Revenues continue to rise as Charter sees losses mount

10 Nov 2009

US Cableco Charter Communications has posted revenues of USD1.69 billion for the three months ended 30 September 2009, up from USD1.64 billion a year earlier. However, the company saw any potential profits disappear under the weight of a USD2.85 billion impairment charge, leading the firm to a net loss of USD1.03 billion for the period, widening from a loss of USD322 million in the third quarter of 2008. Earnings before interest, tax, depreciation and amortisation (EBITDA) totalled USD606 million, up from USD563 million in Q308. Operating expenses also grew marginally, up 1.3% year-on-year from USD1.07 billion in the third quarter of 2008 to USD1.09 billion a year later. Neil Smit, CEO of Charter, said: ‘In what is proving to be a challenging environment, we continue to deliver solid results, thanks to our continued focus on enhancing the customer experience, promoting the value of the bundle and remaining disciplined in expense management.’

As of 30 September 2009, Charter served approximately 5.3 million customers and 12.6 million revenue generating units (RGUs). The company’s customer base comprised of 4.9 million basic video (down 46,500 year-on-year), 3.2 million digital video (up 22,800), three million broadband (up 52,400) and 1.5 million telephone customers (up 55.300).

United States, Charter Communications (Spectrum, incl. Spectrum Mobile)