significant uncertainties as to whether the recession and financial crisis would have a meaningful impact on our business,” stated Rocco B. Commisso, Mediacom’s Chairman and CEO. “Even though our RGU additions softened considerably, I am pleased to report another quarter of solid financial performance in this protracted economic downturn, as we delivered year-over-year pro forma growth rates in both revenues and Adjusted OIBDA that were among the highest in the cable and telecom sectors.”
“These results keep us on track to meet or exceed our free cash flow per share guidance of $1.30 for 2009. Year-to-date, we have produced nearly $83 million of after-tax free cash flow, compared to $2 million in the same period last year – representing about $1.15 per basic weighted average share. Just as important, in the third quarter we were successful in accessing the debt markets to complete $650 million of refinancing transactions, enabling our Company to extend debt maturities to the 2017-2019 timeframe and to lower our cost of debt,” concluded Mr. Commisso.
The blogs and comments are the opinions only of the writers and do not reflect the views of Light Reading. They are no substitute for your own research and should not be relied upon for trading or any other purpose.
To save this item to your list of favorite Light Reading content so you can find it later in your Profile page, click the "Save It" button next to the item.
If you found this interesting or useful, please use the links to the services below to share it with other readers. You will need a free account with each service to share an item via that service.
Digg
Del.icio.us
Reddit
