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Mexican Sale Boosts RCN

By Multi Channel News Staff -- Multichannel News, 5/10/2006 1:43:00 PM

A transaction from south of the border propelled RCN Corp. north of the profit-loss border in the first quarter, AP reported.

The operator tallied net income of $61 million, or $1.52 per share, versus a net loss of $29.4 million (82 cents) in the year-ago period, according to AP.

The current-quarter results included a gain of $125.4 million from the sale of RCN’s 48.9% stake in Mexican cable operators Megacable S.A. de C.V. and Megacable Communicaciones de Mexico S.A. to Teleholding S.A. de C.V., which closed in March.

RCN said first-quarter revenue rose 1.9% to $143.6 million.

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