Revenues increased 7.0% to $357.7M
May 11, 2009
MIDDLETOWN, N.Y. -- MEDIACOM COMMUNICATIONS CORPORATION (Nasdaq: MCCC - News) today reported financial results for the three months ended March 31, 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 First Quarter 2009 Financial Highlights *
Revenues increased 7.0% to $357.7 million1
Adjusted operating income before depreciation and amortization (“Adjusted OIBDA”) grew 8.0% to $134.2 million1, 2
Revenue generating units (“RGUs”) grew sequentially by 59,000, 74% higher than the unit growth in fourth quarter 20081
Actual First Quarter 2009 Financial Highlights *
Revenues increased 6.1% to $360.4 million
Adjusted OIBDA rose 7.4% to $135.1 million2
Operating income increased 16.0% to $74.9 million
Free cash flow rose 337% to $31.4 million, or $0.39 per basic weighted average share
“We had an unexpectedly good start to 2009, particularly given the continuing poor economic conditions,” stated Rocco B. Commisso, Mediacom’s Chairman and CEO. “Our strong rebound in RGU additions from the fourth quarter of 2008, coupled with effective control of operating expenses and capital investment, led to record quarterly free cash flow. Though cautious about our operating results for the remainder of the year, we are confident in our ability to deliver at least $1.00 per share of after-tax free cash flow in 2009.”
“Despite the additional borrowings necessary to complete the Morris transaction, under which we repurchased 30% of our stock outstanding, we were able to reduce our financial leverage as of March 31, 2009, in relation to both the fourth quarter 2008 and to the prior year period. Our free cash flow generation and significant financial flexibility, in the form of currently available revolving credit commitments totaling $629.2 million, positions us well to further our competitive advantage, enhance the products and services we deliver to our customers, and ultimately create more value for our shareholders,” concluded Mr. Commisso.
* See Notes below regarding pro forma presentation and Adjusted OIBDA.
Pro Forma Three Months Ended March 31, 2009 Compared to Pro Forma Three Months Ended March 31, 2008
Operating results and year-over-year changes are presented on a pro forma basis for the three months ended March 31, 2008 and 2009, to take into account our divestiture of non-strategic cable systems under the Exchange Agreement with affiliates of Morris Communications Corporation. See “Morris Transaction” below for information regarding the Exchange Agreement. These cable systems served approximately 25,000 basic subscribers and 51,000 RGUs. For the periods presented, see Table 7 for pro forma summary operating statistics, Table 8 for the pro forma presentation of operating data and Table 9 for a reconciliation of actual and pro forma operating data.
Revenues rose 7.0% to $357.7 million due to growth in high-speed data and phone customers and, to a lesser extent, higher advanced video service fees.
Mediacom Communications Corp.
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