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TWC Posts Q4

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1/28/2010
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NEW YORK -- Time Warner Cable Inc. (NYSE: TWC - News) today reported financial results for its fourth quarter and full year ended December 31, 2009.

Time Warner Cable Chief Executive Officer Glenn Britt said: “We enter 2010 with a strong business and a strong balance sheet, and we are very pleased to demonstrate confidence in our free cash flow by initiating a meaningful quarterly dividend. In the year ahead, we are excited about the investments we are making to drive further growth, and we expect to execute with the same discipline our investors have come to expect. We are well positioned to meet the challenges and opportunities ahead.”

FINANCIAL RESULTS

Fourth-quarter 2009 Revenues increased 3.0% from the fourth quarter of 2008 to $4.5 billion. Subscription revenues grew 4.2% year-over-year to $4.3 billion, driven by a 3.6% increase in residential subscription revenues and a 14.1% increase in commercial subscription revenues. Advertising revenues declined 17.6% to $201 million.

Full-year revenues increased 3.9% over 2008 to $17.9 billion. Subscription revenues grew 5.3% to $17.2 billion, with residential subscription revenues increasing 4.8% and commercial subscription revenues growing 15.4%. Advertising revenues declined 21.8% to $702 million.

In both the fourth quarter and full year of 2009, residential subscription revenue growth was driven by increases in video, high-speed data and voice revenues. The growth in residential video revenues was the product of an increase in DVR service revenues, video price increases, and continued growth in digital video subscribers, partially offset by a year-over-year decline in video subscribers (resulting, in part, from the sale of a group of small cable systems in December 2008), a decrease in premium channel subscribers, and lower transactional video-on-demand revenues. Residential high-speed data revenues increased as a result of growth in HSD subscribers. The growth in residential voice revenues was driven by an increase in Digital Phone subscribers, partially offset by a decrease in average monthly revenue per Digital Phone subscriber. Commercial subscription revenue growth was due primarily to increases in commercial high-speed data and Business Class Phone subscribers and an increase in cell tower backhaul and Metro Ethernet revenues. The advertising revenue declines for both the quarter and full year were due primarily to year-over-year declines in the auto, political and media categories.

Time Warner Cable Inc. (NYSE: TWC)

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