STAMFORD, Conn. -- Charter Communications, Inc. (Nasdaq: CHTR) (along with its subsidiaries, the "Company" or "Charter") today reported financial and operating results for the three and twelve months ended December 31, 2012.
Fourth quarter 2012 residential customer relationships increased by 20,000, a four-fold increase over the fourth quarter of 2011. Residential customer relationships grew by 108,000 in 2012, compared to a loss of 20,000 in 2011.
Revenues grew to $1.913 billion in the fourth quarter of 2012, up 4.3% as compared to the prior-year period, driven by growth in Internet and commercial customers, and higher sales of video and advertising. Total revenues for the full year rose 3.9% on a pro forma basis and 4.2% on an actual basis.
Residential Internet revenues rose 9.0% in the fourth quarter, compared to the year-ago quarter as Charter added 293,000 Internet customers over the past twelve months, 28% more than in 2011.
Commercial revenues grew 20.4% in the fourth quarter, supported by growth across all segments, marking the seventh consecutive quarter of growth in excess of 20%. Full year commercial revenues increased 20.7% on a pro forma basis and 21.0% on an actual basis.
Adjusted EBITDA for the fourth quarter increased to $698 million, up 1.7% compared to prior year. Fourth quarter net loss totaled $40 million, compared to $67 million in the comparable prior-year period.
Free cash flow for the quarter was $33 million and net cash flows from operating activities totaled $485 million. Free cash flow for the year was $144 million and cash flows from operating activities were $1.876 billion.
"Our fourth quarter results provide early evidence that our strategic changes are working as planned," said Tom Rutledge, Charter President and CEO. "We are providing a more competitive product and service, and as a result, customer relationships are growing and underlying subscription revenue is accelerating. Across both our residential and commercial businesses, our strategies are designed to drive higher market penetration and sustainable growth."
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