Slow Sub Growth for Insight Midwest
By Mike Farrell -- Multichannel News, 1/31/2007 12:20:00 PM
Insight Midwest, a 50-50 partnership between privately held New York-based cable company Insight Communications and Comcast, released preliminary fourth-quarter and year-end results Wednesday showing a deceleration in quarterly basic-subscriber growth but a robust rise in year-end revenue and cash flow.
Insight filed the preliminary results with the Securities and Exchange Commission Wednesday, ahead of a conference call with lenders held later that day to discuss an amendment to its $2.45 billion credit facility.
In the filing, Insight said it expects fourth-quarter revenue to be in the $325 million-$335 million range and operating income before depreciation and amortization to be $125 million-$130 million. There were no comparable fourth-quarter-2005 numbers for Insight Midwest.
Insight also said it expects to add about 4,000 basic-video subscribers in the period, down from 16,000 in the third quarter.
For the year, Insight said it expects revenue to be $1.255 billion-$1.265 billion (a 12.4%-13.2% increase) and OIBDA to be $471 million-$476 million (a 3.2%-4.3% rise). Basic subscribers are expected to increase by more than 41,000 for the year, a 3.2% rise.
Insight went private in a $710 million deal in 2005, but because it still has public debt, it is required to file financial statements with the SEC. The company has not yet set a date for the release of actual fourth-quarter and year-end results.
Insight is the second privately held cable company to disclose fourth-quarter subscriber metrics in as many days. On Tuesday, Cox Communications -- which went private in 2004 in an $8.9 billion deal -- said it added 30,000 basic customers in 2006, ending the year with 5.4 million. Cox also said high-speed-Internet customers rose 16% for the year to 3.3 million and telephone customers increased by more than 21% to over 2 million.
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