Charter reveals second quarter results

Revenue up 4.7% compared to same period last year

Charter Communications, a cable company serving parts of Southern Illinois, today reported financial and operating results for the three and six months ended June 30, 2013.

Key highlights:

  • Second quarter revenues grew 4.7% as compared to the prior-year period, led by growth in video services revenue and Internet and commercial customers.
  • Second quarter residential revenues grew 4.3% compared to the second quarter of 2012, when residential revenues grew by 2.6% on a pro forma basis, and 3.1% on an actual basis.
  • Commercial revenues grew 20.6% in the second quarter versus the prior-year period, primarily driven by continued growth in small and medium businesses.
  • Second quarter adjusted EBITDA declined by 0.1% year-over-year to $692 million, reflecting changes in operating practices to deliver higher value products and improved service. Second quarter net loss totaled $96 million compared to $83 million in the comparable prior-year period, with the increase primarily driven by higher charges for extinguishment of debt.
  • Free cash flow for the quarter was $75 million and net cash flows from operating activities totaled $484 million.

"We continued to make progress in the second quarter, executing on our plan to grow market share by delivering better products, service and value to our customers," said Tom Rutledge, President and CEO of Charter Communications. "Two-thirds of our Internet customers receive speeds of at least 30 Mbps, and we offer over 100 HD channels in nearly all of our markets, with more to come as we go all-digital and introduce new products. Combined with improvements to our selling and customer service operations, we are driving deeper penetration of our services into the home, which we expect will lead to growth in market share, cash flow and return on investment."

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